# Haystack: portfolio, investments and team

> Haystack is a vc firm based in United States. 148 investments on record, 25 in the last 12 months, latest Sept 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/haystack (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# Haystack

Last cheque observed Sep 2026; 148 cheques on record.

Email

Deploying now New fund $8.0M, Feb 2026 VC firm

Pre-seed Seed Series A Software Technology

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Deploying now

**96%** of best year **25** **cheques in 12 months**, 148 on record

Since the last cheque **35** days **00** hrs **00** min **00** sec

Median round **$8.0M** Cheque size, as they say **$250K – $1.5M** Rounds led **0 of 148** Sole investor **2 rounds** Exits **3 from the portfolio** Mostly in **United States, 93%**

Pitch Haystack

## Haystack highlights

- 01 25 cheques in the last 12 months
- 02 Mostly Seed and Series A: 64% of its rounds
- 03 Sole investor in 2 rounds, median $4.5M
- 04 3 exits from the portfolio

## What they do

> Haystack is an early stage venture capital firm. From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $250K – $1.5M as they say
- **Stages:** Pre-seed Seed Series A Series B Growth Pre-IPO
- **Sectors:** Software Technology
- **Based in:** San Francisco, United States
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **148 appearances**

- **2026** 20 rounds
- **Sept** **[Trebellar](https://millionrounds.com/company/trebellar)** Series A · US · Ventureburn **$18M** With 6 others
- **Sept** **[Polyphron](https://millionrounds.com/company/polyphron)** Seed · US · AlleyWatch **$20M** With 4 others
- **Aug** **[Synthefy](https://millionrounds.com/company/synthefy)** Seed · US **$6.5M** With 2 others
- **Aug** **[Gravity](https://millionrounds.com/company/gravity)** Series A · US **$31M** With 3 others
- **Aug** **[Onos Health](https://millionrounds.com/company/onos-health)** Series A · US **$17M** With 4 others
- **Jul** **[Pangram](https://millionrounds.com/company/pangram)** Venture · US · TechCrunch **$9.0M** With 4 others
- **Jul** **[Integral Privacy Technologies](https://millionrounds.com/company/integral-privacy-technologies)** Series A · US **$18M** With 2 others
- **Jun** **[Board](https://millionrounds.com/company/board)** Series A · US · TechCrunch **$20M** With 6 others
- **Jun** **[Layup Parts](https://millionrounds.com/company/layup-parts)** Series A · US · TechCrunch **$42M** With 5 others
- **Jun** **[Neion Bio](https://millionrounds.com/company/neion-bio)** Series A · US **$23M** With 3 others
- **Apr** **[Soma Energy](https://millionrounds.com/company/soma-energy)** Seed · CA **$7.0M** With 3 others
- **Apr** **[Shapes](https://millionrounds.com/company/shapes)** Seed · US **$8.0M** With 2 others
- **Mar** **[Stedi](https://millionrounds.com/company/stedi)** Series C · US · Ventureburn **$50M** With 7 others
- **Mar** **[Moxie](https://millionrounds.com/company/moxie)** Series C · US **$25M** With 2 others
