Learn Capital is an education and human-capacity venture investor founded by Greg Mauro and Rob Hutter, investing across seed, early stage and emerging growth. Its portfolio includes optical brain-computer-interface developer MindPortal and research-intensive educational AI.
Founded 2009
Type Venture capital 3 Learn Capital Fund V Early, L.P. 2024-05-03 2024-05-03 — DatedregulatoryofferingUSD150M, soldUSD87464646 asof2024-05-03; firstsale2022-05-02. Notverifiedfinalclose; amountnull avoidclosedfundmisrepresentation.
Learn Capital Fund V Growth, L.P. 2024-05-03 2024-05-03 — DatedregulatoryofferingUSD150M, soldUSD112838384 asof2024-05-03; firstsale2022-05-02. Notverifiedfinalclose; amountnull avoidclosedfundmisrepresentation.
Learn Capital Fund IV 2020 2020 $250M USD 250m; 2020 vintage Former partner Michael Staton's own track record lists this amount and A–B stages. Useful corroboration lead, with no independently verified close date here. [Staton's track record](https://mpstaton.com/portfolio), undated, accessed 2026-10-06.
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No team members on record yet.
$5M 2021-05-25 MindPortal Learn Capital , Kleiner Perkins $5M 2021-05-25 Pathrise Y Combinator , Day One Ventures , Learn Capital , Western Technology Investment , GoAhead Ventures $20M 2021-03-25 On Deck Founders Fund , Pioneer Fund , NFX , The Slack Fund , Learn Capital , Keith Rabois $30M 2021-03-01 Section General Catalyst , Learn Capital , GSV Ventures $2M 2021 Vinco Y Combinator , Alter Global , Learn Capital , Reach Capital $80M 2020-12-17 Brainly General Catalyst , Runa Capital , Learn Capital , Prosus Ventures $2M 2020 StayQrious Y Combinator , Learn Capital , Draper Associates , LearnStart , Dream Incubator $— 2019-04-09 Make School Y Combinator , Venrock , Learn Capital , Kapor Capital $1M 2017-06-26 Outschool Y Combinator , Learn Capital , S28 Capital , FundersClub , SV Angel $70M 2016-02-29 Health Catalyst Sequoia , Scale Venture Partners , Learn Capital , Kaiser Permanente Ventures , MultiCare Health System , Leavitt Equity Partners , HV Capital , Promod Haque $9M 2014-10-15 Brainly General Catalyst , Point Nine Capital , Runa Capital , Learn Capital $33M 2014-03-18 AltSchool Founders Fund , First Round Capital , Omidyar Network , Learn Capital , Harrison Metal , First Round $1M 2012-08-15 ClassDojo General Catalyst , Learn Capital , LRMR Ventures , Kapor Capital , NewSchools Venture Fund , Morado Ventures $3M Unknown date Pathrise Y Combinator , Learn Capital $15M Unknown date Brainly Point Nine Capital , Runa Capital , Learn Capital , General Catalyst , Naspers $15M Unknown date Brainly General Catalyst , Runa Capital , Learn Capital , Point Nine Capital , Naspers $20M Unknown date On Deck Founders Fund , The Slack Fund , Pioneer Fund , Learn Capital , NFX $15M Unknown date Brainly Learn Capital $— Unknown date Merlyn Mind Learn Capital
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team@apexlogos.ai · 8 hours ago
Investment-fund research reviewed 2026-10-06. Publicly identified funds, dates, amounts and fundraising status are below. Undisclosed commitments remain unknown; this is not a complete register of private SPVs or parallel entities.
