# Refactor Capital: portfolio, investments and team

> Refactor Capital is a vc firm based in United States. 56 investments on record, 3 in the last 12 months, latest Feb 2026.

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

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

# Refactor Capital

Last cheque observed Feb 2026; 56 cheques on record.

Email

Deploying now New fund $50M, May 2026 VC firm

Pre-seed Seed Series A Transcriptomics Medicines Cell Therapy

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

Deploying now

**25%** of best year **3** **cheques in 12 months**, 56 on record

Since the last cheque **273** days **00** hrs **00** min **00** sec

Median round **$10M** Cheque size, as they say **$500K – $2.0M** Rounds led **1 of 56** Sole investor **1 rounds** Mostly in **United States, 93%**

Pitch Refactor Capital

## Refactor Capital highlights

- 01 3 cheques in the last 12 months
- 02 Mostly Seed and Series A: 68% of its rounds
- 03 Sole investor in 1 rounds, median $4.0M

## What they do

> Refactor is a seed-stage hard tech venture firm. Solo GP Zal Bilimoria writes $1-2M checks into founders building in aerospace, energy, bio, health, nuclear, defense, advanced manufacturing, and critical materials. From their own website

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $500K – $2.0M as they say
- **Stages:** Pre-seed Seed Series A
- **Sectors:** Transcriptomics Medicines Cell Therapy
- **Based in:** Burlingame, United States
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **56 appearances**

- **2026** 1 round
- **Feb** **[The Biological Computing](https://millionrounds.com/company/the-biological-computing)** Seed · US **$25M** With 4 others
- **2025** 12 rounds
- **Dec** **[Curative](https://millionrounds.com/company/curative)** Series B · US · Ventureburn **$150M** With 7 others
- **Dec** **[Berkeley Yeast](https://millionrounds.com/company/berkeley-yeast)** Venture · US **Undisclosed** With 2 others
- **Oct** **[Pila Energy](https://millionrounds.com/company/pila-energy)** Seed · US **$4.0M** With 3 others
- **Oct** **[Nome Bio](https://millionrounds.com/company/nome-bio)** Seed · US **$2.7M** With 1 other
- **Jul** **[Hexium](https://millionrounds.com/company/hexium)** Venture · US **$13M** With 1 other
- **Jun** **[Parallel Bio](https://millionrounds.com/company/parallel-bio)** Series A · US **$21M** With 3 others
- **May** **[Hero](https://millionrounds.com/company/hero)** Venture · US **Undisclosed** With 4 others
- **Apr** **[Remedy Scientific](https://millionrounds.com/company/remedy-scientific)** Seed · US **$11M** With 2 others
- **Mar** **[Modulo Bio](https://millionrounds.com/company/modulo-bio)** Seed · US **$4.8M** With 4 others
- **Mar** **[Causal Labs](https://millionrounds.com/company/causal-labs)** Seed · US **$6.0M** With 3 others
- **Mar** **[General Galactic](https://millionrounds.com/company/general-galactic)** Venture · US **Undisclosed** With 2 others
- **Feb** **[MIIST Therapeutics](https://millionrounds.com/company/miist-therapeutics)** Seed · US **$7.0M** With 3 others
- **2024** 8 rounds
- **Sept** **[Macro Oceans](https://millionrounds.com/company/macro-oceans)** Seed · US **$2.5M** With 1 other
- **Jul** **[Granza Bio](https://millionrounds.com/company/granza-bio)** Seed · US **$7.1M** With 3 others
- **Jun** **[AKASA](https://millionrounds.com/company/akasa)** Series C · US **$120M** With 3 others
- **May** **[Bedrock Materials](https://millionrounds.com/company/bedrock-materials)** Seed · US **$9.0M** With 3 others
- **May** **[Phytoform Labs](https://millionrounds.com/company/phytoform-labs)** Grant · GB **$1.3M** With 4 others
- **Apr** **[Rubedo Life Sciences](https://millionrounds.com/company/rubedo-life-sciences)** Series A · US **$40M** With 2 others
- **Mar** **[YourChoice Therapeutics](https://millionrounds.com/company/yourchoice-therapeutics)** Grant · US **$500K** With 4 others
- **Feb** **[Trace Genomics](https://millionrounds.com/company/trace-genomics)** Series B · US **$11M** With 4 others
- **2023** 8 rounds
- **Dec** **[Orchid](https://millionrounds.com/company/orchid)** Seed · US **$12M** With 2 others
- **Nov** **[Evernow](https://millionrounds.com/company/evernow)** Series A · US · Amboy Street **$29M** With 8 others
- **Aug** **[Cofactor Genomics](https://millionrounds.com/company/cofactor-genomics)** Venture · US **$1.2M** With 4 others
- **Jun** **[Hyfé](https://millionrounds.com/company/hyfe)** Seed · US **$9.0M** With 4 others
- **Apr** **[BioRender](https://millionrounds.com/company/biorender)** Series A · CA **$15M** With 3 others
- **Mar** **[VITAL](https://millionrounds.com/company/vital)** Series B · CA **$25M** With 7 others
- **Feb** **[Checkerspot](https://millionrounds.com/company/checkerspot)** Series C · US **$55M** With 3 others
- **Jan** **[Melonfrost](https://millionrounds.com/company/melonfrost)** Seed · US **$7.0M** With 1 other
- **2022** 7 rounds
- **Aug** **[Spora Health](https://millionrounds.com/company/spora-health)** Venture · US **Undisclosed** With 5 others
- **Jul** **[FYTO](https://millionrounds.com/company/fyto)** Series A · US **$15M** With 3 others
- **Jun** **[Plutoshift](https://millionrounds.com/company/plutoshift)** Venture · US **$3.3M** With 2 others
- **May** **[Ness](https://millionrounds.com/company/ness)** Seed · US **$16M** With 3 others
- **May** **[Red Leader](https://millionrounds.com/company/red-leader)** Series A · US **$10M** With 4 others
- **Apr** **[Evernow](https://millionrounds.com/company/evernow)** Series A · US · New Enterprise Associates **$29M** With 4 others
- **Mar** **[Mori](https://millionrounds.com/company/mori)** Series B · US **$50M** With 2 others
- **2021** 2 rounds
- **Dec** **[Redesign Science](https://millionrounds.com/company/redesign-science)** Seed · US **$15M** With 5 others
- **Oct** **[Gencove](https://millionrounds.com/company/gencove)** Series A · US **$10M** With 3 others
- **2019** 6 rounds
- **Oct** **[Tempest](https://millionrounds.com/company/tempest)** Series A · US · Prnewswire **$10M** With 5 others
- **Sept** **[Brave Care](https://millionrounds.com/company/brave-care)** Seed · US · TechCrunch **$5.0M** With 5 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**

