Firms

Flex Capital

San Francisco, California, US

flexcapital.com

signal.nfx.com

goldi.ai

Flex Capital is a seed-stage venture firm run by the founding CEOs of LiveRamp, BrightRoll, Lemonaid Health, SafeGraph, and Pipedream. The firm invests in bold, technical teams at the pre-seed and seed stages with pro-founder governance terms.

Founded: 2008
Type: Venture capital

Funds2

Flex Capital Fund III2026-08-202026-08-20—
GPannouncedstartedraisingUSD200mTARGET, nofinalclose. NewstrategyspecificinitialUSD500k–1m vscurrentwebsiteUSD500k–2m.
Flex Capital Fund II2023-02-132023-02-13—
SECUSD149025000soldagainstUSD300moffering, firstsale2022-02-02/incorporation2022; GP2026-08-20reportsUSD153.8mclosed2021contradictorychronology; notforceverifiedfinalamount.

Team

Ananya Kapoor Flex Capital, Investor	—— – —
Anastasia Auden Flex Capital, Executive Assistant	—— – —
Auren Hoffman Flex Capital, Partner	—— – —
James Pipe Flex Capital, VP, Finance & Operations	—— – —
Paul Johnson Flex Capital, Partner	—— – —
Rajal Patel Flex Capital, Partner	—— – —
Sushant Bhardwaj Flex Capital, Principal	—— – —
Tod Sacerdoti Flex Capital, Partner	—— – —

