Sandalphon Capital
Venture capitalChicago · Pre-Seed–Series B · 5 people tracked
Investment thesis
Sandalphon Capital backs pre-seed to Series A startups pursuing two themes: digital transformation (enabling incumbents through technology) and digital reinvention (displacing incumbents with enterprise-wide, tech-from-the-ground-up business models). It focuses on B2B SaaS and marketplace models across digital health/healthcare IT, insurtech, fintech, proptech/construction tech, and govtech. The firm invests across the US with deep roots in Chicago, the Midwest, and other underserved markets, and typically avoids the Bay Area. It explicitly does not invest in crypto, life sciences, biotech, pharmaceuticals, medical devices, or advanced materials.
Source: firm website, verified Aug 3, 2026.
Team · 5 people
from curated & public directories
What they invest in
from 49 of 70 portfolio companiesSaaS ×24AI & Machine Learning ×15Consumer ×8Enterprise Software ×7Marketing Tech ×7Fintech ×6Direct to Consumer ×5E-commerce ×5
HQs:United States×36Australia×1Ireland×1
Who they back
founder profiles across 27 portfolio companiesFounding team size:solo founder×162 founders×73 founders×4
Where their founders studiedfrom 10 founders with education data
University of Illinois Urbana-Champaign ×2
Accelerator rootsportfolio companies that came through a program
Investments · 70 tracked
founders shown can be your intro pathBy year:2025 · 12022 · 12021 · 22018 · 15 dated
Grove is an e-commerce platform that curates and sells household and personal care products vetted against health and environmental standards.
Circular EconomyConsumerDirect to ConsumerE-commerceSan Francisco, US
Stuart Landesberg(Executive Officer, Director)inChris Clark(Director)inJordan SavageinChristopher Clark(Director)
BoardJeff Crowe(Director)Tim Chang(Director)
Co-investors500 GlobalBullpen CapitalForefront VentureGlynn Capital ManagementGutbrain VenturesHemisphere Ventures LLC+7 more
Cloverpop offers a decision intelligence platform that uses zero-code decision playbooks, AI assistants, and a "system of record" to help large enterprises structure, coordinate, and track mission-critical decisions across human and AI participants.
AI & Machine LearningEnterprise SoftwareFuture of WorkSaaSTiburon, US
Erik Larson(Executive Officer, Director)in
BoardNatalie McCullough(Director)Roger Graves(Director)in
Co-investorsAllos VenturesTAWANI VenturesTrue Ventures
Anasova provides financial advisory and wealth management services for families and high-net-worth individuals.
FintechMarketing TechSales Tech
Thomas J. Anderson(Founder, CEO & Head of Product)Tom Anderson(CEO)Britton Lombardi(CFO & Head of Strategic Partnerships)
Co-investorsVested Ventures
A museum dedicated to financial history and capital markets education serving the general public and students through exhibits, educational programs, and public events in the United States.
EdTechMedia & EntertainmentBoston, US
John Herzog
Co-investorsVested Ventures
AptDeco is an online marketplace where users buy and sell used furniture with integrated delivery services.
Circular EconomyConsumerE-commerceLogistics & Supply ChainMarketplacesNew York City, US
Reham Fagiri(Founder/CEO)inKalam Dennis(Founder)inkalam dennis(Founder)in
BoardBrett Topche(Director)in
Co-investors645 VenturesComcast VenturesFJ LabsGreat Oaks Venture CapitalHearstLabRed & Blue Ventures+2 more
Ascenti Tech builds WearTAK, a wrist-worn Tactical Assault Kit (TAK) end-user device that passively monitors operator vitals, drops MIL-STD-2525D map points, sends alerts, and provides microphone-based gunshot and UAS detection over existing TAK infrastructure.
Defense TechHardwareIoT
Paul Couston(Founder)in
Co-investorsChicago Early Growth Ventures (CEGV)Elevate VenturesIllinois VenturesTribes VenturesFox Ventures
AutoFi provides a sales platform for automotive retailers that integrates financing, incentives, and deal structuring into a unified AI-powered online and in-store experience.
