Roger pivoted to a full AI services platform for construction and raised a $5M Seed round led by Kickstart alongside several co-investors. The financing came as a positive surprise.
Confirm was acquired by Learning Pool in an all-stock transaction. The implied transaction value represents ~50% of our initial investment. Since we no longer have information rights, it will now be considered a supporting investment.
We are actively pursuing liquidity opportunities across the companies performing in the middle third of our portfolio.
2.0x
Gross MOIC
15.10%
Unrealized IRR*****
$105.5M
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 date8 years
Current dollar-weighted average holding period4.9 years
Returns
Total unrealized gains***$65.8M
Total realized gains/losses****-$10.3M
LP distributions$3.0M
Notes
*It doesn’t Include $1M 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 · Q2 2026
Market
$510B
Global venture funding in H1 2026, above all of 2025 ($440B)
Crunchbase
77%
Share of global venture funding that went to AI in H1 2026
Crunchbase
$375B
YTD US acquisition value, a decade high
Pitchbook
89%
Of US VC commitments captured by established managers
Pitchbook
What's happening in AI
Global funding to AI (US$ billions)
2023$71B 23%
2024$126B 39%
2025$223B 53%
H1 2026$394B 77%
% = share of global venture funding · Source: Crunchbase 06/30/2026
OpenAI and Anthropic raised $217B, 43% of total H1 funding.
Other AI companies captured more than 70% of Q2 venture dollars.
Capital is beginning to extend beyond AI, particularly into deep-tech and defense.
Capital deployment
Global venture funding reached record levels in the first half of the year driven by unprecedented AI mega-rounds. Capital deployment remained highly concentrated among a small number of AI companies.
Public markets
Public markets had a strong performance during H1, with the Nasdaq up approximately 20% YTD. AI leaders continued to outperform while broader software performance lagged.
Early stage
Early-stage activity was stable while Series B+ continued to strengthen, supported by larger financings at higher valuations.
US median Seed pre-money valuation ($M)
$10.52022
$11.52023
$13.62024
$16.02025
$19.5YTD 26
Source: Pitchbook 06/30/2026
Exits & liquidity
Exit activity reached record levels, led by SpaceX’s landmark IPO. M&A activity and quarterly IPO volume continued to improve, signaling a gradual reopening of the public markets.
VC fundraising continued to favor established managers, which captured ~90% of total capital raised, while emerging managers continued to face a challenging fundraising environment.
US VC capital raised ($B) and no. of funds
$16720211,611
$22220221,817
$11120231,444
$11620241,218
$752025907
$72YTD 26405
Source: Pitchbook 06/30/2026
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 Q2 2026 performance
Filter
Showing 16 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 Q2 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
Another strong quarter from Sage. The company added several senior hires across key functions to support its next phase of growth. Live revenue continues to ramp up, while management remains focused on reducing the time from bookings to go-live. The team also shipped meaningful product enhancements that further strengthen Sage's best-in-class offering. Finally, Sage secured a $35M non-dilutive venture debt facility, providing additional capital to accelerate execution.
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
As Lev went all-in on AI, we expected there would be risks around pricing and ACVs (annual contract values), which is what we are starting to see. However, we’re bullish on product velocity and how customers are adopting our tools. The team is focused on figuring out how to charge in a way that captures more of the value we’re creating and how to position the company as one of the leaders at the intersection of AI & CRE.
Investment Summary
Invested Capital$4,529,990
Ownership7.5%
Unrealized Gains*$26,112,822
Current Valuation$410,000,000
MOIC6.8x
KPIs · Q2 2026
Revenue · ARR**$2,940,000 (-12%)
Users · Q2 # of new deals1,589 (+76)
Users · # of customers260 (+15)
Runway · Months25 (-9)
Net Burn · Monthly$1,060,000 (+22%)
Team · FTE***40 (-9)
*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
Another great quarter for Valence, growing 37% QoQ and on track to triple the business by EOY. NRR remains best-in-class at 180%+, while Parker continues to solidify his position as a thought leader in the space. Despite new pockets of competition, Valence rarely loses deals outside of competitors discounting to unsustainable levels—a trade-off we are comfortable with given the company’s strong cash position.
Investment Summary
Invested Capital$3,024,996
Ownership6.4%
Unrealized Gains*$14,020,795
Current Valuation$265,000,000
MOIC5.6x
KPIs · Q2 2026
Revenue · Total signed ARR**$30,300,000 (+37%)
Users · # of companies above 10k87 (+12)
Runway · Months15 (-1)
Net Burn · Monthly$2,702,000 (+42%)
Team · FTE***108 (+14)
*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
Comun delivered another strong quarter, with customers and revenue continuing to grow at more than 5% week over week. The team is shipping product at an impressive pace by leveraging AI across nearly every function. Following the exit of two key competitors, Comun has emerged as one of the category leaders. The company is preparing to raise its Series B next quarter, an important milestone that will help validate the business and support its next phase of growth.
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
Last quarter’s bet on quality over sheer growth is starting to pay off. Finalis is now in a predictable, compounding pattern where the product & network flywheels are starting to work. The company closed on $4M of venture debt that could be expanded to $6M at truly attractive terms. This is a non-dilutive way to continue to invest in key areas that will drive growth and market positioning.
