Confirm received an acquisition offer from Learning Pool, backed by Marlin Equity Partners. The offer is an all-stock deal at an implied value below our original investment.
Lev decided to go all-in on AI and launched an initiative to become the leading AI platform for all stakeholders in commercial real estate. We are excited about the new direction and prospects for the company.
We are actively pursuing liquidity opportunities primarily across the companies performing in the middle third of our portfolio.
2.0x
Gross MOIC
16.11%
Unrealized IRR*****
$106.6M
Fair Market Value
$56.0M
Total Invested
25
Active Companies**
ANIMO Fund I · Summary
Total Capital Commitment$60.0M
Called for investments + mgmt fees + fund expenses*$59.8M
99.7% of total capital commitment
Capital
Capital called for investments$54.0M
Recycled capital investments$2.0M
Portfolio
No. of portfolio companies35
Time to date7.7 years
Current dollar-weighted average holding period4.7 years
Returns
Total unrealized gains***$66.8M
Total realized gains/losses****-$10.3M
LP distributions$3.0M
Notes
*It doesn’t Include $300K for management fees, funded from secondary proceeds, as no remaining commitments were available
**It includes Sunlight, which, while not formally dissolved, is currently non-operational
***Includes proceeds from Convertible Notes ($92,343)
****Includes proceeds from Convertible Notes ($4,378)
*****Excludes management fees. Considers both unrealized and realized gains/(losses)
VC Industry Outlook · Q1 2026
Market
$300B
Global venture deployed in Q1 2026, the largest quarter on record
Crunchbase
65%
Of that capital went to AI mega-rounds
Crunchbase
$347B
Q1 2026 US VC exit value, a recent high
Pitchbook
17.9%
VC distributions as a share of NAV, funds aged 5–10 years
Pitchbook
What's happening in AI
Largest AI rounds in Q1 2026 (US$ billions)
Anthropic$65B
OpenAI$40B
xAI$10B
Source: Crunchbase 03/31/2026
65% of the $300B deployed were AI mega-rounds.
Early-stage funding increased 43% YoY to $53B but with a lower total number of deals.
SpaceX, OpenAI and Anthropic are generating a lot of buzz with potential IPOs in the second half of the year.
Capital deployment
Global venture funding reached record levels in Q1 2026, driven by unprecedented late-stage AI mega-rounds from a handful of companies such as OpenAI & Anthropic.
Public markets
Public markets remained uneven. Companies that were perceived as benefitting from AI performed well while the broader SaaS stock index took a beating.
VC distributions
VC distributions improved from recent lows but stayed below historical peaks, with liquidity still concentrated in a handful of privately held late-stage companies such as SpaceX, OpenAI, and Anthropic.
Early stage
Pre-Seed and Seed activity hovered near multi-year lows. Series A/B improved modestly but continued to be highly selective.
US median Seed pre-money valuation ($M)
$10.62022
$11.42023
$13.62024
$16.02025
$18.42026
Source: Pitchbook 03/31/2026
Exits
Exit values surged to record highs in Q1, driven by major AI transactions, while broader IPO and M&A markets stayed narrow. IPO activity is expected to accelerate in Q3/Q4.
US VC exit value by quarter ($B)
$59Q1 25
$65Q2 25
$78Q3 25
$86Q4 25
$347Q1 26
Q1 2026 driven by xAI–SpaceX and Google–Wiz · Source: Pitchbook 03/31/2026
VC fundraising
VC fundraising was still slow. Capital flowed primarily to large, established platforms.
US VC capital raised ($B) and no. of funds
$16920211,609
$22420221,793
$11020231,395
$10620241,059
$672025626
$482026172
Source: Pitchbook 03/31/2026
ANIMO's take
This environment favors managers with conviction, access, and patience—those able to identify overlooked winners early while most are focused on a narrow set of consensus opportunities.
Core Portfolio Description
Portfolio Summary
Active core portfolio companies, grouped by our current read on trajectory.