Investments

team@apexlogos.ai10 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, status and investment stages | Vehicle / measure | Amount and status | Dated evidence and caveat | | --- | --- | --- | | Flex Capital Fund II, L.P. | USD 149,025,000 sold against USD 300,000,000 offering | SEC amendment signed/filed 2023-02-13; first sale 2022-02-02; issuer incorporated 2022. This is reported securities sold and an offering amount, not a USD 300M closed fund. [S3] | | Fund II reported final size | USD 153.8M closed, according to GP | Auren Hoffman's 2026-08-20 first-person article describes Fund II as closed in 2021. Amount differs from the older filing and could reflect subsequent commitments, but the close-year conflicts with the SEC first-sale/incorporation dates. Retain both and seek clarification. [S4] | | Fund III | USD 200M target, raising | Same 2026-08-20 GP article says fundraising had just started. Approximately 150 initial investments envisaged. No closed amount verified in the newer-fund searches. This is the latest-known fundraising announcement found, not a confirmed close. [S4] | | Fund I / aggregate AUM | Not independently established | Do not infer Fund I size by dividing Fund II by a rounded growth multiple, or sum offering targets as AUM. | Current official strategy is seed, with first checks of USD 500K–2M and follow-on capacity through Series A, B and beyond. The site describes generalist investing across sectors and geographies. Its accessible portfolio browser showed no populated companies, limiting portfolio completeness. [S2] Hoffman's August 2026 article describes a historical late-2021 to mid-2022 emphasis on larger Series A/B transactions, a pause during 2023, and a return to a broad seed strategy from 2024. It specifies USD 500K–1M first checks for the new strategy/Fund III. This is narrower than the undated website range; it may concern a particular strategy or vehicle, so preserve context rather than silently choosing one range. Historical later-stage participation does not override the current seed mandate. [S4] The snapshot's pre-seed wording was not confirmed as the present site's explicit mandate. Partners' previous founding and angel investments must be distinguished from firm investments. Sources All web sources accessed 2026-10-06. Publication dates are provided where visible; undated sources carry access date only. Company releases are primary self-reported evidence, not independent validation of performance. | Ref | Source and URL | Date / role | | --- | --- | --- | | S1 | [NFX Signal — Flex Capital](https://signal.nfx.com/firms/flex-capital) | Undated; directly read, sparse content; name and 2008 founding claim. | | S2 | [Flex Capital official website](https://www.flexcapital.com/) | Undated; current strategy, check range, follow-ons, team; portfolio rendering limitation. | | S3 | [SEC Form D/A — Flex Capital Fund II](https://www.sec.gov/Archives/edgar/data/1908035/000190803523000001/xslFormDX08/primary_doc.xml) | 2023-02-13; first sale 2022-02-02, sold/offered amounts. Filing self-reported; not SEC approval. | | S4 | [Auren Hoffman — the best thing Flex Capital ever did was stop investing for a year](https://www.linkedin.com/pulse/best-thing-flex-capital-ever-did-stop-investing-year-auren-hoffman--xczde) | 2026-08-20; GP's Fund II close claim, changed strategy and Fund III target; performance commentary not independently verified. | | S5 | [PiLogic official company history](https://www.pilogic.ai/company) | Undated history; explicitly dates seed to May 2025 and later technical milestones to 2026. | | S6 | [Citra company release — USD 15M Series A](https://www.prnewswire.com/news-releases/citra-space-corp-announces-15m-series-a-to-advance-space-object-identification-technology-302739485.html) | 2026-04-13; technology and investor attribution. | | S7 | [ONE company release — Series A](https://www.prnewswire.com/news-releases/battery-startup-our-next-energy-one-closes-series-a-led-by-breakthrough-energy-ventures-301400984.html) | 2021-10-18; identifies manufacturing company Flex, establishing snapshot conflict. | | S8 | [Wavepaths official USD 4.5M announcement](https://wavepaths.com/blog/wavepaths-raises-4-5-million) | 2021-11-02; investor Reflex Capital and therapeutic music technology. Page rendered inconsistently on repeat opens; search-index text exposed dated announcement. | | S9 | [Washington Technology — Citra and Turion capital raises](https://www.washingtontechnology.com/companies/2026/04/citra-turion-detail-their-newest-capital-raises/412859/?oref=wt-homepage-river) | 2026-04-15; reputable corroboration of Citra financing and Flex's continuing involvement, available through search-index text. | Funds recorded in Adex after this review: | Fund | Disclosed amount | Announcement / filing date | | --- | --- | --- | | Flex Capital Fund II | Undisclosed / unverified | 2023-02-13 | | Flex Capital Fund III | Undisclosed / unverified | 2026-08-20 |
team@apexlogos.ai11 hours ago
