Refactor Capital Management, LLC
Emerging managerSEC exempt reporting adviser (venture capital exemption).
- Website
- https://www.refactor.com/
- HQ
- CA
Refactor Capital Management is a firm led by Zal, a solo capitalist. It backs founders refactoring the real world, investing at seed stage in hard tech startups across the US. Its portfolio includes companies in medical data, AI infrastructure, electric powertrains, chemicals made with biology, satellites, home batteries, isotope enrichment, and AI-driven drug development.
01 · Says / Does
| Tag | Says | Does | Historically (to 2020) |
|---|---|---|---|
| Stages | Seed | Not enough dated deals | Seed, Series A |
| Sectors | Not stated | Not enough dated deals | Healthtech, Biotech, Medical devices, Manufacturing |
| Regions | US | 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 |
|---|---|---|
| 2015 | 3 | Healthtech, Biotech, AI applications |
| 2016 | 10 | Healthtech, Insurtech, Fintech |
| 2017 | 12 | Biotech, Healthtech, Medical devices |
| 2018 | 11 | Biotech, Healthtech, Manufacturing |
| 2019 | 9 | Healthtech, Biotech, Agtech |
| 2020 | 4 | Biotech, Cybersecurity, Devtools |
Stage mix over time
- Pre-seed
- Seed
- Series A
- Series B
- Growth
| Year | Pre-seed | Seed | Series A | Series B | Growth |
|---|---|---|---|---|---|
| 2015 | 0 | 2 | 1 | 0 | 0 |
| 2016 | 0 | 7 | 1 | 0 | 1 |
| 2017 | 1 | 7 | 2 | 1 | 1 |
| 2018 | 0 | 5 | 6 | 0 | 0 |
| 2019 | 0 | 6 | 1 | 1 | 0 |
| 2020 | 0 | 2 | 2 | 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 |
|---|---|---|---|
| Refactor Capital V, L.P. Refactor invests at seed stage in hard tech startups across the US, backing founders refactoring the real world. The firm backs companies built on atoms rather than apps, with hard problems as the filter. Inferred from the firm's website | 2026 | $50M (Form D) | Open, writing first checks |
| Refactor Capital IV, L.P. Refactor invests at seed stage in hard tech startups across the US, backing founders refactoring the real world. The firm backs companies built on atoms rather than apps, with hard problems as the filter. Inferred from the firm's website | 2024 | $50M (Form D) | Open, writing first checks |
| Refactor Scaleup, L.P. Refactor invests at seed stage in hard tech startups across the US, backing founders refactoring the real world. The firm backs companies built on atoms rather than apps, with hard problems as the filter. Inferred from the firm's website | 2022 | $20.72M (Form D) | Late investment period |
| Refactor Capital III, L.P. | 2021 | $50M (Form D) | Follow-ons only |
03 · People across funds
- Zal Bilimoria, Managing Member of the General Partner of the Issuer
Refactor Capital V, L.P. (Named on Form D); Refactor Capital IV, L.P. (Named on Form D); Refactor Scaleup, L.P. (Named on Form D); Refactor Capital III, L.P. (Named on Form D)
- Zal
Refactor Capital V, L.P. (Team); Refactor Capital IV, L.P. (Team); Refactor Scaleup, L.P. (Team); Refactor Capital 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 28, 2026