- **Mar** **[Meadow Memorials](https://millionrounds.com/company/meadow-memorials)** Series A · US **$9.0M** With 1 other
- **Feb** **[AdQuick](https://millionrounds.com/company/adquick)** Venture · US **$20M** With 3 others
- **Feb** **[Birches Health](https://millionrounds.com/company/birches-health)** Venture · US **Undisclosed** With 5 others
- **Feb** **[Onyx Bio](https://millionrounds.com/company/onyx-bio)** Venture · US **$8.0M** Sole investor
- **Jan** **[Blockit AI](https://millionrounds.com/company/blockit-ai)** Seed · US **$5.0M** With 2 others
- **Jan** **[Codes Health](https://millionrounds.com/company/codes-health)** Venture · US **Undisclosed** With 1 other
- **2025** 19 rounds
- **Dec** **[Oboe](https://millionrounds.com/company/oboe)** Series A · US · TechCrunch **$16M** With 12 others
- **Dec** **[EraDrive](https://millionrounds.com/company/eradrive)** Seed · US **$6.2M** With 1 other
- **Nov** **[Scribe](https://millionrounds.com/company/scribe)** Series C · US · TechCrunch **$75M** With 8 others
- **Nov** **[Feroot Security](https://millionrounds.com/company/feroot-security)** Series A · CA **$14M** With 3 others
- **Nov** **[alphaXiv](https://millionrounds.com/company/alphaxiv)** Seed · US **$7.0M** With 3 others
- **Sept** **[Rivet](https://millionrounds.com/company/rivet)** Venture · US **$5.1M** With 4 others
- **Aug** **[Bench IQ](https://millionrounds.com/company/bench-iq)** Seed · CA **$5.3M** With 5 others
- **Jun** **[Pangram](https://millionrounds.com/company/pangram)** Seed · US · TechStartups **$4.0M** With 3 others
- **Jun** **[Impart Security](https://millionrounds.com/company/impart-security)** Series A · US **$12M** With 4 others
- **Jun** **[Cloudquery](https://millionrounds.com/company/cloudquery)** Venture · US **$16M** With 5 others
- **May** **[Onos Health](https://millionrounds.com/company/onos-health)** Seed · US **$6.3M** With 1 other
- **May** **[Tern Travel](https://millionrounds.com/company/tern-travel)** Series A · US **$13M** With 1 other
- **May** **[MicroAlchemy](https://millionrounds.com/company/microalchemy)** Seed · US **$2.1M** With 1 other
- **May** **[MicroAlchemy](https://millionrounds.com/company/microalchemy)** Pre-seed · US **$2.2M** With 1 other
- **Apr** **[Starday Foods](https://millionrounds.com/company/starday-foods)** Series A · US **$8.0M** With 4 others
- **Apr** **[Redpanda Data](https://millionrounds.com/company/redpanda-data)** Series D · US **$100M** With 2 others
- **Apr** **[Haus](https://millionrounds.com/company/haus)** Venture · US **$18M** With 3 others
- **Apr** **[Elsa Fertility](https://millionrounds.com/company/elsa-fertility)** Seed · US **$4.0M** With 1 other
- **Jan** **[Prosper Health](https://millionrounds.com/company/prosper-health)** Venture · US **$16M** With 2 others
- **2024** 19 rounds
- **Nov** **[Candu](https://millionrounds.com/company/candu)** Venture · US **$3.0M** With 3 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **3 named**