↓Click any company to see the full detail and its Q1 2026 performance
Filter
Showing 17 active core positions — 35 companies total across the fund. Full portfolio in the Appendix.
Breakout
No companies match these filters
Good Signal
No companies match these filters
Neutral
No companies match these filters
Underperforming
No companies match these filters
As of Q1 2026
Portfolio Composition
By Sector
Infrastructure
19%
AI
15%
Marketplace
14%
Healthcare
13%
Enterprise SaaS
12%
Fintech
8%
Ecommerce
6%
Deep Tech
5%
Others
8%
Enterprise SaaS
20%
Infrastructure
14%
Marketplace
11%
Fintech
9%
AI
8%
Healthcare
9%
Ecommerce
6%
Deep Tech
6%
Others
17%
By Geography
New York
37%
Silicon Valley
36%
Los Angeles
15%
Miami
7%
Other
5%
Silicon Valley
37%
New York
31%
Los Angeles
11%
Miami
11%
Other
9%
Track Record
Realized Returns
Realized gains and write-offs across the fund's life, and what we've learned. Click any row for the full story.
Realized Wins
Total Invested$1.47M
Total Realized Gain*+$3.27M
CompanyExit DateGain
Enterprise SaaS
Intello was an end-to-end SaaS optimization provider. By integrating with existing cloud software, Intello provided companies with real-time visibility into their SaaS data.
EXIT DESCRIPTION
In the process of raising its Series A, the company got a lot of interest from potential strategic acquirers. SailPoint, a $4B market-cap publicly traded company focused on enterprise identity security solutions, made the founders an offer that was hard for them to turn down. For ANIMO, it was an early exit that had more potential but proved to be a good early win with an interesting return profile.
Invested Capital$1,367,500
Realized Gain*$3,040,227
Exit DateFEB 2022
Recycled Proceeds$1,641,000
Company Value at Sale$42,166,594
IRR**108%
*Includes $36.326 received In SEP 2022 at the end of the escrow holdback period
**The IRR does not consider the amount of the escrow received In SEP 2022
Marketplace · Supporting portfolio
Invested Capital$100,000
Proceeds from Converted Notes$2,685
Unrealized/ Realized Gains (Losses)$225,609
Recycled Proceeds$120,000
Exit DateMAY 2021
Company Valuation at Sale$50,000,000
IRR103%
*While the company has not yet been formally dissolved, we decided to recognize the Write-Off as the company is no longer operational
*Does not include the realized gain from the Sage secondary sale.
Write-Offs (9 positions)
Total Invested$14.69M
Realized Loss-$14.46M
CompanyExit DateLoss
Ecommerce
Arrive enabled circular commerce by helping brands manage returns, resale, and rentals through white-label software and logistics.
WRITE OFF DESCRIPTION
After the tough news in Q4 regarding the Target contract and insufficient interest from other large potential customers, Arrive decided to wind down its operations. Despite still having runway, the company lacked product-market fit, a clear turnaround plan, and the founders’ confidence. The board decided to explore acquisition opportunities. A couple of large players, such as FedEx and Ryder, showed initial interest in buying parts of the business, but nothing materialized and the company ultimately shut down.
Invested Capital$3,150,000
Realized Loss- $3,150,000
Exit DateJUN 2025
Ed Tech · Supporting portfolio
Invested Capital$2,169,998
Proceeds from Converted Notes$0
Unrealized/ Realized Gains (Losses)-$2,169,998
Exit DateOCT 2024
*While the company has not yet been formally dissolved, we decided to recognize the Write-Off as the company is no longer operational
Infrastructure
Autocloud was a cloud visibility and intelligence platform that tracked any type of change to your infrastructure over time.
WRITE OFF DESCRIPTION
Autocloud finally decided to cease operations. Two main things happened. After a few years and several unsuccessful attempts, the team was unable to find a real product-market fit and a signal from the market. Relatedly, they couldn’t find any traction on the sales front. Consequently, the company ran out of cash and had to shut down.