Match research 2026-10-06 / FlexCapital / sha256:fe3cf6f35f3a092d48b0af5e1481964c1713c7e5817078148ad95b610b04b8ae / 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. 4. Snapshot names James Pipe as VP Finance & Operations; current site names Andrew Green in that role. Sushant Bhardwaj is in the snapshot but not the accessible current team. Absence alone does not establish departure dates. [S2] 5. Founding year 2008 appears in Signal/Adex but was not independently verified from official history. Do not conflate with the German firm, whose euro-denominated fund announcements belong elsewhere. 6. Direct neurotech remains unverified. Missing legal investing-vehicle identities, check amounts, full portfolio access and final Fund III close prevent more precise claims. 7. Consider deduplicating repeated company/round variants in a separate authorized database review. No changes are made here. ## Sources All web sources accessed 2026-10-06. Publication dates are provided where visible; undated sources carry access date only. Company releases are primary self-reported evidence, not independent validation of performance. | Ref | Source and URL | Date / role | | --- | --- | --- | | S1 | [NFX Signal — Flex Capital](https://signal.nfx.com/firms/flex-capital) | Undated; directly read, sparse content; name and 2008 founding claim. | | S2 | [Flex Capital official website](https://www.flexcapital.com/) | Undated; current strategy, check range, follow-ons, team; portfolio rendering limitation. | | S3 | [SEC Form D/A — Flex Capital Fund II](https://www.sec.gov/Archives/edgar/data/1908035/000190803523000001/xslFormDX08/primary_doc.xml) | 2023-02-13; first sale 2022-02-02, sold/offered amounts. Filing self-reported; not SEC approval. | | S4 | [Auren Hoffman — the best thing Flex Capital ever did was stop investing for a year](https://www.linkedin.com/pulse/best-thing-flex-capital-ever-did-stop-investing-year-auren-hoffman--xczde) | 2026-08-20; GP's Fund II close claim, changed strategy and Fund III target; performance commentary not independently verified. | | S5 | [PiLogic official company history](https://www.pilogic.ai/company) | Undated history; explicitly dates seed to May 2025 and later technical milestones to 2026. | | S6 | [Citra company release — USD 15M Series A](https://www.prnewswire.com/news-releases/citra-space-corp-announces-15m-series-a-to-advance-space-object-identification-technology-302739485.html) | 2026-04-13; technology and investor attribution. | | S7 | [ONE company release — Series A](https://www.prnewswire.com/news-releases/battery-startup-our-next-energy-one-closes-series-a-led-by-breakthrough-energy-ventures-301400984.html) | 2021-10-18; identifies manufacturing company Flex, establishing snapshot conflict. | | S8 | [Wavepaths official USD 4.5M announcement](https://wavepaths.com/blog/wavepaths-raises-4-5-million) | 2021-11-02; investor Reflex Capital and therapeutic music technology. Page rendered inconsistently on repeat opens; search-index text exposed dated announcement. | | S9 | [Washington Technology — Citra and Turion capital raises](https://www.washingtontechnology.com/companies/2026/04/citra-turion-detail-their-newest-capital-raises/412859/?oref=wt-homepage-river) | 2026-04-15; reputable corroboration of Citra financing and Flex's continuing involvement, available through search-index text. |
team@apexlogos.ai11 hours ago
Match research 2026-10-06 / FlexCapital / sha256:fe3cf6f35f3a092d48b0af5e1481964c1713c7e5817078148ad95b610b04b8ae / 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. # Flex Capital - Exact Adex ID: `FlexCapital` - Canonical Adex URL: https://adex.page/firms/FlexCapital - Research date and source access date: 2026-10-06 - Identity: US seed venture investor, website https://www.flexcapital.com/. Distinct from Berlin-based private equity firm FLEX Capital at https://www.flex.capital/en/ and from public manufacturing company Flex (NASDAQ: FLEX). - Research status: complete for the requested source review; unresolved points are documented below. Research only; no Adex or database changes made. Flex Capital currently presents a generalist seed strategy, with founder operators Auren Hoffman, Tod Sacerdoti and Paul Johnson. Verified technical investments include PiLogic and Citra Space. Two apparently relevant snapshot investments, Our Next Energy and Wavepaths, have material attribution problems and should not support a deep-tech/neurotech track record without correction or additional evidence. [S2, S5–S8] ## Adex and NFX Signal starting evidence The exact-ID local snapshot `data/research/_sources/FlexCapital.adex.json`, retrieved 2026-10-06 at 19:29:07 UTC, contains one matching record. Its description calls the firm pre-seed/seed, founder-led and founder-friendly; founded year is 2008. It has no investor check minimum/maximum/sweet spot and lists numerous historical transactions, including PiLogic, Citra Space, Our Next Energy and Wavepaths. These are baseline claims rather than independently verified facts. Repeated entries include GoodDay/GoodDay Software, Heron/Heron Data and Protege variants; transaction normalization needs review. The supplied [NFX Signal firm page](https://signal.nfx.com/firms/flex-capital) was directly opened before official-site verification. The accessible rendering confirms the name and displays Founded: 2008, but no substantive team, fund, stage or check-size details were exposed. It is a limited directory lead, not independent verification of founding history or strategy. [S1] ## Fund size, status and investment stages | Vehicle / measure | Amount and status | Dated evidence and caveat | | --- | --- | --- | | Flex Capital Fund II, L.P. | USD 149,025,000 sold against USD 300,000,000 offering | SEC amendment signed/filed 2023-02-13; first sale 2022-02-02; issuer incorporated 2022. This is reported securities sold and an offering amount, not a USD 300M closed fund. [S3] | | Fund II reported final size | USD 153.8M closed, according to GP | Auren Hoffman's 2026-08-20 first-person article describes Fund II as closed in 2021. Amount differs from the older filing and could reflect subsequent commitments, but the close-year conflicts with the SEC first-sale/incorporation dates. Retain both and seek clarification. [S4] | | Fund III | USD 200M target, raising | Same 2026-08-20 GP article says fundraising had just started. Approximately 150 initial investments envisaged. No closed