Indicator Ventures
Emerging managerSEC exempt reporting adviser (venture capital exemption).
- HQ
- MA
Warm intros only
This firm says it does not take cold pitches. Ask someone who knows the team to introduce you.
Who to approach: Baiyin Murphy, Geoff Bernstein, Jon Struhl, Marissa Grey
Indicator Ventures is an early-stage investment firm that backs quietly relentless founders, meaning people who would build their company whether or not the firm funded them. The firm's team includes general partners Jon Struhl, Geoff Bernstein, and Baiyin Murphy, plus Marissa Grey, who leads talent.
New fund likely raising soon
The firm's newest fund is 4 to 7 years past its first sale and no newer Form D has been filed.
01 · Says / Does
| Tag | Says | Does | Historically (to 2020) |
|---|---|---|---|
| Stages | Pre-seed, Seed | Not enough dated deals | Seed, Series A |
| Sectors | Fintech, Consumer, Ecommerce, Healthtech | Not enough dated deals | Enterprise SaaS, Media, Healthtech, AI applications |
| Regions | DC, MA, NY | Not enough dated deals | CA, NY |
Says: what the firm's funds state. Does: from 0 dated deals in the last 24 months.
Historical focus (through 2020), derived from historical deal data.
| Year | Deals | Top sectors |
|---|---|---|
| 2013 | 4 | Media, Devtools, Enterprise SaaS |
| 2014 | 8 | Enterprise SaaS, Media, Devtools |
| 2015 | 7 | Enterprise SaaS, Gaming, Media |
| 2016 | 8 | Enterprise SaaS, Agtech, AI applications |
| 2017 | 5 | AI applications, Consumer, Data analytics |
| 2018 | 3 | Enterprise SaaS, Healthtech, Insurtech |
| 2019 | 8 | Healthtech, AI applications, Enterprise SaaS |
| 2020 | 2 | Enterprise SaaS, Healthtech |
Stage mix over time
- Pre-seed
- Seed
- Series A
- Series B
- Growth
| Year | Pre-seed | Seed | Series A | Series B | Growth |
|---|---|---|---|---|---|
| 2013 | 0 | 2 | 0 | 0 | 0 |
| 2014 | 0 | 5 | 1 | 0 | 0 |
| 2015 | 0 | 4 | 2 | 0 | 0 |
| 2016 | 0 | 3 | 3 | 0 | 0 |
| 2017 | 0 | 3 | 1 | 0 | 0 |
| 2018 | 0 | 1 | 1 | 0 | 0 |
| 2019 | 1 | 4 | 2 | 0 | 0 |
| 2020 | 0 | 2 | 0 | 0 | 0 |
| 2021 | 0 | 0 | 0 | 0 | 0 |
| 2022 | 0 | 0 | 0 | 0 | 0 |
| 2023 | 0 | 0 | 0 | 0 | 0 |
| 2024 | 0 | 0 | 0 | 0 | 0 |
| 2025 | 0 | 0 | 0 | 0 | 0 |
| 2026 | 0 | 0 | 0 | 0 | 0 |
02 · Fund history
| Fund | Year | Size | Status |
|---|---|---|---|
| Indicator Ventures III, L.P. | 2021 | $47M to $50M (Form D) | Late investment period |
| Indicator Ventures Select I, L.P. | approx. 2021 | $6.29M (SEC adviser filing) | Follow-ons only |
03 · People across funds
- Geoff Bernstein, Managing Member of the General Partner of the Issuer
Indicator Ventures III, L.P. (Team); Indicator Ventures Select I, L.P. (Named on Form D)
- Baiyin Murphy, General Partner
Indicator Ventures III, L.P. (Team)
- Jon Struhl, General Partner
Indicator Ventures III, L.P. (Team)
- Marissa Grey, Head of Talent
Indicator Ventures III, L.P. (Team)
04 · Recent deals
No dated deals found yet.
05 · Latest from the firm
No news from the firm's website yet.
06 · Sources
Fund dates and sizes are from SEC Form D filings.
Last verified: Oct 25, 2026