Fundraising FoxKeystone
Chicago · Seed · 40 people tracked
Also known as Keystone Capital Management, Lp
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Investment thesis
Keystone Capital is a seed-stage investor that invests internationally, writing initial checks of $50K–$100K and up to $250K in follow-on rounds. Its diligence process takes up to two weeks, and it often sources deals jointly with other early-stage investors while making investment decisions and writing checks independently.
Source: firm website, verified Oct 3, 2026.
Team · 40 people
from the firm's website & public directories
What they invest in
from 7 of 8 portfolio companiesEnterprise Software ×3Advanced Manufacturing ×2Hardware ×2Healthtech ×2Marketplaces ×2AgTech ×1AI & Machine Learning ×1B2B Marketplaces ×1
HQs:United States×7
Investments · 8 tracked
founders shown can be your intro pathBy year:2026 · 12016 · 12 dated
CERo Therapeutics develops engineered T cell immunotherapies designed to treat cancer by combining innate and adaptive immune mechanisms; the company is conducting clinical trials of CER-1236, an autologous T cell product targeting TIM-4 ligand, in acute myeloid leukemia and other hematological malignancies, with planned expansion into solid tumors including non-small cell lung cancer and ovarian cancer.
San Francisco, US
Daniel Mark Corey(Director)Lawrence Corey(Executive Officer, Director)Jordan Thomas Corey(Executive Officer)
Allure Systems develops generative AI technology that produces product images for fashion retailers, allowing brands to generate variations of apparel photos on different models and sizes without requiring physical photoshoots.
AI & Machine LearningE-commerceEnterprise SoftwareNew York City, US
Jeremy CHAMOUX(Founder)inGabrielle CHOU(Founder)in
Co-investorsITERATIVEMAGIC FundUtopian VenturesY CombinatorAgrolimen VenturesJapan Angel Fund+7 more
Four Growers develops automated solutions for greenhouse crop management to support the agricultural technology sector.
Advanced ManufacturingAgTechFoodTechHardwareRoboticsPittsburgh, US
Brandon Contino(CEO)inDan Chi(CTO)inJohn P. Quayle(Chief of Staff)inDan Chișu(Founder)inCameron Beichner(Chief of Staff)John Quayle(Chief of Staff)
Co-investorsAmritam HoldingsBetter Food VenturesCathexis VenturesGagarin Capital PartnersOspraie Ag ScienceStage 1 Ventures+6 more
A staffing agency that places interim executives and healthcare professionals in clinical, business, and administrative roles within healthcare organizations to support mission-critical initiatives and operations.
Digital HealthEnterprise SoftwareHealthtechHR Tech
Co-investorsHalyard
Online138 is an Indonesian platform offering World Cup-themed gaming experiences and a skills marketplace (SkillConnect) connecting users with local tutors, designers, tradespeople, and service providers.
GamingHealthtechMarketplacesMedical DevicesSan Francisco, US
Austin Walker(CEO)inAl Chin(Founder)inTom Kramer(Founder)inThomas Harold Pierce(Executive Officer, Promoter)
Co-investorsHemisphere Ventures LLCPallasite VenturesStartXY CombinatorAgrolimen VenturesAmzak Health+10 more
JetPack Aviation designs and builds turbine-powered micro VTOL aircraft, including jetpacks, developing everything in-house from mechanical to flight systems.
Advanced ManufacturingDeep TechHardwareMobility & TransportationSpace TechLos Angeles, US
Boris Jarry(Operations Director)inDavid Mayman(Founder)inAlex Bock(Lead Mechanical Engineer)Daniel Fox(Chief of staff)
Co-investorsCathexis VenturesDraper AssociatesHemisphere Ventures LLCMetaplanetRosecliff VenturesY Combinator+2 more
NGT Academy provides hands-on IT training and certification programs designed for working adults seeking to transition into tech careers without traditional four-year degrees.
CybersecurityDeveloper ToolsEdTechEnterprise SoftwareFuture of WorkSan Francisco, US
Terry Kim(CEO)inJonathan Tang(Investor)inJonathan Weins(Investor)inJacob Hess(COO)Robert Kao(COO)Daiki Kohara(CTO)
Co-investorsY CombinatorG VenturesGaruda VenturesMontage CapitalVentureSouqACME Capital+9 more
Suiteness allows groups to book connecting hotel rooms that aren't available through standard hotel booking platforms.
B2B MarketplacesConsumerMarketplacesTravel & HospitalitySan Francisco, US
Robbie Bhathal(CEO)inKyle Killion(Founder)inRUPINDER BHATHAL(Executive Officer, Director)Stephen Caudill(CTO)Laura Burch(Vice President of Marketing)Jeanna Fickenscher(Concierge Team Lead)
Co-investorsBullpen CapitalFundersClubKima VenturesY Combinator10x GroupAltaIR Capital+7 more
Exits · 2
1 IPOs · 1 acquisitions · showing 1CERo TherapeuticsOTC: CERO
Fund performance · per public LP disclosures · 7
as of Sep 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Keystone Partners L.P. -Series BLPs: Pennsylvania Public School Employees' Retirement System | 2022 | — | 12.2% | 1.25x | 0.66x |
| Keystone Partners L.P. -Series ALPs: Pennsylvania Public School Employees' Retirement System | 2020 | — | 8.5% | 1.13x | 0.79x |
| Keystone Legacy FundLPs: Pennsylvania Public School Employees' Retirement System | 2018 | — | 5.8% | 1.40x | 1.37x |
| Keystone Industrial Fund III, L.P.LPs: North Carolina Retirement Systems | 2013 | — | 40.0% | 1.59x | 1.59x |
| Keystone Industrial Fund II, L.P.LPs: North Carolina Retirement Systems | 2008 | — | 26.9% | 2.24x | 2.24x |
| Keystone Industrial Fund I, L.P.LPs: North Carolina Retirement Systems | 2005 | — | 3.6% | 1.27x | 1.27x |
| Keystone Venture V, L.P.LPs: Connecticut Retirement Plans and Trust Funds | 1998 | — | -33.5% | 0.10x | 0.10x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- How many investments has Keystone made?
- Keystone has 8 tracked investments, 2 of which have exited, including 1 dated in the last 24 months.
- What stage does Keystone invest at?
- Keystone invests at the Seed stage.
- What sectors does Keystone focus on?
- Keystone focuses on Advanced Manufacturing, Consumer, EdTech, Enterprise Software, Healthtech.
- Where is Keystone located?
- Keystone is headquartered in Chicago, US.
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