Mercury Fund
SEC exempt reporting adviser (venture capital exemption).
- Website
- HTTP://WWW.MERCURYFUND.COM
- HQ
- TX
Mercury Fund believes the next wave of AI innovation will move from foundational models to vertically-focused platforms, and it backs founders reimagining core industries outside Silicon Valley. Aileen Allen is a Partner, and Alex Gras is a Principal focused on AI enablement of legacy industries. Portfolio companies include Queen One, Venus Aerospace, Pie, OpenTrade, Cart.com, Nectar Social, OmniScience, RepeatMD, and Collide.
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 | Series A, Series B, Seed, Growth |
| Sectors | Fintech, Ecommerce, Healthtech, Energy, Logistics, Aerospace and defense, Manufacturing, Construction and proptech | Not enough dated deals | Enterprise SaaS, Biotech, Healthtech, Data analytics, Hardware, Manufacturing, Energy |
| Regions | US | Not enough dated deals | TX, CA |
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 |
|---|---|---|
| 2005 | 2 | Cybersecurity, Enterprise SaaS, Healthtech |
| 2006 | 4 | Biotech, Healthtech, Cybersecurity |
| 2007 | 7 | Biotech, Media, Healthtech |
| 2008 | 7 | Biotech, Energy, Enterprise SaaS |
| 2009 | 2 | Advanced materials, Biotech, Edtech |
| 2010 | 11 | Biotech, Healthtech, Enterprise SaaS |
| 2011 | 9 | Enterprise SaaS, Ecommerce, Fintech |
| 2012 | 12 | Enterprise SaaS, Biotech, Ecommerce |
| 2013 | 19 | Healthtech, Biotech, Enterprise SaaS |
| 2014 | 24 | Enterprise SaaS, Data analytics, Biotech |
| 2015 | 11 | Enterprise SaaS, Data analytics, Biotech |
| 2016 | 14 | Data analytics, Biotech, Enterprise SaaS |
| 2017 | 3 | Agtech, AI applications, Biotech |
| 2018 | 4 | Agtech, Biotech, Consumer |
| 2019 | 8 | Data analytics, Enterprise SaaS, Fintech |
| 2020 | 7 | Enterprise SaaS, Healthtech, AI applications |
Stage mix over time
- Pre-seed
- Seed
- Series A
- Series B
- Growth
| Year | Pre-seed | Seed | Series A | Series B | Growth |
|---|---|---|---|---|---|
| 2010 | 0 | 1 | 5 | 2 | 1 |
| 2011 | 0 | 0 | 4 | 1 | 1 |
| 2012 | 0 | 3 | 1 | 2 | 1 |
| 2013 | 0 | 1 | 2 | 2 | 1 |
| 2014 | 0 | 8 | 6 | 1 | 2 |
| 2015 | 0 | 2 | 5 | 3 | 1 |
| 2016 | 0 | 0 | 2 | 3 | 2 |
| 2017 | 0 | 0 | 1 | 1 | 0 |
| 2018 | 0 | 0 | 1 | 0 | 1 |
| 2019 | 0 | 1 | 1 | 1 | 3 |
| 2020 | 1 | 1 | 2 | 2 | 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 |
|---|---|---|---|
| Mercury Fund Affiliates V, L.P. Mercury Fund backs founders reimagining core industries outside Silicon Valley, including financial services, retail, supply chain, healthcare, energy, and defense. It invests in vertical AI platforms and blockchain infrastructure such as stablecoin, custody, and tokenization companies, typically at seed and pre-seed stages. Inferred from the firm's website | 2022 | $127.87M to $150M (Form D) | Late investment period |
| Mercury Fund V, L.P. Mercury Fund backs founders reimagining core industries outside Silicon Valley, including financial services, retail, supply chain, healthcare, energy, and defense. It invests in vertical AI platforms and blockchain infrastructure such as stablecoin, custody, and tokenization companies, typically at seed and pre-seed stages. Inferred from the firm's website | 2022 | $127.87M to $150M (Form D) | Late investment period |
03 · People across funds
- Adrian Fortino, Managing Member of the General Partner of the General Partner
Mercury Fund Affiliates V, L.P. (Named on Form D); Mercury Fund V, L.P. (Named on Form D)
- Aziz Gilani, Managing Member of the General Partner of the General Partner
Mercury Fund Affiliates V, L.P. (Named on Form D); Mercury Fund V, L.P. (Named on Form D)
- M. Garrou, Managing Member of the General Partner of the General Partner
Mercury Fund Affiliates V, L.P. (Named on Form D); Mercury Fund V, L.P. (Named on Form D)
- Aileen Allen, Partner
Mercury Fund Affiliates V, L.P. (Team); Mercury Fund V, L.P. (Team)
- Alex Gras, Principal
Mercury Fund Affiliates V, L.P. (Team); Mercury Fund V, L.P. (Team)
- Blair Garrou, Managing Partner
On the team page, not linked to a fund
04 · Recent deals
No dated deals found yet.
05 · Latest from the firm
No news from the firm's website yet.
06 · Sources
- HTTP://WWW.MERCURYFUND.COM
- https://www.mercuryfund.com/contact
- https://www.mercuryfund.com/
- https://www.mercuryfund.com/portfolio
- https://www.mercuryfund.com/team
- https://www.mercuryfund.com/about
Fund dates and sizes are from SEC Form D filings.
Last verified: Oct 28, 2026