# Indicator Ventures: portfolio, investments and team

> Indicator Ventures is a vc firm based in United States. 22 investments on record, 3 in the last 12 months, latest Oct 2026.

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

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

# Indicator Ventures

Last cheque observed Oct 2026; 22 cheques on record.

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Deploying now New fund $47M, Dec 2025 VC firm

Pre-seed Seed Series A Wealthtech Medical Device Fintech

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

Deploying now

**100%** of best year **3** **cheques in 12 months**, 22 on record

Since the last cheque **16** days **00** hrs **00** min **00** sec

Median round **$10M** Cheque size, as they say **$300K – $1.3M** Rounds led **1 of 22** Sole investor **1 rounds** Mostly in **United States, 100%**

Pitch Indicator Ventures

## Indicator Ventures highlights

- 01 3 cheques in the last 12 months
- 02 Mostly Seed and Series A: 85% of its rounds
- 03 Sole investor in 1 rounds, median $1.0M

## What they do

> Indicator Ventures From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $300K – $1.3M as they say
- **Stages:** Pre-seed Seed Series A
- **Sectors:** Wealthtech Medical Device Fintech
- **Based in:** New York, United States
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **22 appearances**

- **2026** 3 rounds
- **Oct** **[Chariot Claims](https://millionrounds.com/company/chariot-claims)** Series A · US · Crunchbase News **$10M** With 9 others
- **Aug** **[Hike Medical](https://millionrounds.com/company/hike-medical)** Series A · US · Ventureburn **$23M** With 4 others
- **Jun** **[EDGE Markets](https://millionrounds.com/company/edge-markets)** Series A · US · Ventureburn **$29M** With 4 others
- **2025** 1 round
- **May** **[Affiniti](https://millionrounds.com/company/affiniti)** Series A · US · TechCrunch **$17M** With 6 others
- **2023** 1 round
- **Nov** **[Retrocausal](https://millionrounds.com/company/retrocausal)** Venture · US · Firms' own news pages **$5.3M** *Led*
- **2019** 1 round
- **Sept** **[Brave Care](https://millionrounds.com/company/brave-care)** Seed · US · TechCrunch **$5.0M** With 5 others
- **2017** 1 round
- **Jan** **[Entrypoint](https://millionrounds.com/company/entrypoint)** Seed · US · FinSMEs **$2.0M** With 9 others
- **2015** 5 rounds
- **Nov** **[Edyn](https://millionrounds.com/company/edyn)** Venture · US **Undisclosed** With 3 others
- **Oct** **[cielo24](https://millionrounds.com/company/cielo24)** Series A · US **$5.1M** With 5 others
- **Jul** **[irisVR, inc](https://millionrounds.com/company/irisvr-inc)** Seed · US **$1.6M** With 5 others
- **Jun** **[Unikrn](https://millionrounds.com/company/unikrn)** Series A · US **$7.0M** With 6 others
- **Feb** **[Unikrn](https://millionrounds.com/company/unikrn)** Seed · US **$3.0M** With 2 others
- **2014** 7 rounds
- **Oct** **[Brainscape](https://millionrounds.com/company/brainscape)** Seed · US **$2.0M** With 3 others
- **Sept** **[Lob](https://millionrounds.com/company/lob)** Series A · US **$7.0M** With 4 others
- **Jul** **[Edyn](https://millionrounds.com/company/edyn)** Seed · US **$120K** With 3 others
- **Jun** **[Inkshares](https://millionrounds.com/company/inkshares)** Seed · US **$865K** With 2 others
- **Apr** **[BOND](https://millionrounds.com/company/bond)** Seed · US **$1.0M** With 3 others
- **Mar** **[Shibumi](https://millionrounds.com/company/shibumi)** Venture · US **$1.0M** Sole investor
- **Jan** **[Circa](https://millionrounds.com/company/circa)** Seed · US **$1.2M** With 9 others
- **2013** 3 rounds
- **Dec** **[Circa](https://millionrounds.com/company/circa)** US **Undisclosed** With 1 other
- **Nov** **[CapLinked](https://millionrounds.com/company/caplinked)** US · finsmes.com **$1.0M** With 8 others
- **Nov** **[Lob](https://millionrounds.com/company/lob)** Seed · US · techcrunch.com **$2.4M** With 14 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 **4 named**

BM **Baiyin Murphy** Manager i Filing they signed

BF **Benjamin F. Luntz** Executive Officer i Filing they signed

GT **Geoffrey Tarlow Bernstein** Executive Officer i Filing they signed

JM **Jonathan Michael Struhl** Executive Officer i Filing they signed

We also hold **14** 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

**$169M** gross assets of its funds Oct 2026

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

- **Legal name:** HSV Holdings LLC
- **SEC number:** CRD 299879

New fund on file

**$47M**

raised in Dec 2025

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 **$10M** the round, not its cheque Alone, median **$1.0M**

