# Human Capital: portfolio, investments and team

> Human Capital is a growth equity based in New Zealand. 81 investments on record, 16 in the last 12 months, latest Oct 2026.

Source: https://millionrounds.com/fund/human-capital-2 (Millionrounds; every figure on the page links to its filing or article)

New Zealand · [Investor](https://millionrounds.com/investors)

# Human Capital

Last cheque observed Oct 2026; 81 cheques on record.

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Deploying now Growth equity

Series B Series A Seed Venture Capital & Private Equity

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Deploying now

**67%** of best year **16** **cheques in 12 months**, 81 on record

Since the last cheque **4** days **00** hrs **00** min **00** sec

Median round **$24M** Rounds led **1 of 81** Sole investor **2 rounds** Mostly in **United States, 95%**

Pitch Human Capital

Another investor of this name exists, and we could not establish from the rounds which of them the press meant. Treat the record below as possibly belonging to either. [Tell us which](https://millionrounds.com/corrections?slug=human-capital-2) if you know.

## Human Capital highlights

- 01 16 cheques in the last 12 months
- 02 Mostly Series B and Series A: 49% of its rounds
- 03 Sole investor in 2 rounds, median $20M

## What they do

- **Type:** Growth equity (from a list, unverified)
- **Cheque size:** Not stated
- **Sectors:** Venture Capital & Private Equity
- **Based in:** Auckland, New Zealand
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **81 appearances**

- **2026** 13 rounds
- **Oct** **[American Advanced Materials](https://millionrounds.com/company/american-advanced-materials)** Seed · US · Pulse 2.0 **$13M** With 3 others
- **Sept** **[Flow Engineering](https://millionrounds.com/company/flow-engineering)** Series B · US · Seedcamp **$50M** With 14 others
- **Sept** **[Archive](https://millionrounds.com/company/archive)** Seed · US **$4.0M** With 4 others
- **Sept** **[Rune Technologies](https://millionrounds.com/company/rune-technologies)** Grant · US **$4.1M** With 5 others
- **Sept** **[Qualia](https://millionrounds.com/company/qualia)** Venture · US **$50M** With 3 others
- **Jul** **[Natural](https://millionrounds.com/company/natural)** Series A · US · TechCrunch **$30M** With 3 others
- **May** **[Monaco](https://millionrounds.com/company/monaco)** Series B · US **$50M** With 3 others
- **May** **[9amHealth](https://millionrounds.com/company/9amhealth)** Series B · US **$26M** With 3 others
- **May** **[Luel](https://millionrounds.com/company/luel)** Venture · US **Undisclosed** With 3 others
- **Mar** **[Cloaked](https://millionrounds.com/company/cloaked)** Series B · US · Crunchbase News **$375M** With 10 others
- **Feb** **[Yendo](https://millionrounds.com/company/yendo)** Debt · US · Ventureburn **$200M** With 5 others
- **Feb** **[Monaco](https://millionrounds.com/company/monaco)** Series A · US **$25M** With 1 other
- **Jan** **[Humans&](https://millionrounds.com/company/humans-and)** Seed · US · Crunchbase News **$480M** With 13 others
- **2025** 20 rounds
- **Dec** **[Medra AI](https://millionrounds.com/company/medra-ai)** Series A · US **$52M** With 5 others
- **Dec** **[Kargo](https://millionrounds.com/company/kargo)** Series B · US **$42M** With 3 others
- **Nov** **[Maybern](https://millionrounds.com/company/maybern)** Series B · US **$50M** With 2 others
- **Oct** **[Yendo](https://millionrounds.com/company/yendo)** Series B · US **$50M** With 4 others
- **Oct** **[Natural](https://millionrounds.com/company/natural)** Seed · US **$9.8M** With 3 others
- **Sept** **[Kojo](https://millionrounds.com/company/kojo)** Series C · US **$10M** With 6 others
- **Sept** **[Datawizz.ai](https://millionrounds.com/company/datawizz-ai)** Seed · US **$13M** With 1 other
- **Aug** **[Ketone-IQ](https://millionrounds.com/company/ketone-iq)** Venture · US **Undisclosed** With 3 others
- **Jul** **[Observe](https://millionrounds.com/company/observe)** Series C · US · TechStartups **$156M** With 6 others
- **Jul** **[Rune Technologies](https://millionrounds.com/company/rune-technologies)** Series A · US · TechCrunch **$24M** *Led*
- **Jul** **[Aldoa](https://millionrounds.com/company/aldoa)** Seed · US **$3.8M** With 2 others
- **Jul** **[Zip Security](https://millionrounds.com/company/zip-security)** Series A · US **$14M** With 4 others
- **Jul** **[Zodia Markets](https://millionrounds.com/company/zodia-markets)** Series A · GB **$18M** Sole investor
- **Jul** **[Fellow Health](https://millionrounds.com/company/fellow-health)** Series B · US **$24M** With 2 others
- **Jun** **[Kargo](https://millionrounds.com/company/kargo)** Series A · US · TechStartups **$18M** With 6 others
- **Jun** **[Aim](https://millionrounds.com/company/aim)** Venture · CZ **$50M** With 4 others
- **Jun** **[Commure](https://millionrounds.com/company/commure)** Series E · US **$200M** With 4 others
- **Apr** **[Transcarent](https://millionrounds.com/company/transcarent)** Series D · US **$481M** With 4 others
- **Feb** **[Homeward](https://millionrounds.com/company/homeward)** Grant · US **$12M** With 2 others
- **Feb** **[Sanas](https://millionrounds.com/company/sanas)** Series B · US **$65M** With 5 others
- **2024** 13 rounds
- **Nov** **[Homethrive](https://millionrounds.com/company/homethrive)** Series B · US **$20M** With 1 other
- **Nov** **[Lean Technologies](https://millionrounds.com/company/lean-technologies)** Series B **$68M** With 4 others
- **Nov** **[Kalder](https://millionrounds.com/company/kalder)** Seed · US **$7.0M** With 3 others
- **Oct** **[Valon Technologies](https://millionrounds.com/company/valon-technologies)** Series C · US · AlleyWatch **$100M** With 5 others
- **Oct** **[Ghost](https://millionrounds.com/company/ghost)** Series C · US **$40M** With 5 others
- **Oct** **[ZetaChain](https://millionrounds.com/company/zetachain)** Venture · US **Undisclosed** With 4 others
- **Jul** **[Courted](https://millionrounds.com/company/courted)** Venture · US **Undisclosed** 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 cheque