Invested Capital$1,854,999
Realized Loss-$1,854,999
Exit DateMAY 2024
Infrastructure
Toolchain was a cloud-native, distributed software build system for Python and more, targeting the most ambitious data science teams in the world.
WRITE OFF DESCRIPTION
Toolchain built a vibrant open-source community around Pants, which users truly loved but failed to capture part of the value that it was creating. While Benjy, the founder & CEO, is an incredibly talented infra engineer, he was not able to round out the team with the missing core skills to turn a great product into a great business. In the final weeks, there were a few parties interested in some form of an acquisition but the broader macro environment made it too difficult.
Invested Capital$1,800,000
Realized Loss-$1,760,462
Exit DateDEC 2023
Cash Proceeds$39,538
Marketplace
Mama Foods was a Hispanic supermarket with ready-to-eat food, frozen goods, and local snacks at great prices, delivered to your door across the US.
WRITE OFF DESCRIPTION
We had the wrong founding team. After the initial co-founding team split, the remaining founder brought on a new COO. Both of them were too corporate, too slow to iterate and ran the company with too high a burn rate. While it is true that food delivery is a tough market to fundraise for, the truth is the Mama metrics were far, far from excellent.
Invested Capital$1,450,000
Realized Loss*-$1,451,693
Exit DateAPR 2025
*Includes $1,693 proceeds associated with the interest rates of previous converted notes
Healthcare
The Cusp was a telemedicine platform focused on women’s health starting in peri-menopause. Its approach enabled women to get the information, community and care that they needed.
WRITE OFF DESCRIPTION
It came down to having assembled the wrong founding team. The founder rushed into picking co-founders with overlapping skills and poor working dynamics. This led to product iteration being too slow and expensive. Co-founders left the company, complicating fundraising conversations further.
Invested Capital$1,399,999
Realized Loss-$1,399,999
Exit DateDEC 2020
Enterprise SaaS
Mathison was a diversity & inclusion platform that helped companies reduce hiring bias and source diverse talent.
WRITE OFF DESCRIPTION
Tough learning for ANIMO as we made the mistake of over-indexing on the market opportunity. Looking back, we knew the founders didn’t meet our high-quality bar. Poor caliber of decision-making became evident fairly quickly and we decided not to continue investing even while they were raising additional capital from reputable investors. We strayed off from our people-first approach. This was a reminder that founders are always more important than the market or the product.
Invested Capital$1,499,998
Realized Loss-$1,300,755
Exit DateMAR 2024
Cash Proceeds$199,243
Enterprise SaaS
Blanket automated sales development by prospecting, e-mailing, customizing landing pages and scheduling calls for sales representatives.
WRITE OFF DESCRIPTION
Blanket failed for a few reasons. First, there was a strategic mistake in attempting to do too much all at once with limited resources. Second, while product development speed was good, the team failed to ship quickly enough for fear of things not being “perfect”. Third, the quality of early hires was not that of world-class talent.
Invested Capital$1,267,309
Realized Loss-$1,267,309
Exit DateDEC 2023
Enterprise SaaS · Supporting portfolio
Invested Capital$100,000
Proceeds from Converted Notes$0
Unrealized/ Realized Gains (Losses)-$100,000
Exit DateTBD*
*While the company has not yet been formally dissolved, we decided to recognize the Write-Off as the company is no longer operational
What We've Learned
Founders come first: the most common thread was the wrong founding team (The Cusp, Mama Foods, Mathison).
Speed > polish: companies that iterated too cautiously lost the window to find PMF (The Cusp, Blanket).
Runway discipline: several ran out of cash before finding traction (Autocloud, Mama Foods).
Path To Liquidity
DPI Plan
We are investing meaningful time and resources into generating liquidity by selectively pursuing exits for assets we believe are at, or near, peak strategic value to potential acquirers.