amount verified in the newer-fund searches. This is the latest-known fundraising announcement found, not a confirmed close. [S4] | | Fund I / aggregate AUM | Not independently established | Do not infer Fund I size by dividing Fund II by a rounded growth multiple, or sum offering targets as AUM. | Current official strategy is seed, with first checks of USD 500K–2M and follow-on capacity through Series A, B and beyond. The site describes generalist investing across sectors and geographies. Its accessible portfolio browser showed no populated companies, limiting portfolio completeness. [S2] Hoffman's August 2026 article describes a historical late-2021 to mid-2022 emphasis on larger Series A/B transactions, a pause during 2023, and a return to a broad seed strategy from 2024. It specifies USD 500K–1M first checks for the new strategy/Fund III. This is narrower than the undated website range; it may concern a particular strategy or vehicle, so preserve context rather than silently choosing one range. Historical later-stage participation does not override the current seed mandate. [S4] The snapshot's pre-seed wording was not confirmed as the present site's explicit mandate. Partners' previous founding and angel investments must be distinguished from firm investments. ## Named previous deep-tech investments | Company | Technology rationale | Firm attribution, round and date | Confidence and limits | | --- | --- | --- | --- | | **PiLogic** | Probabilistic inference technology for exact reasoning and fault diagnosis, including edge and spacecraft applications. Its technical lineage includes research applied to NASA's electrical-system ground testbed. This is a defensible deep-tech software case rather than ordinary workflow SaaS. | Official company history names Flex Capital among investors in a **USD 4M seed round, May 2025**, alongside Scout Ventures, Seraphim Space, Sovereign's Capital, FN Fund and Gokul Rajaram. [S5] | High confidence in company-level attribution; no Flex check size or specific investing vehicle disclosed. Later NASA/defense work strengthens the technical rationale but is not evidence that those programs invested. | | **Citra Space Corp** | Space-object identification/characterization, combining multiple observational sources into persistent identities and behavioral profiles for orbital operations. Research classification: deep-tech space analytics; not a claim of proprietary hardware investment. | Company-issued release **2026-04-13** announces **USD 15M Series A**, led by Washington Harbour Partners, with Flex Capital explicitly listed as an existing participating investor. [S6] | High confidence in firm-name participation; original first investment date, check amount and vehicle not provided. Release's name alone cannot fully resolve corporate legal identity, but its strategy/context fits the US investor. | Round amounts above are total company financing, not Flex's contribution. Citra's company release supports both current-round participation and earlier investor status; it does not date that earlier round. ### Rejected or unverified snapshot candidates **Our Next Energy (ONE):** the cited official 2021-10-18 company release announces a USD 25M Series A and names **Flex [NASDAQ: FLEX]**, with a quotation from the president of Flex Automotive Business Group. That is the manufacturing corporation, not this venture firm. The battery technology is deep tech, but this source does not establish a Flex Capital investment. Snapshot attribution should be reviewed. [S7] CodeRabbit, Protege and various software companies appear in the snapshot/team material. AI usage, data marketplaces or developer tooling alone do not establish a scientific or engineering moat; they are not counted as additional deep-tech examples here. This review is not an exhaustive audit of every snapshot transaction. ## Previous neurotech investments **No verified neurotech investment found in the sources checked.** Searches covered the exact-ID snapshot, NFX Signal, official firm material, Wavepaths funding evidence and searches combining the firm name with neurotechnology terms. This is a bounded negative finding, not a statement that the firm has never invested in neurotech. **Wavepaths requires correction before attribution:** Adex lists a 2021-11-02 USD 4.5M investment and links the company's announcement. That announcement identifies **Reflex Capital**, not Flex Capital, among the investors. Wavepaths develops personalized/generative music for psychedelic therapy, grounded in neuroscience research; this is a mental-health/therapeutic-music adjacency rather than evidence of neural recording, stimulation or a brain-computer interface. Even an eventual verified Flex investment would require careful classification. [S8] Lemonaid Health founder experience and other health/data/software investments do not demonstrate direct neurotechnology investment. Do not import partners' angel/prior-firm investments into this firm's track record. ## Conflicts, missing information and later Adex review 1. Review Our Next Energy attribution against NASDAQ-listed Flex, and Wavepaths against Reflex Capital. The supplied source URLs currently do not support either Flex Capital participation. 2. Record Fund III as a USD 200M fundraising target dated 2026-08-20, never a closed fund. Preserve SEC Fund II sold/offered figures separately from the later GP reported USD 153.8M close; clarify conflicting 2021 versus 2022 dates before assigning a vintage. 3. Current official seed range is USD 500K–2M; GP strategy article specifies USD 500K–1M. Preserve the differing scope/date. Pre-seed remains a baseline claim needing current confirmation.
team@apexlogos.ai23 days ago
MATCH

