About Refactor Capital
Refactor Capital is a venture capital firm founded in 2016. It is primarily based out of Burlingame, United States. As of Oct 2025, Refactor Capital is an active investor, having invested in 97 companies, with 3 new investments in the last 12 months. It primarily invests in Seed round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Life Sciences and High Tech. Most recently it participated in the $***** Seed round of Pila Energy Overall, Refactor Capital portfolio has seen 5 unicorns, 2 IPOs and 11 acquisitions including key companies like Coinbase, Headspace and Clover Health. A lot of funds co-invest with Refactor Capital, with names like BoxGroup sharing a substantial percentage of its portfolio. Refactor Capital has team of 5 people including 2 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 2 more
Portfolio Acquisitions
Deals in last 12 months
Refactor Capital's List of Top Investments
Refactor Capital has a portfolio of 97 companies, including 5 unicorns. Their most notable investments are in Cambridge Cancer Genomics and Granza Bio.Their portfolio spans across United States, United Kingdom, India and 4 more locations. They have invested in Enterprise Applications, Life Sciences, High Tech and 29 other sectors, across stages such as Seed, Series A and 2 more. Here is the list of top investments by Refactor Capital:
1. Coinbase
Online platform for crypto portfolio. It offers solutions for consumers such as regular trading platforms, wallets for storing cryptocurrencies, crypto exchanges, USD-backed stable coins, and more. It also provides solutions for businesses such as custodian services, crypto-based payment acceptance solutions, and more.
Key facts about Coinbase
- Founded Year: 2012
- Location: San Francisco (United States)
- Annual Revenue: $6.56B as on Dec 31, 2024
- Stage: Public
- Total Funding till date: $547M
- Employee Count: 7,396 as on Jan 31, 2026
- Investors: Odenn Ventures, TrueBridge and 142 Others
- Latest Funding Round: Post IPO, Aug 13, 2021, $*****
- Highlight: Public
2. Headspace
Provider of mental health support services via application and human care. The company delivers personalized support through meditation, mindfulness, coaching, and therapy. It offers resources for stress management, sleep improvement, and mental well-being. The company also provides services to businesses, health plans, and organizations.
Key facts about Headspace
- Founded Year: 2010
- Location: Santa Monica (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $178M
- Employee Count: 1,557 as on Jan 31, 2026
- Investors: Allen & Company, Deerfield and 49 Others
- Latest Funding Round: Conventional Debt, Jul 26, 2023, $*****
- Highlight: Editors' Pick
3. Qventus
AI-based software to help optimize hospital operations. The platform predicts issues, prescribes an immediate recommendation, and persuades the right team member to take action. The solutions are focused on the emergency department, operating rooms, and patient safety. It helps optimize ED by eliminating surges and reducing the length of stay. It helps to optimize OR scheduling, and monitors OR data to predict demand, recommend turnaround prioritization, and staffing requirements. It also offers a fall prevention solution that evaluates multiple data including call button and bed movement data to predict which patients are at risk for a possible fall.
Key facts about Qventus
- Founded Year: 2011
- Location: Los Altos (United States)
- Stage: Series D
- Total Funding till date: $201M
- Employee Count: 228 as on Jan 31, 2026
- Investors: FCVC, Refactor Capital and 20 Others
- Latest Funding Round: Series D, Jan 13, 2025, $*****
- Highlight: Editors' Pick
4. PathAI
Provider of digital pathology image management system for clinical labs. It offers an AISight is a cloud-native intelligent enterprise workflow solution used by the laboratories and research centers to power their digital pathology workflows and AI applications. It serves as a central hub for case management, image management, and best-in-class artificial intelligence tools to enable multiple histopathology use cases.
