Sandalphon Capital
Venture capitalChicago Β· Pre-SeedβSeries B Β· 3 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 Β· 3 people
from public directories
What they invest in
from 33 of 67 portfolio companiesSaaS Γ18AI & Machine Learning Γ12Consumer Γ5Enterprise Software Γ5Fintech Γ5Marketing Tech Γ4EdTech Γ3GovTech Γ3
HQs:United StatesΓ30AustraliaΓ1
Investments Β· 67 tracked
founders shown can be your intro pathBy year:2025 Β· 12022 Β· 12021 Β· 22018 Β· 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 ConsumerSan Francisco, US
Jeff Crowe(Director)Tim Chang(Director)Christopher Clark(Director)Stuart Landesberg(Executive Officer, Director)
BoardMark Sugarman(Director)
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)in
BoardBrett Topche(Director)
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)
BoardDavid Silverman(Director)
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
Stefanie M. Warzecha(Executive Officer, Director)Chris Seago(Director)Jordan P. Warzecha(Executive Officer, Director)
Chowly is a restaurant technology platform that integrates third-party delivery apps with point-of-sale systems and offers bi-directional menu sync, dynamic pricing, dispute management, and AI marketing.
FoodTechSaaSChicago, US
Sterling Douglass-Barnes(Executive Officer, Director)Sterling Douglass(Co-Founder & CEO)Justin McNally(Co-Founder & Chief Innovation Officer)Joseph Lawton(Chief Operating Officer)Tom Lawton(Chief Revenue Officer)Mark Whittle(Chief Technology Officer)
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 SoftwareGovTechSaaSKansas City, US
John Bertrand(Founder and CEO)Ryan Rosenbaum(CTO)
BoardTom Ferguson(Director)Jiten Manglani(Director)
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
CybersecurityChicago, US
John Higgerson(Director)Brian Fritton(Executive Officer, Director)
Minneapolis, US
Aaron Kardell(Executive Officer, Director)David Dalvey(Director)
Invoke Learning consolidates data from higher education systems (SIS, LMS, CRM, ERP and others) into a single governed source, using 70+ pre-built connectors that load daily snapshots into Snowflake.
AI & Machine LearningData & InfrastructureEdTechIndianapolis, US
Brendan Aldrich(Executive Officer, Director)Lige Hensley(Executive Officer, Director)
Itiliti Health provides prior authorization software for healthcare payers and providers.
Enterprise SoftwareHealthtechSaaSEden Prairie, US
Michael Lunzer(Executive Officer, Director)
BoardLandon Gibbs(Director)
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)S. Caribou Honig(Director)Lucas Ward(Executive Officer and Director)
BoardEric Carlborg(Director)Dan Rosen(Director)
Levered offers an adaptive, interactive math curriculum that automatically assesses student progress and personalizes learning pathways, while giving teachers real-time data for whole-class talks, small-group interventions, and individual support.
EdTechSoquel, US
Mitchell Slater(Executive Officer, Director)Matthias Hohensee(Director)Elisa Swanson(Director)Thomas Davis(Director)Edward Colligan(Director)
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)Daniel J. Campbell(Director)Jonathan V. Siegler(Executive Officer, Director, Promoter)
Chicago, US
Jonathan Giuffrida(Executive Officer)William Snyder(Executive Officer, Director)Angela Grover(Executive Officer, Director)
BoardKathleen Kaulins(Director)Kevin Terrasi(Director)
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
Jeffrey Baltimore(Director)Vladimir Vukicevic(Executive Officer, Director)Jerry Hu(Executive Officer, Director)
Westmont, US
Justin Arquilla(Executive Officer, Director)Christian Arquilla(Executive Officer, Director)
BoardMark Thomann(Director)
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
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
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
Tinybeans is a consumer subscription platform and private photo-sharing app that lets families share photos and connect, paired with a media platform offering parenting content.
ConsumerMedia & EntertainmentSocial
Stere operates a platform that emphasizes data security, using AES-256 encryption, role-based access controls, and AWS hosting, and complies with ISO 27001 and SOC 2 Type II standards.
FintechInsurTechSaaSDover, US
Dogan Kaleli(Executive Officer, Director)Adib Saad(Executive Officer)Richard Joseph Wisely Jr.(Executive Officer)
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
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)
Chicago, US
Andrew Acs(Executive Officer, Director)Phil Schwarz(Director)Konrad Waliszewski(Executive Officer, Director)
BoardNick Moran(Director)
Exits Β· 1
IPOs and acquisitions across the tracked portfolioGrove CollaborativeNYSE: GROV
Portfolio news
latest coverage across their companiesAutoFi Β· fortuneindia.com Β· Jul 17, 2026
backstitch Β· blog.treasurie.com Β· May 29, 2026
Kin Insurance Β· coverager.com Β· Sep 8, 2025
Daupler Β· startlandnews.com Β· Mar 7, 2025
Frequently asked questions
- 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 β $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.
Media Β· Podcasts & interviews
featuring the teamJonathan Ellis, Founder & Managing Director of Sandalphon Capital on Fireside Chicago, February 2021
Fireside: Chicago Β· Jonathan Ellis
Images
Co-investors Β· 12
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2048 Ventures is a thesis-driven early-stage venture capital firm based in New York and Boston that backs founders building future technologies.
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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.
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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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