# Hercules Capital: portfolio, investments and team

> Hercules Capital is a venture debt based in United States. 92 investments on record, 13 in the last 12 months, latest Oct 2026.

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

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

# Hercules Capital

Last cheque observed Oct 2026; 92 cheques on record.

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Venture debt Deploying now New fund $323M, Oct 2025

Growth Life Sciences Technology

Follow Hercules Capital and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fhercules-capital)

Deploying now

**87%** of best year **13** **cheques in 12 months**, 92 on record

Since the last cheque **22** days **00** hrs **00** min **00** sec

Median round **$91M** Rounds led **0 of 92** Sole investor **39 rounds** Exits **12 from the portfolio** Mostly in **United States, 79%**

Pitch Hercules Capital

## Hercules Capital highlights

- 01 13 cheques in the last 12 months
- 02 Mostly Debt and Venture: 81% of its rounds
- 03 Sole investor in 39 rounds, median $15M
- 04 12 exits from the portfolio

## What they do

> Hercules Capital is the largest business development company focused on venture lending, and the lender of choice for innovative entrepreneurs and their venture capital partners. From their own website

- **Type:** Venture debt
- **Cheque size:** Not stated
- **Stages:** Growth
- **Sectors:** Life Sciences Technology
- **Based in:** San Mateo, United States
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **92 appearances**