Key facts about PathAI
- Founded Year: 2016
- Location: Boston (United States)
- Stage: Series C
- Total Funding till date: $255M
- Employee Count: 269 as on Jan 31, 2026
- Investors: Adage Capital Management, Deep Learning and 21 Others
- Latest Funding Round: Series C, May 18, 2021, $*****
- Highlight: Editors' Pick
Provider of biomanufacturing hardware and software tools for research purposes. They have developed the digital biomanufacturing platform by integrating automated bioreactors, robotic sample handling, and cloud data monitoring. It offers services such as strain screening, media optimization, and process development.
Key facts about Culture Biosciences
- Founded Year: 2016
- Location: San Francisco (United States)
- Stage: Series C
- Total Funding till date: $107M
- Employee Count: 82 as on Jan 31, 2026
- Investors: Craft Ventures, Cultivian Sandbox and 22 Others
- Latest Funding Round: Series C, Dec 16, 2025, $*****
- Highlight: Editors' Pick
Refactor Capital's Year-on-Year Investment Trends
Refactor Capital has invested in 97 companies over the last 10 years, with an average of 6 new investments annually in the last 10 years. In 2025, it made 4 investments. Its most recent first time investment was in Pila Energy and most recent follow-on round was in General Galactic.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 4 | 0 | 4 |
2024 | 3 | 3 | 6 |
2023 | 7 | 0 | 7 |
2022 | 5 | 3 | 8 |
2021 | 5 | 8 | 13 |
2020 | 4 | 2 | 6 |
2019 | 7 | 3 | 10 |
2018 | 8 | 0 | 8 |
2017 | 8 | 0 | 8 |
Refactor Capital's Investments by Stage
Refactor Capital has made 29 investments in Seed stage with an average round size of $5.41M, 23 investments in Series A stage with an average round size of $11M, 2 investments in Series B stage with an average round size of $63.5M and 1 investment in Series C stage with an average round size of $160M.Stage of entry | No. of Investments |
|---|---|
Seed | 29 |
Series A | 23 |
Series B | 2 |
Series C | 1 |
Note: We have considered here, only first round of investments
Refactor Capital's Investments by Sector
Refactor Capital has a diverse portfolio, with companies operating in the Enterprise Applications, Life Sciences, HealthTech, High Tech and Sustainability Tech. Notably, it has invested in 83 Tech companies, 68 Enterprise (B2B) companies, 41 Software companies and at least 28 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Enterprise Applications | 20 |
Life Sciences | 20 |
HealthTech | 17 |
High Tech | 15 |
Sustainability Tech | 13 |
Others | 54 |
Note: We have considered here, only first round of investments
Refactor Capital's Investments by Geography
Refactor Capital has made most investments in United States (51), followed by United Kingdom where it has made 3 investments.Country | No. of Investments |
|---|---|
United States | 51 |
United Kingdom | 3 |
Australia | 1 |
India | 1 |
Note: We have considered here, only first round of investments
Refactor Capital's recent investments
Refactor Capital has not made any investment in 2026 so far.Here are the most recent investments by Refactor Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Oct 23, 2025 | United States | Seed | 5837 | [+2] | |
Apr 10, 2025 | United States | Seed | 3532 | [+2] | |
Mar 12, 2025 | United States | Seed | 1911 | [+4] | |
Feb 05, 2025 | United States | Series A | 7239 | [+3] | |
Nov 12, 2024 | United States | Seed | 8726 | [+7] |
Unicorns in Refactor Capital's Portfolio
Refactor Capital has 5 unicorns in its portfolio - Headspace, Solugen, People.ai and others. The most recent unicorn in their portfolio is Headspace. It became a unicorn in 2021, 4 years before Refactor Capital first invested in it.Here is a list of unicorns in Refactor Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
75 | Provider of mental health support services via application and human care | 2010 | Santa Monica | Series C | iwoywut | ||
63 | Developer of industrial solutions for oil and gas, fuels, and defense | 2016 | Houston | Series D | kwagsbx | ||
66 | Developer of an AI revenue platform for sales team enablement | 2016 | San Francisco | Series D | kvxebkt | ||
