Refactor Capital — Pre-Seed VC Firm ($250K–$1.0M Checks)
Refactor Capital is a Pre-Seed venture capital firm based in San Francisco, CA investing in SaaS, Enterprise, Marketplace. The firm typically writes $250K–$1.0M checks and has 3 portfolio companies in our records.
- Check size
- $250K–$1.0M
- Portfolio
- 3 companies on record
- Partners
- 3 listed
- AUM
- $130M
- Stage
- Pre-Seed
- Sectors
- SaaS, Enterprise, Marketplace, Consumer, Developer Tools
- HQ
- San Francisco, CA
Last verified: 2026-06-06
Pre-Seed
$250K – $1.0M
$130M
3+ companies
3 partners
Investment Thesis
Pre-seed fund investing in technical founders building software and developer/enterprise products.
How Refactor Capital invests
Refactor Capital is a vc firm based in San Francisco, CA. The firm invests at the Pre-Seed stage, with a focus on SaaS, Enterprise, Marketplace, Consumer, Developer Tools.
Refactor Capital typically writes checks of $250K–$1.0M per investment, backed by approximately $130M in assets under management.
Refactor Capital has backed 3 companies in our records, including Instacart, Handshake, Mammoth Biosciences.
Partners & Team
Zal
General Partner
Zal is the founding partner of Refactor Capital. He invests in seed-stage hard tech companies, primarily in the US, and leads or co-leads pre-seed and seed rounds with $1–2M checks from Refactor's 4th fund ($50M), which began deploying in July 2024. Refactor is described as an intentionally solo capitalist firm with one investor, fast decisions, and direct access to the person writing the check.
Merrill Lutsky
Managing Partner
Industry Focus
Invests In
Portfolio Companies (3)
Other
Instacart
Handshake
Mammoth Biosciences
- •Raising at Pre-Seed? You're squarely in their sweet spot.
- •Lead with your fit in SaaS, Enterprise, Marketplace — the sectors they actively back.
- •Size your ask to their typical $250K – $1.0M check.
- •Address your outreach to a specific partner, such as Zal Bilimoria, Founding Partner / Solo General Partner.
- •A warm introduction beats a cold email. Get matched and request an intro.
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