- **2026** 12 rounds
- **Oct** **[Suki](https://millionrounds.com/company/suki)** Series E · US · Google News search **$90M** With 7 others
- **Oct** **[Capitolis](https://millionrounds.com/company/capitolis)** Series E · US · AlleyWatch **$120M** With 11 others
- **Sept** **[Locus Robotics](https://millionrounds.com/company/locus-robotics)** Growth · US **$42M** With 3 others
- **Jul** **[Behavox](https://millionrounds.com/company/behavox)** Growth · Ventureburn **$175M** With 5 others
- **Jun** **[Perk](https://millionrounds.com/company/perk)** Debt · GB · Ventureburn **$300M** With 7 others
- **Jun** **[4D Molecular Therapeutics](https://millionrounds.com/company/4d-molecular-therapeutics)** Debt · US **$200M** With 3 others
- **Jun** **[Eloxx](https://millionrounds.com/company/eloxx)** US **$66M** With 2 others
- **Jun** **[MoonLake Immunotherapeutics](https://millionrounds.com/company/moonlake-immunotherapeutics)** CH **$200M** With 2 others
- **Mar** **[Intercom](https://millionrounds.com/company/intercom)** Debt · IE · Ventureburn **$250M** Sole investor
- **Feb** **Hypercore** Series A · IL · Ventureburn **$14M** With 5 others
- **Jan** **[Phathom Pharmaceuticals](https://millionrounds.com/company/phathom-pharmaceuticals)** US **$130M** With 3 others
- **Jan** **[Funnel](https://millionrounds.com/company/funnel)** Debt · SE **$80M** With 3 others
- **2025** 11 rounds
- **Dec** **[Dyne Therapeutics](https://millionrounds.com/company/dyne-therapeutics)** US **$403M** With 3 others
- **Nov** **[MoonLake Immunotherapeutics](https://millionrounds.com/company/moonlake-immunotherapeutics)** CH **$75M** With 2 others
- **Nov** **[Verastem Oncology](https://millionrounds.com/company/verastem-oncology)** US **$90M** With 4 others
- **Oct** **[X4 Pharmaceuticals](https://millionrounds.com/company/x4-pharmaceuticals)** US **$155M** With 5 others
- **Oct** **[Govini](https://millionrounds.com/company/govini)** Growth · US **$150M** With 2 others
- **Aug** **[Snappt](https://millionrounds.com/company/snappt)** Debt · US **$50M** With 3 others
- **Jul** **[Madrigal Pharmaceuticals](https://millionrounds.com/company/madrigal-pharmaceuticals)** Debt · US **$350M** With 1 other
- **Jun** **[Carbyne](https://millionrounds.com/company/carbyne)** Venture · US **$100M** With 3 others
- **May** **[Axsome Therapeutics](https://millionrounds.com/company/axsome-therapeutics)** Debt · US **$570M** With 1 other
- **Apr** **[Main Street Health](https://millionrounds.com/company/main-street-health)** Venture · US **$32M** With 2 others
- **Feb** **[Genetix Biotherapeutics Inc.](https://millionrounds.com/company/genetix-biotherapeutics-inc)** Venture · US **Undisclosed** With 4 others
- **2024** 11 rounds
- **Dec** **[Remodel Health](https://millionrounds.com/company/remodel-health)** Venture · US **$100M** Sole investor
- **Nov** **[Replimune Group](https://millionrounds.com/company/replimune-group)** US **$140M** With 5 others
- **Nov** **[RumbleON](https://millionrounds.com/company/rumbleon)** US **$10M** Sole investor
- **Oct** **[SynOx Therapeutics](https://millionrounds.com/company/synox-therapeutics)** Series B · IE **$92M** With 1 other
- **Jul** **[Carwow](https://millionrounds.com/company/carwow)** Venture · GB **$52M** With 4 others
- **Jun** **[Semperis](https://millionrounds.com/company/semperis)** Debt · US **$125M** With 4 others
- **May** **[Electric Hydrogen](https://millionrounds.com/company/electric-hydrogen)** Debt · US **$100M** With 4 others
- **Apr** **[Gritstone bio](https://millionrounds.com/company/gritstone-bio)** US **$33M** With 3 others
- **Jan** **[Kura Oncology](https://millionrounds.com/company/kura-oncology)** US **$150M** With 2 others
- **Jan** **[Better Therapeutics](https://millionrounds.com/company/better-therapeutics)** US **$250K** Sole investor
- **Jan** **[Sight Sciences](https://millionrounds.com/company/sight-sciences)** Debt · US **$35M** Sole investor
- **2023** 2 rounds
- **Nov** **[AmplifyBio](https://millionrounds.com/company/amplifybio)** Venture · US **$50M** Sole investor
- **Feb** **[Provention Bio](https://millionrounds.com/company/provention-bio)** US **$35M** With 2 others
- **2022** 8 rounds
- **Nov** **[Oak Street Health](https://millionrounds.com/company/oak-street-health)** Debt · US **$300M** With 2 others
- **Aug** **[Alladapt Immunotherapeutics](https://millionrounds.com/company/alladapt-immunotherapeutics)** Debt · US **$50M** With 1 other
- **Aug** **[ZeroFox](https://millionrounds.com/company/zerofox)** US **$170M** With 4 others
- **May** **[Phathom Pharmaceuticals](https://millionrounds.com/company/phathom-pharmaceuticals)** Debt · US · Firms' own news pages **$260M** With 2 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**

KZ **Kiersten Zaza Botelho** General Counsel and Chief Compliance Officer of the Investment Manager i Filing they signed

SB **Scott Bluestein** President and Chief Executive Officer of the Investment Manager i Filing they signed

SH **Seth Hardy Meyer** Chief Financial Officer and Chief Accounting Officer of the Investment Manager i Filing they signed

We also hold **44** 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

**$1.6B** assets it manages Oct 2026

**1+** funds on file numbered funds in its name

**Registered** investment adviser full reporting to the SEC

- **Legal name:** Hercules Adviser LLC
- **SEC number:** CRD 310662

Funds on its Form ADV

**3** private funds, **$1.1B** in gross assets · filed Mar 2024

- Hercules Private Credit Fund 1, L.P. *Hedge* 2 investors $537M
- Hercules Private Global Venture Growth Fund I L.P. *Hedge* 10 investors $442M
- Hercules Venture Growth Credit Opportunities Fund 1 L.P. *Hedge* 1 investor $102M

## What they claim to have backed

From their own portfolio page (on their website)