AI & Machine LearningFintechRetail TechSaaSSan Francisco, US
Michael Mignano(Founder & CEO)Jonathan Palan(Executive Officer, Director)Kevin Singerman(Executive Officer, Director)inMandar Gokhalein
BoardDavid Silverman(Director)in
Co-investors500 GlobalBMW i VenturesCrosslink CapitalEniac VenturesFJ LabsLerer Hippeau+7 more
Avail is an online platform for DIY landlords to list rental properties across sites like Realtor.com and Zumper, screen tenants with TransUnion-powered reports, sign leases, collect rent, and track maintenance and accounting.
PropTechSaaS
Co-investorsMetaProp VenturesBigfoot CapitalMetaProp
Backstitch provides internal communications and employee engagement software for organizations across industries including non-profits, health systems, manufacturing, and hospitality.
Enterprise SoftwareHR TechSaaSKansas City, US
Jordan P. Warzecha(Executive Officer, Director)Stefanie M. Warzecha(Executive Officer, Director)
BoardChris Seago(Director)
Co-investorsCapital Midwest FundKCRise FundMissouri Technology CorporationTechstarsSerra Ventures
Balto offers an AI platform for contact centers that combines real-time agent assist, automated QA scoring, compliance monitoring, call summaries, and a voice AI agent (Togo) for high-volume calls.
AI & Machine LearningSaaSSales Tech
Co-investorsSierra Ventures
BreachRx provides a Crisis Incident Response Management (CIRM) platform that helps organizations coordinate and execute enterprise-wide incident response across functions during cyber attacks.
CybersecurityEnterprise SoftwareSaaSFayetteville, US
Anderson Lunsford(Executive Officer, Director)inMatthew Hartley(Executive Officer, Director)
BoardSean O'Brien(Director)
Co-investorsBallistic VenturesOverlineSyn Ventures Seed Management LlcVentureSouthSYN Ventures
Character sells "do-it-with-me" home improvement kits for projects such as faucet and showerhead installation, bundling supplies with how-to videos and text-based access to a support team.
ConsumerDirect to ConsumerE-commerce
Co-investorsChicago Early Growth Ventures (CEGV)CityPark InvestmentsConnetic VenturesGROOVE CAPITALPurple Sage Ventures
Chatmeter provides AI-powered reputation management for multi-location businesses, now integrated into the Alchemer platform to manage customer feedback across locations.
AI & Machine LearningMarketing TechSan Diego, US
Collin Holmes(Executive Officer, Director)
Co-investorsForefront VentureSaaS CapitalWestlake International Group
Chowly offers an AI-powered platform for independent restaurants that shifts orders from third-party delivery apps to commission-free first-party channels, including branded websites, mobile apps, and online ordering connected to the POS.
AI & Machine LearningFoodTechSaaSChicago, US
Sterling Douglass-Barnes(Executive Officer, Director)Sterling Douglass(Co-Founder & CEO)inJustin McNally(Co-Founder & Chief Innovation Officer)Joseph Lawton(Chief Operating Officer)Tom Lawton(Chief Revenue Officer)Mark Whittle(Chief Technology Officer)
Co-investorsArdent VentureBluestein VenturesChicago VenturesFlyover CapitalHyde Park Venture PartnersMultiplier Capital
B2B SaaS company acquired by PDI.
Daupler develops a response management platform for utilities, public works, and service organizations to manage service requests and emergency situations more efficiently.
Enterprise SoftwareGovTechRoboticsSaaSKansas City, US
John Bertrand(Founder and CEO)Ryan Rosenbaum(CTO)
BoardTom Ferguson(Director)inJiten Manglani(Director)
Co-investorsBURNT ISLAND VENTURESKCRise FundKnoll VenturesRunway Venture PartnersTechstars
RePath is a smartphone-based supervision platform by eHawk Solutions for community corrections agencies, including probation and parole, pretrial services, treatment courts, and departments of corrections.
AI & Machine LearningGovTechSaaS
HappyCo builds an operations and AI platform for multifamily property management, covering inspections, work orders, lease audits, and maintenance operations for onsite teams, technicians, and corporate offices.
