First Leaf Capital
Family officeChampaign-Urbana · Seed · 3 people tracked
Investment thesis
First Leaf Capital backs hardworking entrepreneurs building products that solve substantive problems, favoring companies with hard-to-imitate advantages, lean market validation, and realistic goals. The firm offers flexible investment structures including convertible notes, venture equity, venture debt, partnership interests, revenue-based financing, bridge notes, term loans, and business lines of credit. It provides quick decisions, simple and fair terms, credible network introductions, strategic input, and encouragement to its portfolio companies.
Source: firm website, verified Aug 3, 2026.
Team · 3 people
from the firm's websiteWhat they invest in
from 20 of 28 portfolio companiesHardware ×8Healthtech ×7SaaS ×5Medical Devices ×4Advanced Manufacturing ×3Consumer ×3Media & Entertainment ×3AgTech ×2
HQs:United States×17
Who they back
founder profiles across 10 portfolio companiesFounding team size:solo founder×52 founders×44+ founders×1
Investments · 28 tracked
founders shown can be your intro path7 Watts sells modded Xbox Elite Series 2 controllers featuring rapid-fire chips, auto-aim, and adjustable triggers, offered in seven color designs.
E-commerceGamingHardware
PartnerMark Aardsma· solo GP
BioSpace is a platform providing news, job listings, and recruitment marketing solutions for the life sciences industry.
BiotechHealthtechHR TechMarketing TechMedia & EntertainmentMedical DevicesSaaSDes Moines, US
Josh Goodwin(CEO)
PartnerMark Aardsma· solo GP
Co-investorsAlliance of AngelsaMoonAngel Physicians FundAvalon BioVenturesCelesta CapitalCelesta Capital+10 more
ATS Acoustics manufactures and sells acoustic products including panels, bass traps, baffles, diffusers, and room kits, including custom options, sold factory-direct online.
Advanced ManufacturingE-commerceHardware
BoardMark Aardsma(Owner)
PartnerMark Aardsma· solo GP
ATS Rentals was a camera and lens rental service offering photography and video equipment from brands like Canon, Nikon, Sony, and Leica.
ConsumerHardwareMarketplacesMemphis, US
PartnerMark Aardsma· solo GP
BoxCast provides live video streaming hardware and software, including pocket-sized encoders, a proprietary streaming protocol, OTT apps, and cloud-based audio mixing tools for broadcasters.
Creator EconomyHardwareMedia & EntertainmentSaaSCleveland, US
Gordon Daily(Executive Officer, Director)inSam Brenner(Executive Officer)Tera Mitter(Executive Officer)Peter Spaulding(Executive Officer)Mike Griffith(Executive Officer)Ron Hopper(Executive Officer)
PartnerMark Aardsma· solo GP
Co-investorsJumpstart VenturesUpdata Partners
CareAdvisors builds Social Care Automation technology that connects patients to social service benefits and automates enrollment into government programs such as Medicaid, SNAP, and cash assistance.
AI & Machine LearningDigital HealthHealthtechChicago, US
Chris Grace(Co-founder & CEO)
PartnerMark Aardsma· solo GP
Co-investorsSQUADRA VENTURES
Center Street Productions is a video production company that creates promotional and event videos, live-streaming, and live event coverage for small businesses, municipalities, non-profits, churches, and corporations across various industries.
Media & EntertainmentWatseka, US
PartnerMark Aardsma· solo GP
Flight instruction services, aerial photography, and commercial pilot services
PartnerMark Aardsma· solo GP
Handheld x-ray-guided orthopedic drill to simplify surgical procedures with lower radiation exposure
PartnerMark Aardsma· solo GP
Eclipse Orthopaedics is developing the Radioscopic Targeting Attachment (RTA), a freehand targeting and drilling device to help surgeons perform distal locking during intramedullary nail fixation of leg and hip fractures with less operative time and reduced radiation exposure.
Advanced ManufacturingHardwareHealthtechMedical DevicesWarsaw, US
Barry W. Rich(Executive Officer, Director)David B. Rich(Executive Officer, Director, Promoter)
PartnerMark Aardsma· solo GP
Co-investorsElevate Ventures
Epivara is developing an injectable, permanent alternative to surgical spay and neuter procedures for mammals, intended to be administered in a single shot without anesthesia or incisions.
AgTechBiotechChampaign, US
Chemyong Jay Ko(Founder, CEO)Eui Yul Choi(Co-founder)
PartnerMark Aardsma· solo GP
Three-branch community bank headquartered in Paxton, Illinois
PartnerMark Aardsma· solo GP
FenixPyre provides file-layer data protection for unstructured files to ensure data remains encrypted and unusable even when accessed with stolen credentials.
CybersecurityData & InfrastructureEnterprise SoftwareNew Albany, US
Tom Kwon(Executive Officer)C. Emre Koksal(Executive Officer, Director)Harihara Varma Indukuri(Founder)
PartnerMark Aardsma· solo GP
Co-investorsDundee Venture CapitalGeometry Venture DevelopmentJobsOhio VenturesOhio Innovation Fund
At-home saliva test to determine low iron levels in athletes, pregnant women, and others
PartnerMark Aardsma· solo GP
PartnerMark Aardsma· solo GP
GEOH provides software for home care agencies to manage Electronic Visit Verification (EVV), billing, scheduling, and caregiver management.