Series B Series A Seed

Median round joined **$24M** the round, not its cheque Alone, median **$20M**

Led 1 of 81 rounds **1%**

- **Sole investor:** 2 rounds
- **Last cheque:** Oct 2026

Rounds by stage said on their site

- Series B *18*
- Series A *18*
- Seed *17*
- Venture *11*
- Series C *7*
- Grant *3*

Cheques by month Led Joined

Dec 2023 Nov 2026

Often in the room with

- [General Catalyst](https://millionrounds.com/fund/general-catalyst) 15
- [Founders Fund](https://millionrounds.com/fund/founders-fund) 9
- [Y Combinator](https://millionrounds.com/fund/y-combinator) 9
- [8VC](https://millionrounds.com/fund/8vc) 7
- [FJ Labs](https://millionrounds.com/fund/fj-labs) 5
- [Lux Capital](https://millionrounds.com/fund/lux-capital) 5

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## Who they invest alongside

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

[**General Catalyst** VC firm **15** rounds together](https://millionrounds.com/fund/general-catalyst)[**Founders Fund** VC firm **9** rounds together](https://millionrounds.com/fund/founders-fund)[**Y Combinator** Accelerator **9** rounds together](https://millionrounds.com/fund/y-combinator)[**8VC** VC firm **7** rounds together](https://millionrounds.com/fund/8vc)[**FJ Labs** VC firm **5** rounds together](https://millionrounds.com/fund/fj-labs)[**Lux Capital** VC firm **5** rounds together](https://millionrounds.com/fund/lux-capital)[**MANTIS Venture Capital** VC firm **5** rounds together](https://millionrounds.com/fund/mantis-venture-capital)[**Menlo Ventures** VC firm **5** rounds together](https://millionrounds.com/fund/menlo-ventures)[**Tiger Global Management** VC firm **5** rounds together](https://millionrounds.com/fund/tiger-global-management)[**Abstract Ventures** VC firm **4** rounds together](https://millionrounds.com/fund/abstract)[**Andreessen Horowitz** VC firm **4** rounds together](https://millionrounds.com/fund/andreessen-horowitz)[**Forerunner Ventures** VC firm **4** rounds together](https://millionrounds.com/fund/forerunner-ventures)

## Recently backed

The latest companies Human Capital put money into.

[**Flow Engineering** $50M · Sept 2026](https://millionrounds.com/company/flow-engineering)[**Rune Technologies** $4.1M · Sept 2026](https://millionrounds.com/company/rune-technologies)[**Qualia** $50M · Sept 2026](https://millionrounds.com/company/qualia)[**Natural** $30M · Jul 2026](https://millionrounds.com/company/natural)[**Monaco** $50M · May 2026](https://millionrounds.com/company/monaco)[**9amHealth** $26M · May 2026](https://millionrounds.com/company/9amhealth)

## Quick answers about Human Capital

### What does Human Capital invest in?

Human Capital invests most often at Series B and Series A (49% of the rounds on record), in sectors such as Venture Capital & Private Equity.

### How active is Human Capital?

81 investments on record, 16 of them in the last 12 months, and it led 1. The most recent was in Oct 2026.

### What has Human Capital invested in recently?

Its most recent investments on record: American Advanced Materials (Seed, Oct 2026), Flow Engineering (Series B, Sept 2026) and Archive (Seed, Sept 2026).

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

The median round it joins is $24M.

### Does Human Capital lead rounds?

Sometimes: it led 1 of its 81 investments on record (1%).

### Where does Human Capital invest?

Most of the companies it backs are in the United States (95%).

### Is Human Capital investing now?

Yes: it is actively investing, with 16 investments in the last 12 months.

### Who does Human Capital invest alongside?

Most often General Catalyst (15 rounds together), Founders Fund (9 rounds together) and Y Combinator (9 rounds together).

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