Sage is a modern operating system for senior care, starting with a novel approach to fall detection and emergency services.
COMPANY PERFORMANCE
Fresh off the Series C funding, Sage had a strong quarter, mainly across hiring and product. This year will be key for product development, as Sage expands both horizontally into new markets (namely skilled Nursing) and vertically into owning more of the tech stack within each current customer.
Lev helps commercial real estate (CRE) owners and investors get the best financing for their property through market-leading technology and human industry experts.
COMPANY PERFORMANCE
Modest quarter for LEV revenue-wise. Yaakov has re-oriented the entire team & business to be fully AI-native. While it makes sense to “bet the company” on AI tailwinds, there are risks & uncertainties; namely around pricing and how that will impact revenue acceleration. We are optimistic about the company’s prospects with this new approach.
Investment Summary
Invested Capital$4,529,990
Ownership7.5%
Unrealized Gains*$26,112,822
Current Valuation$410,000,000
MOIC6.8x
KPIs · Q1 2026
Revenue · ARR**$3,350,000 (+4%)
Users · Q1 # of new deals1,513 (+547)
Users · # of customers245 (+31)
Runway · Months34 (-10)
Net Burn · Monthly$870,000 (+16%)
Team · FTE***49 (+13)
*Excludes $2,630 proceeds associated with the interest rates of previously converted notes
Valence uses AI to deliver personalized, science-backed leadership tools. Its AI coach, Nadia, helps professionals grow, stay engaged, and lead effectively.
COMPANY PERFORMANCE
Solid quarter for Valence with revenue growing nearly 20% QoQ. The product suite continues to evolve, further solidifying the company’s leadership in AI coaching. The land-and-expand motion with large enterprises remains strong, with NRR above 190%.
Investment Summary
Invested Capital$3,024,996
Ownership6.4%
Unrealized Gains*$14,020,795
Current Valuation$265,000,000
MOIC5.6x
KPIs · Q1 2026
Revenue · Total signed ARR**$22,100,000 (+19%)
Users · # of companies above 10k75 (+12)
Runway · Months16 (-11)
Net Burn · Monthly$1,900,000 (+375%)
Team · FTE***94 (+21)
*Excludes $4,192 proceeds associated with the interest rates of previous converted notes
Comun empowers immigrants and their families to achieve upward mobility. They transform banking to serve the unique needs of millions of Latino families in the US.
COMPANY PERFORMANCE
After a couple of challenging quarters, Comun delivered a strong Q1 across the board. Annualized revenue grew 43%, the company achieved its highest-ever revenue per customer, stabilized portions of the fraud issues previously impacting ComunPay, and reduced net churn to an all-time low. Activation and retention metrics also reached their strongest levels since the Zelle-related disruptions. The team is aggressively leveraging AI across nearly every function, enabling an organization of ~40 people to operate with the velocity and output of a company many times its size.
Finalis is the world's first virtual investment banker. The company enables deal teams to close more deals, faster, with unprecedented control by focusing on what they do best.
COMPANY PERFORMANCE
Q1 was a transition quarter for Finalis as the company reoriented around quality over growth. The core insight is that the next phase of the flywheel will be driven by high-quality bankers attracting high-quality deals. This shift led to elevated churn in the short term, with new revenue taking longer to materialize. The company is also in final negotiations to secure venture debt on attractive, non-dilutive terms.
Investment Summary
Invested Capital$1,849,996
Ownership10.0%
Unrealized Gains$8,559,736
Current Valuation$104,300,000
MOIC5.6x
KPIs · Q1 2026
Revenue · MRR*$803,632 (-3%)
Revenue · New Deals**$481,513 (-43%)
Users · # of broker dealers1,030 (+81)
Users · # of live deals1,357 (+249)
Runway · Months5 (-5)
Net Burn · Monthly$531,601 (+117%)
Team · FTE***75 (-7)
*Monthly Recurring Revenue
**New Deal Commissions are based on the number of closed deals, not live deals
Painless data management for revenue teams. Syncari’s central management engine automatically standardizes and synchronizes data across your entire SaaS landscape, without IT complexity or costly integrations.