**0** of 1 we have independently watched raise

Cookiedatabase

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## Exits from the portfolio

Companies it backed that were later bought or listed **12 in all**

**[Unify](https://millionrounds.com/company/unify)** Bought by Atos **Undisclosed** Nov 2015

**[Atrenta](https://millionrounds.com/company/atrenta)** Bought by [Synopsys](https://millionrounds.com/fund/synopsys) **Undisclosed** Jun 2015

**[IKANO Communications](https://millionrounds.com/company/ikano-communications)** Bought by Broadvoice **Undisclosed** Feb 2015

**[Virident Systems](https://millionrounds.com/company/virident-systems)** Bought by [Western Digital Technologies](https://millionrounds.com/fund/western-digital-technologies) **$685M** Sept 2013

**[iWatt](https://millionrounds.com/company/iwatt)** Bought by [Dialog Semiconductor](https://millionrounds.com/fund/dialog-semiconductor) **$345M** Jul 2013

**[hi5](https://millionrounds.com/company/hi5)** Bought by if(we) **Undisclosed** Dec 2011

**[InfoLogix](https://millionrounds.com/company/infologix)** Bought by [Stanley Black & Decker](https://millionrounds.com/fund/stanley-black-and-decker) **$61M** Dec 2010

**[PSS Systems](https://millionrounds.com/company/pss-systems)** Bought by [IBM (International Business Machines)](https://millionrounds.com/fund/ibm-international-business-machines) **Undisclosed** Oct 2010

**[Intelliden](https://millionrounds.com/company/intelliden)** Bought by [IBM (International Business Machines)](https://millionrounds.com/fund/ibm-international-business-machines) **Undisclosed** Feb 2010

**[Memory Pharmaceuticals](https://millionrounds.com/company/memory-pharmaceuticals)** Bought by Roche **$50M** Nov 2008

**[Compete](https://millionrounds.com/company/compete)** Bought by Taylor Nelson Sofres **$150M** Mar 2008

**[AGEIA Technologies](https://millionrounds.com/company/ageia-technologies)** Bought by [Nvidia](https://millionrounds.com/fund/nvidia) **Undisclosed** Feb 2008

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

New fund on file

**$323M**

raised in Oct 2025

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

## The cheque

Growth

Median round joined **$91M** the round, not its cheque Alone, median **$15M**

Led 0 of 92 rounds **0%**

- **Sole investor:** 39 rounds
- **Last cheque:** Oct 2026
- **Exits:** 12 from the portfolio

Rounds by stage said on their site

- Debt *34*
- Venture *21*
- Series C *5*
- Series B *4*
- Growth said *4*

Cheques by month Led Joined

Dec 2023 Nov 2026

Often in the room with

- [Cormorant Asset Management](https://millionrounds.com/fund/cormorant-asset-management) 5
- [Forbion Capital Partners](https://millionrounds.com/fund/forbion-capital-partners) 4
- [New Enterprise Associates](https://millionrounds.com/fund/new-enterprise-associates) 4
- [ARCH Venture Partners](https://millionrounds.com/fund/arch-venture-partners) 3
- [Casdin Capital](https://millionrounds.com/fund/casdin-capital) 3
- [Insight Partners](https://millionrounds.com/fund/insight-venture-partners) 3

**Pitching Hercules Capital?** 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 Hercules Capital. A count of rooms they were both in, not a relationship either has claimed.