HealthtechSaaSIndianapolis, US
Thomas Bumgardner(President and Chief Executive Officer)
PartnerMark Aardsma· solo GP
Co-investorsBoomerang VenturesCouncilElevate VenturesBoomerang VC
PartnerMark Aardsma· solo GP
Co-investorsACTAI VenturesAdjuvoAlliance VenturesAppian Capital AdvisoryArkam VenturesAsia2G Capital+49 more
Hopscotch is a bakery that makes custom cakes and desserts from scratch by hand, using real, locally sourced ingredients.
ConsumerFoodTechChampaign, US
PartnerMark Aardsma· solo GP
Inprentus designs and manufactures custom blazed diffraction gratings and diffractive optics using nano-scale contact mode lithography, for applications including AR waveguides, semiconductor manufacturing, synchrotron/FEL beamlines, and spectroscopy.
Deep TechHardwareSemiconductorsChampaign, US
Peter Abbamonte(Founder)Jeffrey MacDonald(Executive Officer, Promoter)Cynthia Ottemann(Executive Officer)
BoardKeith Molzer(Director)inDennis Beard(Director, Promoter)inTimothy Foote(Director)in
PartnerMark Aardsma· solo GP
Co-investorsFlyover CapitalSerra Ventures
Mesh++ manufactures wireless mesh networking hardware with low-loss routing protocols for fast, automatic connections across difficult-to-serve areas.
HardwareIoTChicago, US
Danny Gardner(Founder)in
PartnerMark Aardsma· solo GP
Co-investorsCapria VenturesIllinois Ventures
Neurava develops AI-powered wearable devices designed to monitor seizures and cardiorespiratory dysfunction in people with epilepsy, aiming to mitigate the risk of SUDEP (Sudden Unexpected Nocturnal Death in Epilepsy).
AI & Machine LearningHealthtechMedical DevicesBaltimore, US
Vivek Ganesh, PhD(Co-founder)Jay Shah, PhD(Co-founder)Trevor Meyer, PhD(Co-founder)inVivek Ganesh(Executive Officer, Director, Promoter)Jay Shah(Executive Officer, Director, Promoter)in
BoardMona Chadha(Director)in
PartnerMark Aardsma· solo GP
Co-investorsElevate VenturesSugati Ventures
Petrichor provides supply chain management software that digitizes global trade in raw materials, offering shipment visibility, tracing from origin to delivery, freight coordination across ocean, rail, air, barge, and road, and analytics for procurement and logistics teams.
AgTechLogistics & Supply ChainSaaS
PartnerMark Aardsma· solo GP
PhotoniCare develops OtoSight, an FDA-cleared optical coherence tomography device for non-invasive assessment and monitoring of middle ear infections in healthcare facilities.
Deep TechDigital HealthHealthtechMedical DevicesDurham, US
Ryan Shelton(CEO)Stephen Boppart(CMO)Cary Vance(Executive Officer, Director)
BoardPatrick Zeller(Director)Dale Grogan(Director)inDr. Zishan Haroon(Director)
PartnerMark Aardsma· solo GP
Co-investorsHealthtech CapitalIllinois VenturesMichigan Capital NetworkMichigan RiseOSF VenturesPlains Ventures+1 more
PartnerMark Aardsma· solo GP
PartnerMark Aardsma· solo GP
SNOOZ designs white noise machines and smart bedroom fans that use a real internal fan to produce natural sound and airflow for better sleep.
Advanced ManufacturingConsumerDirect to ConsumerHardwareUrbana, US
Eli Lazar(LLC Manager)Matthew Snyder(LLC Manager)
PartnerMark Aardsma· solo GP
Co-investorsIrishAngelsSerra Ventures
Commercializing improved resorbable surgical mesh as a safer and less expensive alternative for soft tissue support
HealthtechChicago, US
Alexei Mlodinow(Executive Officer, Director)Jason O'Hearn(Chief Commercial Officer)John Slump(Chief Financial Officer)Todd Cruikshank(Executive Officer)John Y.S. Kim, M.D.(Director)
BoardRyan Egeland(Director)
PartnerMark Aardsma· solo GP
Virtual Auditor (VA) is a fully managed security and compliance program combining an on-premises/private-cloud appliance with expert services to deliver continuous risk assessment, agentless auditing, control monitoring, and audit-ready evidence.
CybersecurityEnterprise SoftwareSaaS
PartnerMark Aardsma· solo GP
Co-investorsSerra Ventures
Frequently asked questions
- How many investments has First Leaf Capital made?
- First Leaf Capital has 28 tracked investments.
- What stage does First Leaf Capital invest at?
- First Leaf Capital invests at the Seed stage.
- What sectors does First Leaf Capital focus on?
- First Leaf Capital focuses on Sector Agnostic.
- Where is First Leaf Capital located?
- First Leaf Capital is headquartered in Champaign-Urbana, US.
- Who does First Leaf Capital co-invest with?
- First Leaf Capital most often shares deals with Elevate Ventures, Illinois Ventures, DCVC (Data Collective), among 35 tracked co-investors.
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