AI & Machine LearningEnterprise SoftwarePropTechSaaS
Andrew Mackenzie-RossJindou LeeJustin MorrisonMatt Jacobson
Co-investors500 GlobalCamber CreekCerity Partners VenturesFolklore VenturesNavitas CapitalPoint Nine+3 more
CybersecurityChicago, US
Brian Fritton(Executive Officer, Director)John Higgerson(Director)
Co-investorsLofty VenturesTechstarsHyde Park Angels
HomeSpotter provides mobile and marketing software for real estate brokerages, teams, and agents, including automated listing ads across Facebook, Instagram, and the web, digital open house lead generation, and branded MLS search apps.
Marketing TechPropTechSaaSMinneapolis, US
Aaron Kardell(Executive Officer, Director)
BoardDavid Dalvey(Director)in
Co-investorsBrightstone Venture CapitalMatchstick Ventures
Hudson MX sells cloud-based SaaS software for media buying, planning and media accounting to agencies and advertisers.
Co-investorsCerity Partners VenturesCoelius Capital
Invoke Learning builds InvokeClarity, a data lakehouse for higher education, along with a suite of analytics applications and AI-enhanced dashboards.
AI & Machine LearningData & InfrastructureEdTechSaaSIndianapolis, US
Brendan Aldrich(Executive Officer, Director)Lige Hensley(Executive Officer, Director)
Co-investorsElevate Ventures
iPourIt provides self-serve beverage dispensing technology, including kiosks and tap wall systems, that lets customers pour their own beer, wine, cocktails, and other drinks using RFID activation while operators track consumption and inventory.
HardwareIoTRetail TechLake Forest, US
Brett Jones(Secretary and Treasurer, Common Stock Director)Joseph McCarthy(President and CEO, Common Stock Director)
BoardJon Spotts(Series A-1 Director)Peter Muzzonigro(Series A-1 Director)Jiri Modry(Series A-1 Director)
Co-investorsPasadena Angels
Itiliti Health builds technology to automate the prior authorization process for U.S. healthcare payers, using APIs, interoperability, and automation to communicate payer rules to providers and reduce administrative costs.
Digital HealthHealthtechSaaSEden Prairie, US
Michael Lunzer(Executive Officer, Director)
BoardLandon Gibbs(Director)in
Co-investorsBread And Butter Ventures, LlcExcelerate Health VenturesGROOVE CAPITAL
Jiobit develops wearable tracking devices for child safety, pet monitoring, and elder care supervision.
ConsumerHardwareIoTChicago, US
John Renaldi(Co-founder)
Co-investorsDipalo VenturesNew Stack VenturesTechstarsWakestream VenturesGraphene Ventures
Joe & Bella is an adaptive apparel brand that designs clothing with features like hidden magnetic closures, side zippers, and stretch fabrics to make dressing easier.
Direct to ConsumerE-commerceWellness & Fitness
Co-investorsChicago Early Growth Ventures (CEGV)IrishAngelsIU VenturesScaleGood Fund LP (powered by TELUS)Third Act Ventures
Kin is a home insurance provider that offers both self-service and agent-assisted policy purchase and management for homeowners.
InsurTechChicago, US
Sean Harper(Co-Founder and Chief Executive Officer)inLucas Ward(Executive Officer and Director)Sebastian VillarrealBret Bret HarperJason Heidkamp
BoardEric Carlborg(Director)in
Co-investors500 GlobalACTIVATE CAPITAL PARTNERSAlpha EdisonAugust CapitalAvanta VenturesBetter Tomorrow Ventures+18 more
Levered works on math and science education, developing curriculum designed for both educators and learners.
EdTechSoquel, US
Dr. Lara Triona(VP of Learning Sciences)inMitchell Slater(Executive Officer, Director)Matthias Hohensee(Director)Elisa Swanson(Director)Thomas Davis(Director)Edward Colligan(Director)
Co-investorsAmerican Family Insurance Institute for Corporate and Social Impact
LogicGate provides AI-powered governance, risk, and compliance (GRC) software for enterprise teams, offering automated workflows, real-time insights, and customizable workflows through a no-code platform.