COMPANY PERFORMANCE
Syncari is still in transition to becoming a full Master Data Management platform. The thesis has been that this will be increasingly important as AI needs cleaner data in order to be more effective. The churn has come from customers on the legacy platform. We will learn a lot about where Syncari is headed by the end of this year.
The YAY Company is a modern school lunch program offering custom meal solutions for schools and families to elevate the standard of how kids eat.
COMPANY PERFORMANCE
Christina has stabilized the business and is approaching breakeven. Demand in newer markets, particularly Texas and North Carolina, continues to accelerate. Increased focus on larger schools has also continued to improve margins and unit economics.
Investment Summary
Invested Capital$3,218,873
Ownership6.7%
Unrealized Losses*-$517,235
Current Valuation$31,990,821
MOIC0.8x
KPIs · Q1 2026
Revenue · Q1 GMV**$2,268,107 (-5%)
Users · # of schools43 (+1)
Runway · Months12 (0)
Net Burn · Monthly$309,599 (-2%)
Team · FTE***34 (0)
* Excludes $8,040 proceeds associated with the interest rates of previously converted note s
Data infrastructure for the built world. Mapped offers one simple, secure, and reliable API for all your people, places, and things.
COMPANY PERFORMANCE
Good quarter in terms of new signed contracts, though live ARR remains well below plan as large deployments continue to be delayed. The new go-to-market strategy is focused on channel partners rather than direct sales. We are also encouraging the CEO to pursue a potential acquisition more actively, with interest emerging from several strategic buyers.
Investment Summary
Invested Capital$2,887,639
Ownership4.9%
Unrealized Gains*-$1,349,937
Current Valuation$54,000,000
MOIC0.5x
KPIs · Q1 2026
Revenue · Q1 Revenue$422,413 (+4%)
Users · Total SQ footage149,034,443 (+5%)
Runway · Months5 (-5)
Net Burn · Monthly$374,427 (-20%)
Team · FTE**28 (0)
* Excludes $32,055 proceeds associated with the interest rates of previously converted note s
InOrbit is a cloud fleet management platform that enables robotic companies and their customers to develop, deploy, and operate smart robots at a global scale.
COMPANY PERFORMANCE
A difficult quarter for InOrbit. Following the loss of Kärcher, its largest customer and investor, revenue declined approximately 90%. While the company continues to see inbound interest from prospective customers such as Colgate-Palmolive and Mayo Clinic, we remain cautious about the company’s ability to meaningfully reaccelerate growth in the near term. Given the continued strategic interest and broader momentum across the robotics ecosystem, we are encouraging the team to more actively pursue M&A discussions.
Spare Food is a value-added food-tech platform that upcycles overlooked and unused food from farms and processors to create new foods and beverages that are healthy for people and the planet.
COMPANY PERFORMANCE
Despite revenue declining during the quarter, given the seasonality aspect of the business, Spare remains on an upward trajectory. Orders from food service, university and corporate cafeterias and now healthcare institutions (through a new contract with the largest healthcare Group Purchasing Organization) continue to expand. Notwithstanding the good momentum, we doubt the company’s ability to generate significant returns for the portfolio.
Investment Summary
Invested Capital$1,200,000
Ownership11.8%
Unrealized Gains$0
Current Valuation*$18,000,000
MOIC1.0x
KPIs · Q1 2026
Revenue · Q1 Revenue$237,857 (-16%)
Users · # of distributors4 (0)
Runway · Months2 (0)
Net Burn · Monthly$53,627 (-12%)
Team · FTE**2 (0)
*Using the valuation cap as a proxy for the current valuation
Roger is a collaboration platform for project managers in commercial construction.
