Mode VC
California

Refactor Capital

Refactor Capital, based in California, backs Seed-stage deep tech, life sciences, aerospace, climate, and industrial startups, leading rounds with $1 million to $3 million checks.

Website XPitch page
Entry stageSeed
Check size$1M to $3M
Leads roundsYes
FocusDeep tech, Life sciences, Defense and space, Climate, Industrial
Latest fund$50 (2026)$50 million Fund V; $300 million managed across five funds (2026)
Investing team1 peopleNo activity since Sep

Who you would pitch at Refactor Capital

1 person on the investing team, 1 of them partners who can make the call. Partners are listed first.

Zal Bilimoria
Zal BilimoriaFounding Partner (solo GP)He previously worked as a product manager at several technology companies.

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Writes $1M to $3M checks. Its smallest check is larger than 83% of firms in the atlas.

Bars: how many firms in the atlas report each band. Highlighted: this firm.

No recent activity since September 2026. Quiet does not mean closed.

Weekly count of activity updates. Activity is not a confirmed deal.

Before you pitch

Ownership target7-10%

Notable investments

AstranisSolugenBioRenderPathAI

In their words

Refactor Capital | Seed-Stage Hard Tech VC | Better Call ZalRefactor 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, advrefactor.com
Founders and investors at a Mode VC gathering

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Raising a pre-seed or seed round? We write $1M to $5M first checks and help founders with distribution. A partner reads every deck.

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One email when this firm shows new activity. Nothing else.

Firms like Refactor Capital

Starlight Ventures$500K to $3M
Bluelake$250K to $3M
Riot Ventures$1M to $30M+ · active Oct 10
DCVC$10M to $30M+ · active Oct 8
Bow CapitalCheck size not reported
Elm Street Ventures$500K to $1M

On these lists

Seed deep tech investors in California94Seed climate investors in California75Seed life sciences investors in California71Seed industrial investors in California67Seed defense and space investors in California30Seed investors in United States2836Seed investors in California699Seed climate investors204

Questions

What stage does Refactor Capital invest in?

Refactor Capital reports entry at seed.

How much does Refactor Capital invest?

Refactor Capital reports checks of $1M to $3M.

Does Refactor Capital lead rounds?

Yes. Refactor Capital says it can lead.

Who are the partners at Refactor Capital?

Zal Bilimoria (Founding Partner (solo GP)).

Is Refactor Capital active right now?

No recent activity since September 2026.

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