JJ **James J Meyer** Executive Officer i Filing they signed

SS **Semil Shah** Managing Director i Form ADV

TL **Thomas Lehrman** Managing Member of the General Partner i Filing they signed

We also hold **4** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$671M** gross assets of its funds Oct 2026

**Exempt** reporting adviser venture or small private funds

- **Legal name:** Haystack Management Company, LLC
- **SEC number:** CRD 292586

## Exits from the portfolio

Companies it backed that were later bought or listed **3 in all**

**[AltspaceVR](https://millionrounds.com/company/altspacevr)** Bought by [Microsoft](https://millionrounds.com/fund/microsoft) **Undisclosed** Oct 2017

**[Refresh.io](https://millionrounds.com/company/refresh-io)** Bought by [LinkedIn](https://millionrounds.com/fund/linkedin) **Undisclosed** Apr 2015

**[Gyft](https://millionrounds.com/company/gyft)** Bought by [First Data Corporation](https://millionrounds.com/fund/first-data) **$7.5M** Jul 2014

An exit counts when it came after the firm's first round in the company. From historical deal records.

New fund on file

**$8.0M**

raised in Feb 2026

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Pre-seed Seed Series A

Median round joined **$8.0M** the round, not its cheque Alone, median **$4.5M**

Led 0 of 148 rounds **0%**

- **Said size:** $250K – $1.5M
- **Sole investor:** 2 rounds
- **Last cheque:** Sept 2026
- **Exits:** 3 from the portfolio

Rounds by stage said on their site

- Seed said *53*
- Series A said *35*
- Venture *23*
- Series B said *10*
- Series C *10*
- Pre-seed said *6*
- Growth said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Y Combinator](https://millionrounds.com/fund/y-combinator) 26
- [Lightspeed Venture Partners](https://millionrounds.com/fund/lightspeed-venture-partners) 12
- [Google Ventures](https://millionrounds.com/fund/gv) 9
- [Caffeinated Capital](https://millionrounds.com/fund/caffeinated-capital) 8
- [Liquid 2 Ventures](https://millionrounds.com/fund/liquid-2-ventures) 8
- [Lux Capital](https://millionrounds.com/fund/lux-capital) 8

**Pitching Haystack?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Haystack. A count of rooms they were both in, not a relationship either has claimed.

[**Y Combinator** Accelerator **26** rounds together](https://millionrounds.com/fund/y-combinator)[**Lightspeed Venture Partners** VC firm **12** rounds together](https://millionrounds.com/fund/lightspeed-venture-partners)[**Google Ventures** Corporate VC **9** rounds together](https://millionrounds.com/fund/gv)[**Caffeinated Capital** VC firm **8** rounds together](https://millionrounds.com/fund/caffeinated-capital)[**Liquid 2 Ventures** VC firm **8** rounds together](https://millionrounds.com/fund/liquid-2-ventures)[**Lux Capital** VC firm **8** rounds together](https://millionrounds.com/fund/lux-capital)[**Alumni Ventures** VC firm **7** rounds together](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund)[**Andreessen Horowitz** VC firm **7** rounds together](https://millionrounds.com/fund/andreessen-horowitz)[**Bossa Invest** VC firm **7** rounds together](https://millionrounds.com/fund/bossa-invest)[**CRV** VC firm **7** rounds together](https://millionrounds.com/fund/crv)[**SV Angel** VC firm **7** rounds together](https://millionrounds.com/fund/sv-angel)[**Techstars** VC firm **7** rounds together](https://millionrounds.com/fund/techstars)

## Recently backed

The latest companies Haystack put money into.

[**Trebellar** $18M · Sept 2026](https://millionrounds.com/company/trebellar)[**Polyphron** $20M · Sept 2026](https://millionrounds.com/company/polyphron)[**Synthefy** $6.5M · Aug 2026](https://millionrounds.com/company/synthefy)[**Gravity** $31M · Aug 2026](https://millionrounds.com/company/gravity)[**Onos Health** $17M · Aug 2026](https://millionrounds.com/company/onos-health)[**Pangram** $9.0M · Jul 2026](https://millionrounds.com/company/pangram)

## On podcasts

6 episodes naming Haystack in the title, and 4 more that mention it.