DL **David Lee** Managing Member i Filing they signed

RB **Rick Barber** Manager i Filing they signed

ZB **Zal Bilimoria** Managing Director i Filing they signed

We also hold **3** 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

**$416M** gross assets of its funds Oct 2026

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

- **Legal name:** Refactor Capital Management, LLC
- **SEC number:** CRD 308137

## What they claim to have backed

From their own portfolio page (on their website)

**28** of 49 we have independently watched raise

[64-X Bio](https://millionrounds.com/company/64x-bio)[Akasa](https://millionrounds.com/company/akasa)[Astranis](https://millionrounds.com/company/astranis)[Avail](https://millionrounds.com/company/avail)[Berkeley Yeast](https://millionrounds.com/company/berkeley-yeast)[Biorender](https://millionrounds.com/company/biorender)[Checkerspot](https://millionrounds.com/company/checkerspot)[Clover Health](https://millionrounds.com/company/clover-health)[Curative](https://millionrounds.com/company/curative)[Enzyme](https://millionrounds.com/company/enzyme)[FactoryFour](https://millionrounds.com/company/factoryfour)[Floodbase](https://millionrounds.com/company/floodbase)[Granza Bio](https://millionrounds.com/company/granza-bio)[Headspace](https://millionrounds.com/company/headspace)[Hexium](https://millionrounds.com/company/hexium)[Kip](https://millionrounds.com/company/modern-health)[Knowde](https://millionrounds.com/company/knowde)[Lucy](https://millionrounds.com/company/lucy)[Macro Oceans](https://millionrounds.com/company/macro-oceans)[Onyx Bio](https://millionrounds.com/company/onyx-bio)[Ophelia](https://millionrounds.com/company/ophelia)[Parallel Bio](https://millionrounds.com/company/parallel-bio)[PathAI](https://millionrounds.com/company/pathai)[Picnic Health](https://millionrounds.com/company/picnichealth)[Pila Energy](https://millionrounds.com/company/pila-energy)[Remedy Scientific](https://millionrounds.com/company/remedy-scientific)[Solugen](https://millionrounds.com/company/solugen)[Thalo Labs](https://millionrounds.com/company/thalo-labs) Adventris Atlas Blockfolio Brelle Causal Labs Coinbase Epana Bio General Galactic Hero Inferra Loyal Miist Octant Orchid Health Phytoform Pilgrim TBC Tempest Uniform Teeth Vital Health Vitra Labs

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.