AI & Machine LearningCybersecurityEnterprise SoftwareSaaSChicago, US
Matthew C. Kunkel(Executive Officer, Director, Promoter)Jonathan V. Siegler(Executive Officer, Director, Promoter)Matt Kunkel(Founder)inDaniel J. Campbell(Director)
Co-investorsConnetic VenturesHigh AlphaNext Play VenturesTechstarsGreenspring AssociatesHyde Park Venture Partners+1 more
Chicago, US
Jonathan Giuffrida(Executive Officer)William Snyder(Executive Officer, Director)Angela Grover(Executive Officer, Director)
BoardKathleen Kaulins(Director)Kevin Terrasi(Director)in
Co-investorsChicago Early Growth Ventures (CEGV)Plymouth Growth
Meural produces digital art frames (Meural Canvas and Meural WiFi Photo Frame) that display artwork, NFTs, and personal photos using its patented TrueArt display technology.
ConsumerEnterprise SoftwareHardwareIoTMedia & EntertainmentNew York, US
Vladimir Vukicevic(Executive Officer, Director)Jerry Hu(Executive Officer, Director)
BoardJeffrey Baltimore(Director)
Co-investorsFirstrock CapitalForefront VenturePartners ResoluteAlpaca VC
illumend is an AI-native insurance compliance platform from myCOI that tracks certificates of insurance, verifies coverage against a company's own contract or lease requirements, and clears third-party partners in a guided workflow.
AI & Machine LearningInsurTechSaaS
Co-investorsElevate VenturesSaaS CapitalIrishAngels
NewsWhip is a real-time media monitoring SaaS platform that uses social engagement data to identify news stories and narratives gaining traction.
AI & Machine LearningData & InfrastructureMarketing TechMedia & EntertainmentSaaS
Paul Quigley(Founder)inAndrew Mullaney
Co-investors500 GlobalFurthr VCZenStone Venture Capital
Pacas makes clothing, including socks, from alpaca fiber and sells directly to consumers.
ConsumerDirect to ConsumerE-commerceWestmont, US
Justin Arquilla(Co-founder)Christian Arquilla(Co-founder)
BoardMark Thomann(Director)in
Co-investorsChicago Early Growth Ventures (CEGV)Corazon CapitalSpiral Sun VenturesCrossCutGlobal Founders CapitalMaveron
Chicago, US
Jeffrey Eschbach(Executive Officer, Director, Promoter)
Co-investorsIrishAngelsPallasite Ventures
PDI Essentials (PDI CStore Essentials) provides back-office, financial management, scan data reporting, and tobacco/CPG loyalty tools for convenience store owners and operators.
FintechRetail TechSaaS
Co-investorsForefront Venture
Co-investorsElizabeth Street VenturesForefront VentureGrace Beauty CapitalOverton Venture CapitalAlpaca VCSilicon Road Ventures
ProsperStack provides customer retention software for subscription businesses, including adaptive cancellation flows, churn surveys and analytics, winback campaigns, revenue recovery, and A/B testing.
Marketing TechSaaSSales Tech
Co-investorsGROOVE CAPITALHomegrown Capital
Provi is a marketplace platform that connects buyers (bartenders, restaurant and retail owners, distributors) with alcohol distributors across the U.S., offering centralized ordering, product visibility, and supply chain management for the beverage alcohol industry.
B2B MarketplacesFoodTechSaaSChicago, US
Taylor Katzman(Founder)in
Co-investorsBessemer Venture PartnersHyde Park Venture PartnersLudlow VenturesPermanent Capital VenturesHyde Park AngelsInterplay Ventures Early Stage Management Llc
Quevos makes crisps and thins made from egg whites, marketed as high in protein, fiber, and healthy fats with low net carbs.
ConsumerDirect to ConsumerFoodTech
San Francisco, US
CHRISTOPHER HUSSAIN(Executive Officer, Director, Promoter)
Co-investorsChicago Early Growth Ventures (CEGV)
Realvision provides an on-demand real estate photography booking service that lets clients confirm appointments online by viewing available time slots in real time.