- [The Peel](https://millionrounds.com/podcasts/the-peel) 10 Sept 2023 · 1h 10m How Semil Shah Built Haystack With [Semil Shah](https://millionrounds.com/person/semil-shah) Mentions [Haystack](https://millionrounds.com/fund/haystack) Apple PodcastsShow page
- [The Logan Bartlett Show](https://millionrounds.com/podcasts/logan-bartlett-show) 9 Dec 2022 · 1h 29m EP 43: Semil Shah (Partner, Haystack) - The State of Venture, Investing in Figma, Hashicorp, Doordash and Almost Investing in Coinbase With [Semil Shah](https://millionrounds.com/person/semil-shah) Mentions [Haystack](https://millionrounds.com/fund/haystack) Apple Podcasts
- [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 21 Nov 2022 · 1h 5m 20VC: Semil Shah on The Biggest Mistakes VCs and LPs Made Over the Last 24 Months, Why LP Churn is Coming, Core Lessons on Scaling from $1M Haystack Fund I to Today and How To Find, Win and Manage LPs as an Emerging Manager With [Semil Shah](https://millionrounds.com/person/semil-shah) Mentions [Haystack](https://millionrounds.com/fund/haystack)[Hunter Walk](https://millionrounds.com/person/hunter-walk)[Satya Patel](https://millionrounds.com/person/satya-patel) Apple PodcastsShow page
- [Venture Unlocked](https://millionrounds.com/podcasts/venture-unlocked) 17 Aug 2021 · 51 min Haystack's Semil Shah on building the firm from the ground up, portfolio models, and the state of VC today With [Semil Shah](https://millionrounds.com/person/semil-shah) Mentions [Haystack](https://millionrounds.com/fund/haystack)[Bullpen Capital](https://millionrounds.com/fund/bullpen-capital)[GGV Capital](https://millionrounds.com/fund/ggv-capital) *+1* Apple PodcastsShow page
- [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 16 Sept 2019 · 42 min 20VC: Haystack's Semil Shah on Whether Founders Are Bypassing Seed Funds in Favour Of Less Dilutive Multi-Stage Funds, How Fund Strategy Changes With Fund Scaling & Why The Hardest Challenge is Price Discipline With [Semil Shah](https://millionrounds.com/person/semil-shah) Mentions [Haystack](https://millionrounds.com/fund/haystack)[Lightspeed Venture Partners](https://millionrounds.com/fund/lightspeed-venture-partners) Apple PodcastsShow page
- [The Neon Show](https://millionrounds.com/podcasts/neon-show) 3 Aug 2019 · 42 min Semil Shah, Founder Haystack & Partner Lightspeed Venture Partners US With [Semil Shah](https://millionrounds.com/person/semil-shah) Mentions [Haystack](https://millionrounds.com/fund/haystack)[Lightspeed Venture Partners](https://millionrounds.com/fund/lightspeed-venture-partners) Apple Podcasts

### Mentioned in

- [Scaling Europe](https://millionrounds.com/podcasts/scaling-europe) 12 Nov 2025 · 21 min Milos Rusic: CEO & Co-founder at deepset Apple PodcastsShow page
- [Generative Now](https://millionrounds.com/podcasts/generative-now) 26 Aug 2025 · 57 min Walk & Talk Episode: Semil Shah on AI Superteams, Meta’s Bold Moves, and Apple’s Missed Shots Apple PodcastsShow page
- [Generative Now](https://millionrounds.com/podcasts/generative-now) 12 Jun 2025 · 28 min How Jobs Will Change as AI Gets Better Apple PodcastsShow page
- [TBPN](https://millionrounds.com/podcasts/tbpn) 25 Apr 2025 · 2h 46m Karri Saarinen, Sean Frank, Semil Shah, Dan Lorenc, Google's Earnings Power Holding Up Well, Intel Says Layoffs are in Store, The Relationship Between Netflix and The NFL, Elon's Friends Sell Access to Stakes in Private Companies Apple PodcastsShow page

## Quick answers about Haystack

### What does Haystack invest in?

Haystack invests most often at Seed and Series A (64% of the rounds on record), in sectors such as Software and Technology.

### How active is Haystack?

148 investments on record, 25 of them in the last 12 months. The most recent was in Sept 2026.

### What has Haystack invested in recently?

Its most recent investments on record: Trebellar (Series A, Sept 2026), Polyphron (Seed, Sept 2026) and Synthefy (Seed, Aug 2026).

### How big are Haystack's cheques?

The median round it joins is $8.0M. It says it writes cheques of $250K to $1.5M.

### Does Haystack lead rounds?

Rarely, if at all: none of its 148 investments on record names it as the lead.

### Where does Haystack invest?

Most of the companies it backs are in the United States (93%) and Canada (8%).

### Is Haystack investing now?

Yes: it is actively investing, with 25 investments in the last 12 months.

### Who does Haystack invest alongside?

Most often Y Combinator (26 rounds together), Lightspeed Venture Partners (12 rounds together) and Google Ventures (9 rounds together).

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