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.DON'T MISS IT! Now in its 10th year, PartnerConnect Midwest is bringing you 300 attendees, over 400 private ExecConnect meetings between LPs and GPs, and three insightful tracks including Buyouts Funds, Buyouts Deals and Co-Investments. REGISTER TODAY!