Refactor Capital Fund V

Refactor Capital

Status

ACTIVE

Global HQ

San Francisco, United States

Countries of investment

United States
Canada
United Kingdom
Israel
Germany
France

Investment stages

Pre-Seed
Seed
Series A

Industries

Biotech
Climate Tech
Hardware
Deep Tech
Frontier Tech
Synthetic Biology
Robotics

About
Refactor Capital is a San Francisco-based VC focused on early-stage hard tech and biotech startups. Their focus spans biotech, climate tech, hardware, deep tech, and frontier tech across the United States, Canada, the United Kingdom, Israel, Germany, and France. The firm supports technical founders from Pre-Seed through Series A.

Min check size: $1M
Max check size: $2M
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Investment Thesis

Refactor Capital is an early-stage venture capital firm deploying capital across biotech, climate tech, hardware, deep tech, and frontier technology sectors. They invest in founders working on hard problems that matter — bioengineering, climate, computing, and human health — with patient capital and technical conviction. The firm differentiates itself through founders Zal Bilimoria and David Lee's deep technical investing expertise, dedicated focus on hard tech and science-led founders, and operator-investor support spanning biotech and frontier tech ecosystems.

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Manager's Experience

Zal Bilimoria (Co-Founder & Partner) co-founded Refactor Capital after serving as a Partner at Andreessen Horowitz where he led investments across biotech and frontier tech; he previously worked in product roles at YouTube and Netflix. David Lee (Co-Founder & Partner) co-founded the firm bringing deep operator-investor expertise from his prior role as Founding Partner at SV Angel and Y Combinator advisor. The team has built a track record investing in hard tech and biotech founders working on problems that matter across bioengineering, climate, computing, and human health.