COMPANY PERFORMANCE
Roger delivered the strongest quarter in company history across both revenue and cash burn. The focused product strategy is beginning to show real signal, with strong customer engagement and enthusiasm. The company is expected to begin a Seed raise soon, and we are cautiously optimistic about the outcome.
Investment Summary
Invested Capital$884,999
Ownership6.8%
Unrealized Gains$0
Current Valuation$13,000,000
MOIC1.0x
KPIs · Q1 2026
Revenue · Q1 Recognized Revenue$273,123 (+34%)
Users · Usersn/a
Runway · MonthsCashflow Positive (-256%)
Net Burn · Monthly*-$49,444 (0)
Team · FTE**11 (+3)
*This number is negative because Prospr was cashflow positive this past quarter
Codi's AI-powered office-as-a-service platform automates and optimizes setup, from cleaning to furniture, streamlining operations and reducing costs.
COMPANY PERFORMANCE
Mixed quarter for Codi. Runway is becoming a concern, and, in our view, growth prospects may not support a successful fundraise. Product development has also progressed more slowly than expected through the pivot. On the positive side, new ARR is beginning to show signs of promise.
Pluto is a data aggregation and integration platform for healthcare, bridging data with care and connecting people with the products and services they need at the right time .
COMPANY PERFORMANCE
Pluto renewed and expanded its contract with its largest customer, CareAccess. With the increased patient volume, annualized revenue is expected to approach $4M. CareAccess has also expressed interest in a potential acquisition, and we continue encouraging the CEO to pursue M&A opportunities.
Confirm is building a central registry for employee performance (FICO for employees) through a “CEO intelligence” tool that creates a real-time talent inventory of a company’s employee base.
COMPANY PERFORMANCE
Confirm received and accepted an acquisition offer from Learning Pool, a UK-based growth-stage education technology company backed by private equity firm Marlin Equity Partners. The proposed strategy is to retain most of the team, integrate the product as an additional offering within Learning Pool’s existing customer base, and expand into broader HR-related workflows. The transaction is structured as an all-stock deal, implying a recovery value of approximately $0.52 on the dollar in Learning Pool equity. Given the illiquid nature of the transaction, we do not currently expect the position to drive meaningful returns for the portfolio.
Pink Bot is a robotics company building ultra-light robots that move at pedestrian speed on sidewalks to revolutionize first and last-mile delivery services.
COMPANY PERFORMANCE
Our main concern for the company remains the CEO’s lack of strategic decision-making and unrealistic expectations. Expansion to other cities outside of Miami has moved slowly, margins and unit economics per delivery remain challenging and the possibility of raising additional capital still looks grim.
Morty is an online network where enthusiasts of nerd culture activities can connect, plan, and record their adventures together.
COMPANY PERFORMANCE
Morty is chugging along; not doing great and not doing particularly poorly either. On the positive side, engagement & product are better than before, and the company is inching towards cash flow break-even. On the negative side, growth has stalled and churn has started to increase. They haven’t been able to expand beyond a small niche market segment.
Prospr is people management made simple. It automates operational headaches, optimizes managerial costs, and builds digitally connected frontline teams supported to be their best at work.
COMPANY PERFORMANCE
Prospr has remained largely stagnant for several years, though the business is now operating near breakeven. While we do not expect the company to be a meaningful driver of fund returns, we are encouraging the CEO to actively explore exit opportunities.
Investment Summary
Invested Capital$949,998
Ownership12.8%
Unrealized Gains*$632,754
Current Valuation$12,500,000
MOIC1.7x
KPIs · Q1 2026
Revenue · MRR**$118,496 (-10%)
Users · # of subscribers182 (+4)
Runway · Months27 (0)
Net Burn** · Monthly$7,900 (0)
Team · FTE***5 (0)
*Excludes $16,445 proceeds associated with the interest rates of previously converted notes