New fund on file

**$50M**

raised in May 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 **$10M** the round, not its cheque Alone, median **$4.0M**

Led 1 of 56 rounds **2%**

- **Said size:** $500K – $2.0M
- **Sole investor:** 1 rounds
- **Last cheque:** Feb 2026

Rounds by stage said on their site

- Seed said *21*
- Series A said *13*
- Venture *8*
- Series B *6*
- Grant *2*
- Pre-seed said *-*

Cheques by month Led Joined

Dec 2023 Nov 2026

Often in the room with

- [Y Combinator](https://millionrounds.com/fund/y-combinator) 10
- [BoxGroup](https://millionrounds.com/fund/boxgroup) 5
- [500 Global](https://millionrounds.com/fund/500-startups) 4
- [Alumni Ventures](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund) 4
- [Fifty Years](https://millionrounds.com/fund/fifty-years-industries-llc) 4
- [8VC](https://millionrounds.com/fund/8vc) 3

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

[**Y Combinator** Accelerator **10** rounds together](https://millionrounds.com/fund/y-combinator)[**BoxGroup** VC firm **5** rounds together](https://millionrounds.com/fund/boxgroup)[**500 Global** Angel **4** rounds together](https://millionrounds.com/fund/500-startups)[**Alumni Ventures** VC firm **4** rounds together](https://millionrounds.com/fund/us-strategic-tech-fund-an-alumni-ventures-fund)[**Fifty Years** VC firm **4** rounds together](https://millionrounds.com/fund/fifty-years-industries-llc)[**8VC** VC firm **3** rounds together](https://millionrounds.com/fund/8vc)[**Builders VC** VC firm **3** rounds together](https://millionrounds.com/fund/builders-vc)[**Collaborative Fund** VC firm **3** rounds together](https://millionrounds.com/fund/collaborative-fund)[**DCVC** VC firm **3** rounds together](https://millionrounds.com/fund/data-collective)[**SV Angel** VC firm **3** rounds together](https://millionrounds.com/fund/sv-angel)[**AgFunder** VC firm **2** rounds together](https://millionrounds.com/fund/agfunder)[**Alexandria Venture Investments** VC firm **2** rounds together](https://millionrounds.com/fund/alexandria-venture-investments)

## Recently backed

The latest companies Refactor Capital put money into.

[**The Biological Computing** $25M · Feb 2026](https://millionrounds.com/company/the-biological-computing)[**Curative** $150M · Dec 2025](https://millionrounds.com/company/curative)[**Berkeley Yeast** Dec 2025](https://millionrounds.com/company/berkeley-yeast)[**Nome Bio** $2.7M · Oct 2025](https://millionrounds.com/company/nome-bio)[**Hexium** $13M · Jul 2025](https://millionrounds.com/company/hexium)[**Parallel Bio** $21M · Jun 2025](https://millionrounds.com/company/parallel-bio)

## On podcasts

1 episode naming Refactor Capital in the title, and 2 more that mention it.

- [The Twenty Minute VC](https://millionrounds.com/podcasts/20vc) 16 Apr 2018 · 24 min 20VC: How a16z Uses NPS To Create Better Founder Experiences, Why Intellectual Curiosity Is The Most Important Investor Trait & Creating A Fund To Last Through The Ages with Zal Bilimoria, Founding Partner @ Refactor Capital With [Zal Bilimoria](https://millionrounds.com/person/zal-bilimoria) Mentions [Refactor Capital](https://millionrounds.com/fund/refactor-capital)[Google](https://millionrounds.com/fund/google-assistant-investments) Apple PodcastsShow page

### Mentioned in

- [Venture Unlocked](https://millionrounds.com/podcasts/venture-unlocked) 19 Feb 2025 · 47 min The Solo GP Playbook: Zal Bilimoria on Fundraising, Portfolio Strategy, and Founder Relationships Apple PodcastsShow page
- [The Peel](https://millionrounds.com/podcasts/the-peel) 15 Nov 2023 · 1h 7m How Solugen is Saving the $5 Trillion Chemical Industry (Co-founders Gaurab Chakrabarti & Sean Hunt) Apple PodcastsShow page

## Quick answers about Refactor Capital

### What does Refactor Capital invest in?

Refactor Capital invests most often at Seed and Series A (68% of the rounds on record), in sectors such as Transcriptomics, Medicines and Cell Therapy.

### How active is Refactor Capital?

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

### What has Refactor Capital invested in recently?

Its most recent investments on record: The Biological Computing (Seed, Feb 2026), Curative (Series B, Dec 2025) and Berkeley Yeast (Venture, Dec 2025).

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

The median round it joins is $10M. It says it writes cheques of $500K to $2.0M.

### Does Refactor Capital lead rounds?

Sometimes: it led 1 of its 56 investments on record (2%).

### Where does Refactor Capital invest?

Most of the companies it backs are in the United States (93%) and Canada (5%).

### Is Refactor Capital investing now?

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

### Who does Refactor Capital invest alongside?

Most often Y Combinator (10 rounds together), BoxGroup (5 rounds together) and 500 Global (4 rounds together).

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