Sandalphon Capital is a Chicago-based micro venture capital firm founded in May 2016 by Jonathan Ellis. See contact routes.
Sandalphon Capital is a Chicago-based micro venture capital firm founded in May 2016 by Jonathan Ellis, operating with a mission to serve as a “helpful partner” to early-stage entrepreneurs. The firm invests in Pre-Seed, Seed, and Series A rounds, focusing on B2B SaaS and marketplace models that drive digital transformation or reinvention across Digital Health, Healthcare IT, Insurtech, FinTech, PropTech, and GovTech. Its geographic mandate centers on Chicago and the broader Midwest, intentionally targeting underserved U.S. markets while typically avoiding the Bay Area. Typical check sizes range from $100,000 at Pre-Seed to $1–2 million at Series A, with the firm often investing alongside angel investors and other early-stage funds as a co-investor rather than a consistent lead. Notable portfolio companies include WeWork, though the firm’s public portfolio list is limited and specific named exits beyond this are not widely documented in available sources. A distinctive point of view is the firm’s contrarian focus on non-hub markets and its role as an ecosystem builder through hosting midwest.tech/connect, a bi-annual virtual summit linking Mid
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