MarketplacesPropTech
Co-investorsDundee Venture Capital
Red Tricycle, based in the United States, runs an online publication and community for parents looking for activities to do with their children.
ConsumerMedia & EntertainmentSocialTravel & Hospitality
Jacqui Boland
Co-investors500 GlobalExpansion Venture Capital
Sliced Investing operates a platform that connects accredited investors and financial advisors with private investment opportunities, automating subscription documentation and regulatory reporting for alternative assets.
FintechSan Francisco, US
Mike Furlong(Founder/| CEO)inAkhil Lodha(Founder)in
Co-investorsY Combinator
Stere provides a digital platform and API infrastructure for insurers, MGAs, and distribution partners to build and launch insurance products, handle payments, and issue policies.
FintechInsurTechSaaSDover, US
Dogan Kaleli(Executive Officer, Director)Adib Saad(Executive Officer)Richard Joseph Wisely Jr.(Executive Officer)
Co-investorsMTECH CAPITALFIN VCPlug and Play Ventures
StratiFi offers an AI operating system for wealth management firms, covering risk profiling and alignment, document/statement data extraction, proposal and investment policy statement generation, automated SEC compliance monitoring, and digital books and records.
AI & Machine LearningFintechSaaS
Structurely provides AI-powered sales tools that automate CRM workflows, appointment setting, lead qualification, and outbound calling and messaging.
AI & Machine LearningSaaSSales Tech
Co-investorsDns Capital
Throne designs and operates smart public restrooms equipped with sensors, running water, and real-time cleanliness ratings for urban public spaces.
HardwareIoTPropTechLos Angeles, US
Jessica Heinzelman(Director)Fletcher Wilson(Executive Officer, Director)
BoardEric Reiter(effective 10/15/2025)Phillip Attia(Director)Ravin Gandhi(Director)Benjamin Clark(effective 10/15/2025)
Co-investorsDipalo Ventures
Triller is a Los Angeles-based short-form video, social media and combat sports company known for the Triller app and TrillerTV.
Los Angeles, US
Pei Huang Shu(Acting Chief Financial Officer)Mark Carbeck(Triller's Chief Financial Officer)Wing-Fai Ng(Chief Executive Officer and Director)Bobby Sarneveshtin
BoardRobert E. Diamond, Jr.(Chairman and Director)Felix Yun Pun Wong(Independent Director)
Co-investorsDefy PartnersEast West Ventures EWVEQUIAMSommet ABThe Players' ImpactLowercase Capital
TripScout runs social-media marketing campaigns for travel destinations and tourism partners, offering targeted social amplification, creator/UGC and AI-generated content, and measurement of engagement, bookings, and in-destination visitation.
AdTechMarketing TechTravel & HospitalityChicago, US
Andrew Acs(Executive Officer, Director)Konrad Waliszewski(Executive Officer, Director)Phil Schwarz(Director)
BoardNick Moran(Director)in
Co-investorsNewlin VenturesNew Stack Ventures
Co-investorsCamber CreekLofty Ventures
Vant4ge builds a Digital Intelligence Platform for corrections agencies, including a patent-pending agentic AI interviewer (AIDA) and validated risk and needs assessment tools.
AI & Machine LearningGovTechSaaS
Sean Hosman(Chief Executive Officer)Marjorie Rist(Chief Solutions Officer)Casey Riley(Chief Technology Officer)
Co-investorsForefront Venture
Visibly operates a vision testing platform and network of licensed eye care providers that enable telehealth vision care services and prescription renewals.
Digital HealthHealthtechSaaSChicago, US
Aaron Dallek(Chief Executive Officer, Director and Founder)Steven Lee(Executive Vice President, Director and Founder)David Ting(Director)Paul Foley(Executive Officer, Director)Hirak Parikh(Director)Brent Rasmussen(Executive Officer, Director)
Co-investorsChicago VenturesCorazon CapitalLakewest Venture PartnersTribeca Venture PartnersJump CapitalTrust Ventures
Visual Feeder transforms vacant retail storefronts into digital advertising experiences using projection mapping, sensors, and interactive content for brands.
