During Q2, we made one new core investment in Autena, which is building AI infrastructure for logistics. We also made a supporting investment in Cantera, which is building a cross-border labor marketplace to supercharge data center buildout.
Following Menlo Ventures' acquisition of our ShopMy position (formerly ThingTesting), the Fund distributed approximately $1.9M during the quarter. Given our limited ownership and visibility, we elected to sell our stake, realizing a ~1.5x MOIC.
Only three months after we invested, Doxx received a preemptive offer and closed a $31M Series A led by Andreessen Horowitz's Martin Casado, one of the most respected infra and security investors globally. The deal was done at a $105M valuation—approximately 3x our entry valuation. We invested an additional ~$2.0M.
Hamlet raised $5M from Bow Capital at a $33M post-money valuation. Bow Capital brings deep domain expertise, and the additional capital will support Hamlet's vision of making public and local government data more accessible through AI.
Reins closed a $3M seed round led by Album VC at a $15M post-money valuation. We only invested an additional ~$50K as a show of support for the round.
1.3x
Gross MOIC
$57.6M
Fair Market Value
$47.0M
Total Invested
32
Active Companies
$2.0M
LP Distributions
ANIMO Fund II · Summary
Total Capital Commitment$75.8M
Called for investments + mgmt fees + fund expenses$53.8M
71.0% of total capital commitment
Capital
Capital called for investments$46.0M
Recycled capital investments$999K
Management fees*$7.4M
Portfolio
No. of portfolio companies35
Time to date4.1 years
Current dollar-weighted average holding period1.6 years
Returns
Total unrealized gains**$14.8M
Total realized gains/losses***-$1.2M
Notes
*Includes $246,272 of Incentive Contribution
**Includes proceeds from Convertible Notes ($277)
***Includes proceeds from Convertible Notes ($94,216)
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 24 active core positions — 35 companies total across the fund. Full portfolio in the Appendix.
Prior to founding Autena, Richard co-founded Underscore VC, where he spent a decade investing in early-stage technology companies. Earlier in his career, he held roles at Founder Collective, Apple, Goldman Sachs and Procter & Gamble.
Gabriel is an entrepreneur, investor, advisor, and board member with more than 20 years of experience in logistics and supply chain technology. He previously founded Freight Logistics and nXT Software Solutions, both of which were acquired.
Boring stuff
ORIGINALLY FROM BRAZIL
Fun stuff
BASED IN MAIMI WITH HIS WIFE AND THREE KIDS
ANIMO Performance
ANIMO Fund II
Cumulative
CAPITAL CALLED VS. STRAIGHT LINE*
$53.8M
Called to date
Investments + mgmt fees + fund expenses
$54.2M
Straight-line pace
Equal pace of deployment, as of Q2/26
99%
Of pace
$0.4M below the straight line
Investments $46.0MManagement fees $7.2MFund expenses $0.7MRecycling $1.0MStraight line $54.2M
Hover or tap a quarter to see its breakdown.
*Given forecast variability and uncertainty, the orange line now shows an equal pace of capital deployment as an objective benchmark. Annual investments and management fees were set at $11.6 million and $1.7 million, respectively
**Excludes $246,272 of Incentive Contribution
***The recycling amount is excluded from the “called for investments + mgmt fees + fund expenses” shown on the next slide.
Track Record
Realized Returns
Realized gains and write-offs across the fund's life. Click any row for the full story.
Realized Wins
Total Invested$1.35M
Total Realized Gain+$546K
CompanyExit DateGain
Ecommerce · Supporting portfolio
Invested Capital$1,348,581
Proceeds from Converted Notes$94,216
Realized Gains (Losses)$546,374
Exit DateMAR 2026
Company Valuation at Sale$1,500,000,000
IRR11.76%
Realized Losses (2 positions)
Total Invested$2.82M
Realized Loss-$1.82M
CompanyExit DateLoss
Marketplace
Merri was a 3D visualization platform for the events industry – bringing venues, planners, and vendors onto a single platform to design and execute best-in-class events.
EXIT DESCRIPTION
Merri was not able to raise a Series A for a few reasons. VCs are sour on the events industry, given past failures. More importantly, Merri started executing on the marketplace vision too late. By the time runway was tight, growth on the core product wasn’t near VC benchmarks and the traction on the marketplace wasn’t enough. Luckily, the team found a solid home in TripleSeat, and ANIMO was able to recycle ~30% of invested capital.