Investment Summary
Invested Capital$1,849,996
Ownership10.0%
Unrealized Gains$8,559,736
Current Valuation$104,300,000
MOIC5.6x
KPIs · Q2 2026
Revenue · MRR*$854,666 (+6%)
Revenue · New Deals**$541,965 (+13%)
Users · # of broker dealers1,061 (+31)
Users · # of live deals1,595 (+238)
Runway · MonthsCashflow Positive
Net Burn · MonthlyCashflow Positive
Team · FTE***75 (0)
*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
Founders Nick and Neelesh have stepped away from their full-time roles after ~7 years and have been replaced by Series B investors Jim and Stephanie Scappa as CEO and COO. Jim founded Altair (~$10B exit), where Stephanie served as COO for many years. Their decision to bring that playbook, network, and track record to Syncari is a strong positive signal, despite the disruption of the founder transition.
Investment Summary
Invested Capital$4,049,961
Ownership3.3%
Unrealized Gains-$2,890,787
Current Valuation$35,000,000
MOIC0.3x
KPIs · Q2 2026*
Revenue · ARR**$4,860,931
Users · # of companies79
Runway · Months79
Net Burn · Monthly$369,000
Team · FTE***35
*These are outdated metrics from last quarter. Given management changes, information was not readily available
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
YAY’s new hybrid model, where it manages most school food operations through a hub-and-spoke approach, continues to perform well and attract interest from larger schools. Growth is accelerating, with Texas and North Carolina outperforming. Margins have improved to 20%+ and the company is nearing cash flow breakeven.
Investment Summary
Invested Capital$3,218,873
Ownership6.7%
Unrealized Losses*-$517,235
Current Valuation$31,990,821
MOIC0.8x
KPIs · Q2 2026
Revenue · Q2 GMV**$1,849,343 (-18%)
Users · # of schools43 (0)
Runway · Months6 (-6)
Net Burn · Monthly$257,743 (-17%)
Team · FTE***21 (-13)
* 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
Mapped continues to struggle, with revenue growth staying modest and below expectations. The company is repositioning around Physical AI, leveraging differentiated access to hard-to-obtain data. Management is also exploring strategic opportunities, with early acquisition interest from companies including Microsoft and Cisco.
Investment Summary
Invested Capital$2,887,639
Ownership5.6%
Unrealized Gains*-$1,349,937
Current Valuation$54,000,000
MOIC0.5x
KPIs · Q2 2026
Revenue · Q2 Revenue$457,884 (+8%)
Users · Total SQ footage159,259,443 (+7%)
Runway · Months2 (-3)
Net Burn · Monthly$353,080 (-6%)
Team · FTE**28 (0)
* Excludes $32,055 proceeds associated with the interest rates of previously converted note s
Roger is a collaboration platform for project managers in commercial construction.
COMPANY PERFORMANCE
Roger raised a $5M Seed round led by Album VC, a pleasant surprise after several years of struggling to find traction. The company has shifted to an AI-native services model, starting with construction scoping, which is resonating in the market and beginning to drive revenue growth. Margins were initially low given the human-intensive nature of the work, but have improved quickly as more of the service has been automated through AI.
Codi's AI-powered office-as-a-service platform automates and optimizes setup, from cleaning to furniture, streamlining operations and reducing costs.
COMPANY PERFORMANCE
Codi had a challenging quarter, with churn in both the legacy business and the new AI offering continuing to outpace new customer acquisition. The resulting deterioration in the company's financial position has materially shortened its runway. We no longer view an equity financing as a realistic outcome and are advising management to actively explore strategic M&A alternatives.
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 had a slow quarter, with limited progress across both sales and product development. Execution has continued to fall short of expectations, and the company has experienced meaningful employee turnover. Management has retained TD Bank to lead an active strategic M&A process.
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
Another difficult quarter for InOrbit. Despite the QoQ growth, revenue numbers are still low and the company hasn’t recovered after the loss of Kärcher, its largest customer. Colgate-Palmolive continues to expand its partnership and is now its most relevant account, but all other progress has been slow. Given the market momentum around physical AI and robotics, we continue to encourage the CEO to actively pursue M&A opportunities, which he is now more open to exploring.
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 decreasing mostly due to the seasonality aspect of the business, the company remains on an upward trajectory. Orders from Universities, food service, corporate cafeterias and healthcare institutions 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 · Q2 2026
Revenue · Q2 Revenue$214,231 (-22%)
Users · # of distributors4 (0)
Runway · Months2 (0)
Net Burn · Monthly$87,393 (+63%)
Team · FTE**2 (0)
*Using the valuation cap as a proxy for the current valuation
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 erratic behavior. He has not been responsive and we’ve heard little about how the company is doing. Despite claims about good recent progress, we continue to be pessimistic about the company’s prospects and doubt its ability to generate significant returns for the portfolio.
Morty is an online network where enthusiasts of nerd culture activities can connect, plan, and record their adventures together.
COMPANY PERFORMANCE
Morty has been stuck in a similar situation for a few quarters now. The main cause of concern now is that it appears to have veered off the path towards break-even, and the runway is starting to get tight. The company's long-term vision and expansion into other verticals have not materialized, and it continues to operate in a narrow, niche market.
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 had another steady but uneventful quarter. The business remains near breakeven with positive cash flow, though growth continues to be limited. Our outlook remains unchanged.
Investment Summary
Invested Capital$949,998
Ownership12.8%
Unrealized Gains*$632,754
Current Valuation$12,500,000
MOIC1.7x
KPIs · Q2 2026
Revenue · MRR**$121,476 (+3%)
Users · # of subscribers183 (+1)
Runway · MonthsCashflow Positive
Net Burn · Monthly-$406 (-95%)
Team · FTE***5 (0)
*Excludes $16,445 proceeds associated with the interest rates of previously converted notes
**Monthly Recurring Revenue
***This number is negative because Prospr cashflow positive this past quarter