$8M2026-02-24	Giant	Flex Capital
$7M2026-01-16	GoodDay	Flex Capital
$7M2026	GoodDay	Flex Capital
$9M2026	Kin Health	ENIAC Ventures, Flex Capital, Pear VC
$—2025-12-17	Smooth	Y Combinator, Flex Capital, CyberAgent Capital
$15M2025-12-04	Multifactor, Inc	Nexus Venture Partners, Y Combinator, TAU Ventures, Flex Capital, Pioneer Fund, Liquid 2 Ventures, Honeystone Ventures, Abhishek Sharma
$3M2025-11-05	GitLaw	Flex Capital
$4M2025-09-10	TrueMeter	Flex Capital, Pear VC
$30M2025-08-13	Protege	CRV, Flex Capital
$7M2025-08-12	Dealops	General Catalyst, Flex Capital, Pear VC, Titanium Ventures, 20SALES, Weekend Fund, Kathleen Estreich
$16M2025-07-15	Heron Data	BoxGroup, Flex Capital
$16M2025-07-15	Heron	Y Combinator, Flex Capital, Charge Ventures, BoxGroup, Insight Partners
$2M2025-06-30	Cekura	Y Combinator, Decacorn Capital, Flex Capital, Pioneer Fund, Imagination Capital
$4M2025-03-04	Uniti	Flex Capital
$4M2025	PiLogic	Seraphim Space, Flex Capital, Scout Ventures, Gokul Rajaram, Sovereign's Capital
$10M2024-09-10	Protege	CRV, Flex Capital, Saar Gur
$16M2024-08-15	CodeRabbit	Flex Capital, CRV, Felix Capital, Engineering Capital
$25M2024-07-30	Perchwell	Lux Capital, Flex Capital, Peter Hebert
$10M2024-01-04	Arbital Health	Flex Capital
$12M2023-01-24	Vartana	Audacious Ventures, Flex Capital
$4M2023	Ampersand	Andreessen Horowitz, Flex Capital
$23M2022-11-13	GoFreight	Flex Capital
$15M2022-10-04	Xembly	Lightspeed, Flex Capital, Ascend, Norwest Venture Partners, Seven Peaks Ventures, Priti Youssef Choksi
$38M2022-09-07	Regal.io	Flex Capital, Founder Collective
$31M2022-06-22	Strapi	CRV, Accel, Flex Capital, Reid Christian
$25M2022	Cal Com	Flex Capital
$10M2022	NocoDB	Decibel, Flex Capital
$5M2022	newtrul	Bessemer Venture Partners, Flex Capital
$150M2021-11-23	Vercel	GGV Capital, Accel, Geodesic Capital, SV Angel, Bedrock, 8VC, Greenoaks, Salesforce Ventures, Flex Capital, CRV, Tiger Global Management, LLC, GV (Google Ventures), Reid Christian
$45M2021-11-16	People Data Labs	Flex Capital
$100M2021-11-16	H1	Flex Capital, Lux Capital
$100M2021-11-01	H1	Flex Capital, Lux Capital
$3M2021-09-17	Aircover	Flex Capital
$102M2021-06-23	Vercel	GGV Capital, Accel, Geodesic Capital, Bedrock, 8VC, Greenoaks, Salesforce Ventures, Flex Capital, CRV, Tiger Global Management, LLC, GV (Google Ventures)
$—2021-05-24	NILO	Essence VC, Flex Capital, Speedinvest
$9M2021-04-06	Grata	Flex Capital
$3M2021-03-15	UpCodes	Point Nine Capital, Flex Capital, Liquid 2 Ventures, Bragiel Brothers
$7M2021	Cal Com	Flex Capital
$—2021	Boataround	Flex Capital
$40M2020-10-09	Datavant	Flex Capital
$14M2019-11-26	Gorgias	Flex Capital, Amplify Partners, CRV
$—Unknown date	Trackbar	Flex Capital
$—Unknown date	Merchantee	Flex Capital
$5MUnknown date	Keboola	Flex Capital
$3MUnknown date	Hoppscotch	Flex Capital
$2MUnknown date	Fullenrich	Flex Capital
$10MUnknown date	Facteus	Flex Capital
$5MUnknown date	FaceUp	Flex Capital
$3MUnknown date	FaceUp	Flex Capital
$700KUnknown date	Beamrail	Flex Capital
$3MUnknown date	Apify	Flex Capital
$2MUnknown date	Cekura Ai	Y Combinator, Flex Capital, Pioneer Fund, Imagination Capital, Decacorn
$15M2026-04-13	Citra Space	Flex Capital
$7M2026-01-16	GoodDay Software	Flex Capital
$4M2025	EcoTrove	Flex Capital, Pear VC
$30M2025	Protege AI	Andreessen Horowitz, CRV, Flex Capital
$5M2022-09-15	Allocations	Flex Capital

Funds2

Team

Co-investing

Investments