Invested Capital$1,517,154
Realized Loss-$1,001,217
Exit DateMAY 2024
Recycled Proceeds$515,937
Randi Bushell
FOUNDER & CEO
Future Of Work
Pollen was the career development platform for the future of work. They provided freelancers and independent consultants with the professional network and business training they needed to be successful.
EXIT DESCRIPTION
After several months of executing the pivot, Pollen realized there was not enough customer interest and willingness to pay for such a product. Despite having enough runway, Hillary was tired and not committed enough to giving it another try and exploring a different direction. She decided to wind down the company and return the available cash to investors. We recovered 37% of our investment, which we aim to recycle into other companies.
Welli is a medical financing company based in Colombia. It provides patient loans at the doctor’s office or clinic in seven medical specialties that are paid out of pocket. Welli aims to become the financial partner of doctors & patients alike across LatAm.
COMPANY PERFORMANCE
A landmark quarter for Welli, as the two growth initiatives we have been developing — medical equipment lending and starting operations in Peru — launched. The team also renegotiated its credit facilities, materially reducing equity requirements and the cost of capital.
Investment Summary
Invested Capital$2,889,816
Ownership14.2%
Unrealized Gains$2,281,294
Current Valuation$36,358,580
MOIC1.8x
KPIs · Q2 2026
Revenue · Q2 Revenue$2,107,897 (+30%)
Users · Amount disbursed in credits$3,897,000 (+20%)
Doxx is building the next generation of consumer & enterprise privacy infrastructure starting with a breakthrough VPN.
COMPANY PERFORMANCE
Barrett has proven to be one of the most technically gifted founders we have ever backed. Product velocity and depth are mighty impressive. Doxx has made key strategic hires both in the engineering team and a seasoned COO. The team is working relentlessly to build their own infrastructure in data centers around the world. Martin Casado, who leads the a16z infra fund, led a $31M Series A, further confirming this is the team to win in this market.
Crew is a climate-tech company removing carbon dioxide from the Earth's atmosphere through wastewater plants. Its technology was a spin-off from Yale University, where its founders did their PhDs and became two of the world's experts in carbon removal technologies. Crew’s enhanced-weathering approach enables highly measurable and affordable carbon and greenhouse gas removal at scale in closed-loop systems.
COMPANY PERFORMANCE
Crew delivered another strong quarter, increasing live projects from eight to nine while signing three new customers. The company began operations at Washington, D.C.'s wastewater treatment plant—the fourth largest in the U.S.—under a $5M contract at scale. Crew also signed a new $10M offtake agreement with Microsoft, further diversifying revenue. Meanwhile, its wastewater treatment-as-a-service offering continues to gain strong market traction.
Area2Farms designs, builds, and operates innovative vertical farms within cities. Through robotics & advanced plant breeding, Area2Farms is the first to achieve this using soil instead of hydroponics. They will sell farm franchises to aspiring farmers and entrepreneurs. By being vertically integrated in the middle of every city, Area2Farms will be the center of the new food economy.
COMPANY PERFORMANCE
Another neutral quarter for Area2 as we wait for permitting delays for our second location. On the plus side, the regulatory documents for franchising are ready. We’ve begun sales & marketing for franchises with better-than-expected initial public response. Considering this, we expect the second half of the year to show faster growth.
Zocalo Health is a virtual primary care platform for the Latino community. The company is making healthcare more inclusive and accessible for the more than 60M Hispanics in the US through a culturally-adapted and value-care-based system.
COMPANY PERFORMANCE
Zócalo had a disappointing quarter after closing an oversubscribed $15M Series A. Revenue declined amid a tougher market environment, driven by reduced Medicaid funding for health plans and a renegotiated contract with its largest customer. The team is now focused on improving execution and adapting its care model to these new market dynamics.
Maestro is an AI-powered travel agency/concierge that helps travelers plan, book, and optimize travel through personalized recommendations, perks, and rewards optimization, bringing high-touch travel planning to the masses.
COMPANY PERFORMANCE
Maestro intentionally paused new member activation despite having quite a large waitlist. This is a good problem to have. Given the nature of our upscale, white-glove value proposition, we need to make sure our product is solid enough and early cohorts are highly satisfied. Like in most AI-native services companies, we’re finding tension in how many resources to invest in AI capabilities vs. services. The company is gearing up for a SEP/OCT Series A raise where the numbers should be enticing.