Fund size and status
| Vehicle/metric | Amount and date | Interpretation and evidence |
| --- | --- | --- |
| Learn Capital Fund V Early, L.P. | USD 150,000,000 total offering; USD 87,464,646 sold; USD 62,535,354 remaining; Form D/A filed 2024-05-03 | Partnership formed 2022, first sale 2022-05-02. This is a dated fundraising filing, not proof of a $150m final close. [SEC filing](https://www.sec.gov/Archives/edgar/data/1926089/000192603524000002/xslFormDX08/primary_doc.xml ); [filing date/index](https://www.sec.gov/Archives/edgar/data/1926089/0001926035-24-000002-index.htm ). |
| Learn Capital Fund V Growth, L.P. | USD 150,000,000 total offering; USD 112,838,384 sold; USD 37,161,616 remaining; signed 2024-05-03 | Formed 2022, first sale 2022-05-02. Separate vehicle from Early; do not present their combined $300m offering as a closed fund. [SEC filing](https://www.sec.gov/Archives/edgar/data/1926035/000192603524000003/xslFormDX08/primary_doc.xml ). |
| Firm AUM | USD 1B+, official undated site accessed 2026-10-06 | Total across the platform; not Fund V's size or available deployment capital. [About](https://www.learn.vc/about ). |
| Learn Capital Fund IV historical reference | USD 250m; 2020 vintage | Former partner Michael Staton's own track record lists this amount and A–B stages. Useful corroboration lead, with no independently verified close date here. [Staton's track record](https://mpstaton.com/portfolio ), undated, accessed 2026-10-06. |
Fund V is the latest numbered main fund identified in the sources checked, not a guarantee that no newer vehicle exists. Searches for Fund V 2025/2026 closings and Fund VI did not produce a directly verified newer main-fund announcement; Special Opportunities VI is a distinct historic vehicle, not proof of a sixth main fund. [Cardumen's official Fund V investment page](https://www.cardumencapital.com/investments/learn-capital-fund-v ), undated, accessed 2026-10-06, confirms exposure to Fund V but does not disclose its size or close date. SEC notices are issuer disclosures and explicitly are not SEC accuracy certification.
Funds recorded in Adex after this review:
| Fund | Disclosed amount | Announcement / filing date |
| --- | --- | --- |
| Learn Capital Fund IV | USD 250000000 | 2020 |
| Learn Capital Fund V Early, L.P. | Undisclosed / unverified | 2024-05-03 |
| Learn Capital Fund V Growth, L.P. | Undisclosed / unverified | 2024-05-03 | SHOW MORE
team@apexlogos.ai · 9 hours ago
Match research 2026-10-06 / LearnCapital / sha256:cb8fc8ec8bb9f14b4c538b3ce7d94077e5d163facef9936fba491dde7d74ffcf / part 2 of 2
Imported completed research. Baseline Adex/Signal statements describe prior state, not independent verification. Retain cited attribution, date, currency and classification caveats.
The [official Learn portfolio](https://www.learn.vc/ventures ), undated, accessed 2026-10-06, lists Emergence's agent orchestration technology. **USD 97.2m funding led by Learn Capital announced 2024-06-24**, plus **over USD 100m credit lines**, is reported by [SiliconANGLE](https://siliconangle.com/2024/06/24/ai-startup-emergence-ai-raises-ton-cash-enhance-office-worker-productivity/ ), published that day. Credit lines are separate from equity and may be undrawn. Reporting describes Emergence as a Merlyn Mind division; Hutter's official biography calls him Emergence co-founder/chairman and links it to the Merlyn platform. Do not double-count it as an unrelated investment without checking corporate structure. Research-intensive autonomous-agent work is a qualified deep-tech example; generic workflow automation alone would not establish that classification. Formal financing stage is left unspecified because public databases conflict.
### Adjacent investments excluded from neurotech
Feeling Great appears in the official portfolio as an AI emotional-well-being app; this is mental-health adjacency, not a verified neural device/interface. Brainly, Coursera, Udemy and other education businesses are not classified as deep tech simply because they use AI. Emergence's current [website](https://www.emergence.ai/ ), accessed 2026-10-06, uses “Neuroformal AI” in its title; that terminology does not establish brain-facing neurotechnology.
## Conflicts, missing information and later Adex review
- Fund V final close amounts/dates remain unverified. An AI-generated aggregator suggested an April 2024 close; the May SEC figures still distinguish sold versus remaining. Preserve issuer/date-specific figures and seek an official LP close notice before adding a closed-fund amount.
- Fund IV $250m is from a former partner's self-published table; firm AUM and fund totals must remain separate. Do not replace missing Adex check sizes with these figures or personal Signal ranges.
- Official site says founded 2009; IFC's historic [EM fund disclosure](https://disclosures.ifc.org/project-detail/SII/44996/learn-capital-venture-partners-em-lp ), originally disclosed 2021-01-26, updated 2024-09-12, says 2008. Prefer official current identity while retaining the conflict. That IFC page's up-to-$20m is its proposed investment, not the main firm's fund size.
- Snapshot provenance needs cleanup: duplicate/undated participations and personal Signal history on some round metadata should not be treated as verified organization investment evidence.
- Suggested later review: fill firm identity/website/strategy with official evidence; preserve and strengthen existing MindPortal seed attribution; review Merlyn/Emergence legal identity and fund vehicles before adding investments; distinguish neurotech from emotional-well-being AI; request final Fund V close evidence. No database or MCP Patch operation was performed.