Led 1 of 22 rounds **5%**

- **Said size:** $300K – $1.3M
- **Sole investor:** 1 rounds
- **Last cheque:** Oct 2026

Rounds by stage said on their site

- Seed said *10*
- Series A said *7*
- Venture *3*
- Pre-seed said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [QueensBridge Venture Partners](https://millionrounds.com/fund/queensbridge-venture-partners) 4
- [500 Global](https://millionrounds.com/fund/500-startups) 3
- [Fenox Venture Capital](https://millionrounds.com/fund/fenox-venture-capital) 3
- [Bradley C. Harrison](https://millionrounds.com/fund/bradley-c-harrison) 2
- [Drummond Road Capital](https://millionrounds.com/fund/drummond-road-capital) 2
- [Founders Fund](https://millionrounds.com/fund/founders-fund) 2

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

[**QueensBridge Venture Partners** VC firm **4** rounds together](https://millionrounds.com/fund/queensbridge-venture-partners)[**500 Global** Angel **3** rounds together](https://millionrounds.com/fund/500-startups)[**Fenox Venture Capital** VC firm **3** rounds together](https://millionrounds.com/fund/fenox-venture-capital)[**Bradley C. Harrison** VC firm **2** rounds together](https://millionrounds.com/fund/bradley-c-harrison)[**Drummond Road Capital** VC firm **2** rounds together](https://millionrounds.com/fund/drummond-road-capital)[**Founders Fund** VC firm **2** rounds together](https://millionrounds.com/fund/founders-fund)[**Polaris Partners** VC firm **2** rounds together](https://millionrounds.com/fund/polaris-partners)[**RiverPark Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/riverpark-ventures)[**Scout Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/scout-ventures)[**Y Combinator** Accelerator **2** rounds together](https://millionrounds.com/fund/y-combinator)

## Recently backed

The latest companies Indicator Ventures put money into.

[**Chariot Claims** $10M · Oct 2026](https://millionrounds.com/company/chariot-claims)[**Hike Medical** $23M · Aug 2026](https://millionrounds.com/company/hike-medical)[**EDGE Markets** $29M · Jun 2026](https://millionrounds.com/company/edge-markets)[**Retrocausal** $5.3M · Nov 2023](https://millionrounds.com/company/retrocausal)[**Brave Care** $5.0M · Sept 2019](https://millionrounds.com/company/brave-care)[**Entrypoint** $2.0M · Jan 2017](https://millionrounds.com/company/entrypoint)

## On podcasts

2 episodes naming Indicator Ventures in the title, and 1 more that mention it.

- [Angel Insights](https://millionrounds.com/podcasts/angel-insights) 23 Mar 2016 · 24 min How Angels Can Use Social Media To Increase Deal Flow With Jonathan Struhl @ Indicator Ventures With [Jonathan Struhl](https://millionrounds.com/person/jonathan-struhl) Mentions [Indicator Ventures](https://millionrounds.com/fund/indicator-ventures)[LeBron James](https://millionrounds.com/fund/lebron-james)[Serena](https://millionrounds.com/fund/serena) *+2* Apple PodcastsShow page
- [Angel Insights](https://millionrounds.com/podcasts/angel-insights) 7 Oct 2015 · 24 min How To Invest At Seed Stage With Limited Metrics with Ben Luntz @ Indicator Ventures With [Ben Luntz](https://millionrounds.com/person/ben-luntz) Mentions [Indicator Ventures](https://millionrounds.com/fund/indicator-ventures)[Brad Feld](https://millionrounds.com/person/brad-feld) Apple PodcastsShow page

### Mentioned in

- [The Full Ratchet](https://millionrounds.com/podcasts/full-ratchet) 8 Jul 2015 · 57 min 42. Raising a VC Fund (Jonathan Struhl) Apple PodcastsShow page

## Quick answers about Indicator Ventures

### What does Indicator Ventures invest in?

Indicator Ventures invests most often at Seed and Series A (85% of the rounds on record), in sectors such as Wealthtech, Medical Device and Fintech.

### How active is Indicator Ventures?

22 investments on record, 3 of them in the last 12 months, and it led 1. The most recent was in Oct 2026.

### What has Indicator Ventures invested in recently?

Its most recent investments on record: Chariot Claims (Series A, Oct 2026), Hike Medical (Series A, Aug 2026) and EDGE Markets (Series A, Jun 2026).

### How big are Indicator Ventures's cheques?

The median round it joins is $10M. It says it writes cheques of $300K to $1.3M.

### Does Indicator Ventures lead rounds?

Sometimes: it led 1 of its 22 investments on record (5%).

### Where does Indicator Ventures invest?

Most of the companies it backs are in the United States (100%).

### Is Indicator Ventures investing now?

Yes: it is actively investing, with 3 investments in the last 12 months.

### Who does Indicator Ventures invest alongside?

Most often QueensBridge Venture Partners (4 rounds together), 500 Global (3 rounds together) and Fenox Venture Capital (3 rounds together).

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