Upside Robotics is building AI-powered autonomous robots for the agriculture sector. They are focused on reducing costs and improving the yield of row crops (corn first) by using computer vision to monitor soil and plant health and inject fertilizer directly into the roots.
COMPANY PERFORMANCE
Upside had a busy quarter as it deployed its full fleet of robots and fueling stations for the corn growing season. Operating at greater scale introduced new technical and environmental challenges, but the team has continued to execute well and iterate quickly. Customer engagement remains strong, with encouraging feedback from farmers.
Maior is an AI-first SMB lending platform that uses proprietary data and AI tools to better assess creditworthiness and offer working capital loans to small businesses through community banks & other financial partners.
COMPANY PERFORMANCE
Important quarter as the first loans have been disbursed. We expect Q3 to be a quarter for learning, mainly around demand partner activation, customer profile and underwriting. Maior is getting interest from many stakeholders in the industry, a sign that they are filling a clear unmet need in the market. The credit facilities from Trinity and others are also being optimized and the founders have continued to strengthen the team with experienced hires.
Vardera is building an AI-first appraisal and valuation platform for real world assets. Their initial focus is to provide the infrastructure and workflows with which auction houses, collectible marketplaces and resellers value and process their inventory.
COMPANY PERFORMANCE
Vardera continues to see strong market interest from leading collectible marketplaces, though enterprise sales cycles have proven longer than expected. The focus now is on converting commercial interest into signed contracts and recurring revenue. The addition of several senior AI hires has further strengthened the company's models and product capabilities.
Endless Commerce is an AI-first ERP looking to disrupt NetSuite. It is built to become the new operating system for multi-channel consumer brands and drive sales growth.
COMPANY PERFORMANCE
Endless had another strong quarter, with ARR now exceeding $1M. Its new freight offering, while lower margin, is generating revenue comparable to the core business. Although results were affected by seasonality and the lumpy nature of freight revenue, the company remains on pace for roughly 4x YoY growth. The primary setback this quarter was an unsuccessful Series A process, which management plans to restart in Q1 2027.
Synvect uses CRISPR to engineer sterile mosquito eggs that, once released, mate with wild populations to collapse carriers of malaria, dengue, Zika, and other diseases. Classified as a biopesticide, it offers a cleaner, more effective, and cost-efficient alternative to traditional chemical pesticides.
COMPANY PERFORMANCE
Synvect is preparing for the summer pilots with expanded lab capacity and a focus on Texas, Florida, Puerto Rico, and Honduras. Delays to its experimental use permit have pushed back the public launch and signed revenue. In response, the team is broadening commercial efforts to diversify revenue and reduce regulatory dependency. Despite these delays, the team continues to execute well.
Hamlet leverages AI to turn endless hours of local government meetings into actionable data for private companies.
COMPANY PERFORMANCE
Hamlet raised an additional $5M round from Bow Capital, led by Vivek Ranadive & Rafi Syed, two renowned investors in the space. The product has evolved in meaningful ways for prospective customers looking to leverage local government data. While the core insight remains interesting and unique, there are some concerns around strategy & focus.
DeepTrust secures live voice and video communications by detecting deepfakes, social engineering, and risky behavior in real time. Using AI, it analyzes calls and videos as they happen and provides contextual, in-call guidance to users while giving security teams visibility into human risk across platforms.
COMPANY PERFORMANCE
The goal was for DeepTrust to sign three enterprise customers in Q1, but they haven't delivered. While three or four large enterprise deals are progressing, the urgency is real as runway is getting tight. The team is aware and has made cost cuts to give them as much time as possible before raising their next round over the next two quarters.
Streamlane is an AI-driven shipping spend & process optimization solution for large e-commerce shippers who are plagued by rising costs, manual work, and a lack of visibility.
COMPANY PERFORMANCE
Finally, a good quarter for Streamlane as they’ve signed a larger customer with the new 3PL product. While we’re still not at the EOY 2025 goal of $1m, at least we’re moving forward. The company will aim to raise a Seed round in Q3.
Reins makes it easy for millions of SMBs (Small & Midsize Businesses) to create, customize, and manage stock and profit-sharing plans. By leveraging the trend of transferring business ownership to newer generations and retaining key talent, the company is setting a new standard for how traditional businesses treat and incentivize their top employees.
