Refactor Capital has raised a $50 million seed fund, according to a report on Axios.
The firm is run by former SV Angel partner David Lee and Zal Bilimoria, previously with Andreessen Horowitz.
The pair began raising the fund a year ago. It will invest in sectors such as healthcare, agriculture and financial services with an average check size of about $500,000, the report says. It hopes to do follow-ons without the need for special purpose vehicles.
The firm has 20 portfolio companies and expects between 40 and 50 companies in the fund.