66 | Developer of satellite-based communication services | 2015 | San Francisco | Series D | uvqntoi | ||
69 | Provider of medicare advantage plans and related services | 2014 | Jersey City | Series E | knnvesd |
IPOs and Publicly Listed companies in Refactor Capital's Portfolio
2 of Refactor Capital's portfolio companies have become public. ReNew got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Aug 2021 at marketcap of $3.29B and Coinbase got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ) at marketcap of $28.7B.Here are Refactor Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Aug 24, 2021 | Nov 17, 2016 | Series A | 1563 | |
Apr 14, 2021 | - | - | 4782 |
Acquired companies in Refactor Capital's Portfolio
11 companies from Refactor Capital's portfolio have been acquired. The most recent acquisition were Enzyme in Jul 2025 by Greenlight Guru.Here are Refactor Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 24, 2025 | Jan 18, 2018 | Seed | 3692 | |
Aug 04, 2022 | - | - | 5013 | |
May 12, 2022 | Sep 19, 2019 | Series A | 2423 | |
Nov 15, 2021 | Oct 05, 2018 | Series A | 1729 | |
Jun 23, 2021 | Dec 14, 2018 | Series A | 7444 |
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Team profile of Refactor Capital
Refactor Capital has a team of 5 members including 2 Partners located in United States. Refactor Capital's team does not sit on the board of any company as of now.Co-investors of Refactor Capital
Over the past 10 years, 481 investors have co-invested in Refactor Capital's portfolio companies. This includes funds and angels.
- Invested before Refactor Capital: Y Combinator, Lux Capital and 47 others have invested in rounds before Refactor Capital. There are 10 companies where Y Combinator has invested before Refactor Capital and 2 companies where Lux Capital has invested before Refactor Capital.
- Top Co-investors of Refactor Capital: 245 investors entered a company along with Refactor Capital. These include investors like BoxGroup (5 companies).
- Invested after Refactor Capital: A total of 187 investors have invested in Refactor Capital's portfolio after their investments. Top Investors include Tiger Global Management (3 companies), D1 Capital Partners (2 companies) and BoxGroup (2 companies).
Recent News related to Refactor Capital
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Pila Raises $4M in Seed FundingFinSMEs•Oct 23, 2025•R7 Partners, GS Futures, Toyota Ventures, Refactor Capital and 1 other
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Remedy Scientific Secures $11M Seed Funding for Environmental Remediation AutomationFinSMEs•Apr 10, 2025•Remedy Scientific, Eclipse, Refactor Capital, Cantos Ventures and 1 other
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Causal Labs Raises $6M in Seed FundingFinSMEs•Mar 13, 2025•, Karman, OTHERWISE, Factorial and 6 others
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Causal Labs Raises $6M Seed Funding to Build AI for Weather Prediction and ControlBusiness Wire•Mar 12, 2025•Causal Labs, Kindred Ventures, BoxGroup, Refactor Capital and 3 others
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Miist Therapeutics Announces $7m In Funding To Develop Instant-acting Medicineintelligence360•Feb 21, 2025•Miist Therapeutics, Refactor Capital, 1517 Fund, FreeFlow and 2 others
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Miist Therapeutics Raises $7M in FundingFinSMEs•Feb 05, 2025•Miist Therapeutics, Refactor Capital, 1517 Fund, FreeFlow and 3 others
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General Galactic Raises $8M to Advance Fossil-Free Fuel Revolutionintelligence360•Nov 19, 2024•General Galactic, Harpoon, Refactor Capital, Pathbreaker Ventures and 5 others
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General Galactic Raises $8M in Seed FundingFinSMEs•Nov 12, 2024•General Galactic, Harpoon, Refactor Capital, Pathbreaker Ventures and 7 others
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Granza Bio grabs $7M seed from Felicis and YC to advance delivery of cancer treatmentsTechCrunch+•Jul 03, 2024•Granza Bio, Felicis Ventures, Redactive, Blackbird Ventures and 10 others