COMPANY PERFORMANCE
Reins closed a $3M Seed round led by Album VC. We chose to participate with a $50K check to show support for the round to come together. Strong quarter from an MRR perspective. The team will now use the fresh capital to make key hires and continue to invest in product.
Velou is an AI-powered e-commerce infrastructure company. They provide brands and retailers with innovative solutions around data intelligence, product data enrichment, optimized search, automatic catalog description, and other products that serve as the first product catalog AI agent in the industry.
COMPANY PERFORMANCE
Velou had a difficult quarter. Two advanced acquisition discussions fell through late in the process, and the time spent pursuing those opportunities came at the expense of product development and commercial execution. As a result, business momentum has slowed, runway remains limited, and management continues to actively pursue strategic exit opportunities.
Ruck is a last-mile delivery marketplace for construction materials. The company connects construction professionals, vendors, and material suppliers with a proprietary network of drivers with specialized vehicles. They are the "DoorDash for building materials”.
COMPANY PERFORMANCE
We were finally successful in convincing the team to essentially shut down the existing business and go back to the drawing board for a hard pivot. The team seems to be leaning towards an AI wearable device that captures conversations in the field and automates workflows in the construction industry.
Atarraya is building the future of sustainable shrimp farming in the US. Through tech-enabled & indoor farms, they leverage software, hardware and biotech to produce locally-sourced, chemical-free and high-quality shrimp. Their modular farms can be built anywhere and close to cities. They currently operate farms in New Jersey, and Indianapolis.
COMPANY PERFORMANCE
Atarraya continues to regain momentum under its leaner, asset-light, licensing-focused model. While the pilot deployment in Abu Dhabi has slowed due to regional conflict, the company is generating interest from prospective partners to launch new facilities across the U.S. and Europe. Despite this progress, the company is far from where it had initially planned to be. Team execution has disappointed, and we don't expect it to drive meaningful returns for the fund.
Foyer is the "401k for homeownership" helping people save for the American dream faster. Through a combination of real estate partnerships, tax benefits, and employer matching, Foyer aims to make a dent in the housing affordability crisis.
COMPANY PERFORMANCE
While user engagement and revenue are trending in the right direction, time has essentially run out for Foyer. The company was unable to secure sufficient bridge financing to reach a meaningful external fundraise and is now focused on finding the right M&A opportunity.
Roomie offers to-scale 3D models that empower residents to lock down their room layout and take the drama out of move-in day.
COMPANY PERFORMANCE
Roomie delivered another steady quarter, with modest revenue growth and continued product improvements. Customer adoption continues to trend in the right direction, though progress remains gradual and our overall outlook is unchanged.
Draftboard is building a talent recruiting marketplace that leverages the power of social graphs & community networks to match them with an innovative system of bounties and referrals.
COMPANY PERFORMANCE
Draftboard continues to drift without finding the right direction in terms of value proposition and GTM. Commercial traction remains limited, though the team has made some product improvements around its usage-based credit system, network graph, and agency support. Our view on the company remains mostly unchanged.
Parente delivers parent-led, evidence-based and world-class treatments to children with behavioral and cognitive challenges. They do so through PAT, a personalized AI therapist who was built by leading researchers in children’s mental health from Stanford and Palo Alto Universities.
COMPANY PERFORMANCE
Parente has had a disappointing journey ”wandering through the desert”. It now seems like they will focus on the original plan of targeting therapists to enable them to maximize reach and impact. On the bright side, there has been inbound acquisition interest. While unlikely to materialize, it is a positive sign for future offramps if needed.
Revolute Robotics builds hybrid ground and aerial robots that can reach confined, complex and extreme environments. In doing so, they are able to perform inspection and monitoring of critical infrastructure in the US, including oil & gas, steel, mining, construction defense and other industries.
COMPANY PERFORMANCE
Revolute continues to move slowly but appears to have solved key technical issues around flight stability. This enabled several pilots in early summer, some of which are expected to convert into paying customers. Runway remains tight, and the company plans to raise a Seed round over the next two quarters.
Autena provides “Intelligent Context Infrastructure" designed to automate logistics workflows by acting as an autonomous coworker for operations analysts.
COMPANY PERFORMANCE
The investment closed in June 2026, so it is too early to tell.