All live sources were accessed 2026-10-06. Dates above are publication/filing dates where available, not inferred transaction close dates. Portfolio and reporting checks are focused research, not an exhaustive audit of all historic transactions. SHOW MORE
team@apexlogos.ai · 9 hours ago
Match research 2026-10-06 / LearnCapital / sha256:cb8fc8ec8bb9f14b4c538b3ce7d94077e5d163facef9936fba491dde7d74ffcf / part 1 of 2
Imported completed research. Baseline Adex/Signal statements describe prior state, not independent verification. Retain cited attribution, date, currency and classification caveats.
# Learn Capital
**Exact ID:** `LearnCapital` · **Adex:** https://adex.page/firms/LearnCapital · **Research date:** 2026-10-06 · **Status:** complete research; findings for later review only.
## Identity and summary
Learn Capital is the education and human-capital venture investor founded by Greg Mauro and Rob Hutter. Its official site states a 2009 founding, $1B+ AUM and five funds; these are firm-reported metrics, not audited figures or one fund's size. Its portfolio includes direct neurotechnology company **MindPortal**, and research-intensive AI businesses **Merlyn Mind / Emergence**. Official domain: https://www.learn.vc/ . The similarly named https://learn-capital.com/ sells online courses and must not be used as this firm's website. [Official about page](https://www.learn.vc/about ), undated, accessed 2026-10-06; [official founders and team](https://www.learn.vc/ ), undated, accessed 2026-10-06.
## Starting evidence: Adex and NFX Signal
Read the exact-ID saved MCP Search snapshot `data/research/_sources/LearnCapital.adex.json`, retrieved 2026-10-06 at 19:29:33 UTC. It has a blank description, no founding year or social profiles, and null minimum/maximum/sweet-spot checks. Starting provenance is a Goldi.ai Founders Fund co-investor mention collected 2026-09-09. Recorded investments include Pathrise, MindPortal, On Deck, Section, Vinco, Brainly, StayQrious, Make School, Outschool, Health Catalyst, AltSchool and ClassDojo. Some Brainly/On Deck/Pathrise records are duplicated or undated. Much of the underlying evidence is Goldi.ai aggregation; neither that nor MCP establishes independent verification. The MindPortal entry already cites UKTN and correctly distinguishes the $5m round from Learn's undisclosed contribution.
[NFX Signal firm page](https://signal.nfx.com/firms/learn-capital ), undated, directly read 2026-10-06, lists Robert Hutter and Greg Mauro with $250k sweet spots/$100k–$600k ranges and education-seed labels; Michael Staton with $1.5m/$100k–$5m and education seed/pre-seed labels; Susan Wang with $10m/$500k–$15m and education seed/A/B; Scott Dubin with AI/robotics seed/A labels. These are individual profile claims, potentially stale, not a consolidated firm mandate or fund size. Intro paths require Gmail sign-in; public profile text was accessible. Team affiliation should be reconciled against the official site before importing these values. Signal search-index and direct-read versions also vary in co-investor/location listings.
## Fund size and status
| Vehicle/metric | Amount and date | Interpretation and evidence |
| --- | --- | --- |
| Learn Capital Fund V Early, L.P. | USD 150,000,000 total offering; USD 87,464,646 sold; USD 62,535,354 remaining; Form D/A filed 2024-05-03 | Partnership formed 2022, first sale 2022-05-02. This is a dated fundraising filing, not proof of a $150m final close. [SEC filing](https://www.sec.gov/Archives/edgar/data/1926089/000192603524000002/xslFormDX08/primary_doc.xml ); [filing date/index](https://www.sec.gov/Archives/edgar/data/1926089/0001926035-24-000002-index.htm ). |
| Learn Capital Fund V Growth, L.P. | USD 150,000,000 total offering; USD 112,838,384 sold; USD 37,161,616 remaining; signed 2024-05-03 | Formed 2022, first sale 2022-05-02. Separate vehicle from Early; do not present their combined $300m offering as a closed fund. [SEC filing](https://www.sec.gov/Archives/edgar/data/1926035/000192603524000003/xslFormDX08/primary_doc.xml ). |
| Firm AUM | USD 1B+, official undated site accessed 2026-10-06 | Total across the platform; not Fund V's size or available deployment capital. [About](https://www.learn.vc/about ). |
| Learn Capital Fund IV historical reference | USD 250m; 2020 vintage | Former partner Michael Staton's own track record lists this amount and A–B stages. Useful corroboration lead, with no independently verified close date here. [Staton's track record](https://mpstaton.com/portfolio ), undated, accessed 2026-10-06. |
Fund V is the latest numbered main fund identified in the sources checked, not a guarantee that no newer vehicle exists. Searches for Fund V 2025/2026 closings and Fund VI did not produce a directly verified newer main-fund announcement; Special Opportunities VI is a distinct historic vehicle, not proof of a sixth main fund. [Cardumen's official Fund V investment page](https://www.cardumencapital.com/investments/learn-capital-fund-v ), undated, accessed 2026-10-06, confirms exposure to Fund V but does not disclose its size or close date. SEC notices are issuer disclosures and explicitly are not SEC accuracy certification.