[**Cormorant Asset Management** Private equity **5** rounds together](https://millionrounds.com/fund/cormorant-asset-management)[**Forbion Capital Partners** Private equity **4** rounds together](https://millionrounds.com/fund/forbion-capital-partners)[**New Enterprise Associates** VC firm **4** rounds together](https://millionrounds.com/fund/new-enterprise-associates)[**ARCH Venture Partners** VC firm **3** rounds together](https://millionrounds.com/fund/arch-venture-partners)[**Casdin Capital** VC firm **3** rounds together](https://millionrounds.com/fund/casdin-capital)[**Insight Partners** VC firm **3** rounds together](https://millionrounds.com/fund/insight-venture-partners)[**RTW Investments LLC** Growth equity **3** rounds together](https://millionrounds.com/fund/rtw-investments-lp)[**Scale Venture Partners** VC firm **3** rounds together](https://millionrounds.com/fund/scale-venture-partners)[**Y Combinator** Accelerator **3** rounds together](https://millionrounds.com/fund/y-combinator)[**Accel** VC firm **2** rounds together](https://millionrounds.com/fund/accel)[**B Capital** VC firm **2** rounds together](https://millionrounds.com/fund/b-capital)[**Bain Capital Life Sciences** Private equity **2** rounds together](https://millionrounds.com/fund/bain-capital-life-sciences)

## Recently backed

The latest companies Hercules Capital put money into.

[**Suki** $90M · Oct 2026](https://millionrounds.com/company/suki)[**Capitolis** $120M · Oct 2026](https://millionrounds.com/company/capitolis)[**Locus Robotics** $42M · Sept 2026](https://millionrounds.com/company/locus-robotics)[**Behavox** $175M · Jul 2026](https://millionrounds.com/company/behavox)[**4D Molecular Therapeutics** $200M · Jun 2026](https://millionrounds.com/company/4d-molecular-therapeutics)[**Eloxx** $66M · Jun 2026](https://millionrounds.com/company/eloxx)

## Mentioned on podcasts

Episodes that name Hercules Capital in their description, not their title.

- [The Biotech Startups Podcast](https://millionrounds.com/podcasts/biotech-startups) 27 Nov 2025 · 1h 3m 🧬 Profit + Purpose: The New Model for Healthcare Investing | Parag Shah Re-Release (2/2) With [Parag Shah](https://millionrounds.com/person/parag-shah) Mentions [Hercules Capital](https://millionrounds.com/fund/hercules-capital) Apple PodcastsShow page
- [The Biotech Startups Podcast](https://millionrounds.com/podcasts/biotech-startups) 6 Feb 2025 · 1h 4m 🧬 Parag Shah - Part 2 | Scaling a Multi-Billion Dollar Life Sciences Fund | Culture, Capital & Entrepreneurship | The K2 HealthVentures Story With [Parag Shah](https://millionrounds.com/person/parag-shah) Mentions [Hercules Capital](https://millionrounds.com/fund/hercules-capital) Apple PodcastsShow page
- [The Biotech Startups Podcast](https://millionrounds.com/podcasts/biotech-startups) 3 Feb 2025 · 47 min 🧬 Parag Shah - Part 1 | Rethinking Biotech Startup Funding | Building Smarter Capital Strategies | Risk, Reward & Leadership in Investing With [Parag Shah](https://millionrounds.com/person/parag-shah) Mentions [Hercules Capital](https://millionrounds.com/fund/hercules-capital) Apple PodcastsShow page

## Quick answers about Hercules Capital

### What does Hercules Capital invest in?

Hercules Capital invests most often at Debt and Venture (81% of the rounds on record), in sectors such as Life Sciences and Technology.

### How active is Hercules Capital?

92 investments on record, 13 of them in the last 12 months. The most recent was in Oct 2026.

### What has Hercules Capital invested in recently?

Its most recent investments on record: Suki (Series E, Oct 2026), Capitolis (Series E, Oct 2026) and Locus Robotics (Growth, Sept 2026).

### How big are Hercules Capital's cheques?

The median round it joins is $91M.

### Does Hercules Capital lead rounds?

Rarely, if at all: none of its 92 investments on record names it as the lead.

### Where does Hercules Capital invest?

Most of the companies it backs are in the United States (79%), the United Kingdom (5%) and Switzerland (5%).

### Is Hercules Capital investing now?

Yes: it is actively investing, with 13 investments in the last 12 months.

### Who does Hercules Capital invest alongside?

Most often Cormorant Asset Management (5 rounds together), Forbion Capital Partners (4 rounds together) and New Enterprise Associates (4 rounds together).

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