United States · Investor

Unless

Last cheque observed May 2026; 2 cheques on record.

Deploying nowNew fund $1.6M, Jun 2026VC firm

Series ASeries BGridGasBattery

Deploying now
100%of best year2cheques in 12 months, 2 on record
Since the last cheque180days00hrs00min00sec
Median round$185MRounds led1 of 2
Pitch Unless

Unless highlights

  1. 01

    2 cheques in the last 12 months

  2. 02

    Mostly Growth and Series B: 100% of its rounds

  3. 03

    Led 1 rounds

What they do

We're an investment firm on a mission to back visionary companies transforming industrial systems.From their own website
Type
VC firm (from a list, unverified)
Cheque size
Not stated
Stages
Series ASeries B
Sectors
GridGasBattery
Based in
Boulder, United States
Cold pitches
Not stated

The record

Every round we can evidence, newest first2 appearances

  1. 2026

    2 rounds

  2. May
    PanthalassaGrowth · US · TechStartups$140MWith 26 others
  3. Feb
    PositronSeries B · US · TechCrunch$230MLed

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 registration4 named

ADAaron David MarshChief Financial OfficeriForm ADV
DMDavid MindellLead for Collective of ExpertsiForm ADV
PJPatricia Jane RogersGeneral Counsel and Chief Compliance OfficeriForm ADV
TZTrevor ZimmermanExecutive Officer, Director, PromoteriFiling 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

$253Massets it managesOct 2026
5+funds on filenumbered funds in its name
Registeredinvestment adviserfull reporting to the SEC
Legal name
Unless Management LP
SEC number
CRD 318549

What they claim to have backed

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.

Recently backed

The latest companies Unless put money into.

Quick answers about Unless

What does Unless invest in?

Unless invests most often at Growth and Series B (100% of the rounds on record), in sectors such as Grid, Gas and Battery.

How active is Unless?

2 investments on record, 2 of them in the last 12 months, and it led 1. The most recent was in May 2026.

What has Unless invested in recently?

Its most recent investments on record: Panthalassa (Growth, May 2026) and Positron (Series B, Feb 2026).

How big are Unless's cheques?

The median round it joins is $185M.

Is Unless investing now?

Yes: it is actively investing, with 2 investments in the last 12 months.

What kind of investor is Unless?

Unless is a VC firm based in Boulder, United States.

How much does Unless manage?

About $253M, as regulatory assets under management (Oct 2026).

Has Unless raised a new fund?

Its latest fund filing with the SEC was in Jun 2026, reporting $1.6M raised.

Raising now?

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Built from the rounds we watched, its filings and its own website, refreshed every night. How we count · Report a correction · Is this your firm? Claim it