## Investment stages
The official [Rob Hutter biography](https://www.learn.vc/team/rob-hutter ), undated, accessed 2026-10-06, expressly describes Learn work across **seed, early stage and emerging growth**, focused on learning and human capacity. This is stronger evidence than inferring the current strategy from historic rounds, although it describes a founder's focus rather than a formal allocation schedule. NFX personal profiles add pre-seed/seed/A/B indications with the affiliation caveats above. Historical MindPortal seed and the large Emergence financing below show breadth; no verified universal check-size range or current stage exclusions were found.
## Named deep-tech and neurotech investments
### MindPortal — verified direct neurotechnology and deep tech
MindPortal develops non-invasive optical brain-computer interfaces and imagined-speech decoding, making this direct neural-interface technology rather than a general mental-health app. **Learn Capital led its USD 5m seed financing**, reported **2021-05-25**; the UKTN headline's roughly GBP 3.5m is a conversion, not another financing. Individual contribution and legal fund vehicle are undisclosed. [UKTN funding report](https://www.uktech.news/news/english-singer-matt-bellamy-backs-londons-neuralink-rival-mindportal-in-35m-funding-round-20210525 ), published 2021-05-25.
Attribution is independently strengthened by [MindPortal's own release](https://www.prnewswire.com/news-releases/mindportal-announces-major-breakthrough-with-first-successful-non-invasive-seamless-telepathic-human-ai-communication-with-a-large-language-model-302007756.html ), published **2023-12-06**, naming Learn Capital among its backers and describing optical BCI communication with ChatGPT. The [firm portfolio](https://www.learn.vc/ventures ) and [MindPortal homepage](https://mindportal.com/ ), undated, accessed 2026-10-06, also confirm the relationship. The homepage describes MindSpeech, MindGPT and MindClick. Breakthrough/first-ever performance statements are company claims, not independent validation, clinical approval or evidence of commercial scale. No additional verified direct neurotech investment was identified in the sources checked.
### Merlyn Mind — research-intensive AI, not direct neurotech
Company technology includes education-specific language models, safety training, and classroom voice/hardware interfaces. Its [official education-model announcement](https://www.merlyn.org/blog/first-ever-education-specific-language-models-open-door-to-trustworthy-generative-ai-for-teachers-and-students ), publication date not reliably exposed, accessed 2026-10-06, describes three released models and identifies Rob Hutter as Learn founder and executive chairman. The [official Origin announcement](https://www.merlyn.org/blog/meet-merlyn-origin-the-all-in-one-ai-assistant-for-educators ), undated, accessed 2026-10-06, explicitly names Learn Capital as leading its investors. Deep-tech classification is based on model/hardware R&D, not the word “Mind” or generic SaaS.
Learn led **$29m initial funding announced June 2021**. [TechCrunch](https://techcrunch.com/2021/06/22/merlyn-mind-emerges-from-stealth-with-29m-and-a-hardware-and-software-solution-to-help-teachers-with-tech/ ), 2021-06-22. A [dated interview description](https://podcasts.apple.com/us/podcast/how-artificial-intelligence-can-improve-the-classroom/id1550805450?i=1000530755692 ), 2021-08-02, describes $29m closed to date, so do not force this into a single formally named round. [Chicago Board of Education vendor disclosure](https://www.cpsboe.org/content/actions/2026_03/26-0319-PR1.pdf ), 2026-03-19, names Learn Capital Venture Partners IV and Special Opportunities XVIII as owners, providing entity-level attribution.
### Emergence — research-oriented agentic AI; related-company caveat SHOW MORE
team@apexlogos.ai · 21 days ago
MATCH 
Y Combinator
Pathrise$5M · 2021-05-25
Vinco$2M · 2021
StayQrious$2M · 2020
Make School$— · 2019-04-09
Outschool$1M · 2017-06-26
ClassDojo$1M · 2012-08-15
Draper Associates
First Round
AltSchool$33M · 2014-03-18
Section$30M · 2021-03-01
HV Capital
Health Catalyst$70M · 2016-02-29
Keith Rabois
On Deck$20M · 2021-03-25
MindPortal$5M · 2021-05-25
Promod Haque
Brainly$80M · 2020-12-17
Sequoia