AdTechMarketing TechChicago, US
Eddie Yang(Founder)in
Co-investorsAtland VenturesLair East LabsTechstars
WorkTorch Pathways is an AI-driven platform that helps organizations design personalized learning and career pathways for individuals from K-12 through adulthood.
AI & Machine LearningEdTechHR Tech
Co-investorsGraham Walker VentureNueterra CapitalSixty8 Capital
Exits · 2
IPOs and acquisitions across the tracked portfolioGrove CollaborativeNYSE: GROVRed Tricycleacq. by Tinybeans
Portfolio news
latest coverage across their companiesTriller · stocktitan.net · Aug 13, 2026
AutoFi · fortuneindia.com · Jul 17, 2026
BreachRX · siliconangle.com · Jun 25, 2026
backstitch · blog.treasurie.com · May 29, 2026
Kin Insurance · coverager.com · Sep 8, 2025
Metopio · pulse2.com · Apr 10, 2025
Daupler · startlandnews.com · Mar 7, 2025
Frequently asked questions
- How many investments has Sandalphon Capital made?
- Sandalphon Capital has 67 tracked investments, 2 of which have exited via acquisition or IPO, including 1 dated in the last 24 months.
- What stage does Sandalphon Capital invest at?
- Sandalphon Capital invests at the Pre-Seed, Seed, Series A, Series B stages.
- What is Sandalphon Capital's typical check size?
- Sandalphon Capital typically writes checks of $100K – $2M.
- What sectors does Sandalphon Capital focus on?
- Sandalphon Capital focuses on Construction Tech, Consumer, Digital Health, EdTech, Enterprise Software, Fintech, FoodTech, GovTech, Healthtech, InsurTech, IoT, Marketplaces, PropTech, Retail Tech, SaaS.
- Where is Sandalphon Capital located?
- Sandalphon Capital is headquartered in Chicago, US.
- Who does Sandalphon Capital co-invest with?
- Sandalphon Capital most often shares deals with Chicago Early Growth Ventures (CEGV), Techstars, 500 Global, among 121 tracked co-investors.
Media · Podcasts & interviews
featuring the teamJonathan Ellis, Founder & Managing Director of Sandalphon Capital on Fireside Chicago, February 2021
Fireside: Chicago · Jonathan Ellis
Images
Co-investors · 12
Hyde Park Venture Partners (HPVP) is an early-stage venture fund investing in AI, software, and tech-enabled services companies connected to the Midwest, Toronto, or the Southeast.
Chicago Ventures is an early-stage venture capital firm that partners with founders in industries it views as overlooked, writing high-conviction checks and taking board seats.
Picus Capital is a privately financed venture capital investor focused on early-stage technology ventures, having backed over 170 companies with a long-term, entrepreneur-aligned approach.
Next Play Ventures is an investment firm founded by former LinkedIn CEO Jeff Weiner, focused on coaching and investing in entrepreneurial leaders building purpose-driven organizations.
Flourish Ventures is a global early-stage fintech fund that backs founders building and reshaping financial services and systems.
Lobby Capital is a venture capital firm that funds entrepreneurs building transformational technology companies across sectors including enterprise AI, cybersecurity, robotics, and consumer applications.
Commerce Ventures is a venture capital firm that partners with entrepreneurs building platforms for the future of retail and financial services.
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General Catalyst is a venture capital firm operating as a partnership focused on company building and accelerating the growth of the businesses it backs.
Alumni Ventures (AV) is a venture capital firm that co-invests alongside lead VCs in startups, backing founders with capital and access to a large investor and operator community.
2048 Ventures is a thesis-driven early-stage venture capital firm based in New York and Boston that backs founders building future technologies.
Origin Ventures is an early-stage venture capital firm backing founders building companies in the artificial intelligence economy, focusing on infrastructure, software, applications, services, and marketplaces that transform productivity and automation.
Cathay Innovation is a multi-stage venture capital firm founded in Paris in 2015 and backed by industry, operating a platform designed to enable collaboration between startups and corporations.
Firms observed investing alongside Sandalphon Capital, from public investor directories. Shared companies are the overlap with Sandalphon Capital's recorded portfolio.
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