About Underdog Labs
Underdog Labs, an accelerator and incubator program founded in 2019, is based in San Francisco, United States. With a presence in 2 countries, it has supported around 49 startups in sectors like Enterprise Applications, High Tech. As of Nov 2026, Underdog Labs has 1 unicorn under its belt and has witnessed 4 portfolio exits. Most notable companies in
its portfolio include Code Metal, Tennr and Telo Trucks. The program is backed by a team of 8 people who primarily support Seed startups based in United States. Its latest investment was a $2.2M Seed round in Campground Systems on Jun 09, 2026, which also saw participation from Precursor Ventures and Acumen America.
Key Metrics
Founded Year
2019
Location
San Francisco, United States
Portfolio Companies
Sectors of Investment
Stages of Investment
Seed & Series A
Locations of Investment
Unicorn in Portfolio
Underdog Labs' List of Top Investments
Underdog Labs has a portfolio of 49 companies, one of which is a Unicorn. Their most notable investments are in Tennibot and Node40.Their portfolio spans across United States and Pakistan. They have invested in Enterprise Applications, High Tech, Consumer and 23 other sectors, across stages such as Seed, Series A stages. Here is the list of top investments by Underdog Labs:
1. Code Metal
Provider of AI-powered solutions for automated code translation and edge deployment. The company facilitates the transition of research code into optimized, low-level code suitable for edge environments. It offers tools for defining runtime environments, including CPU, GPU, and FPGA configurations. The company automates the generation of code in languages such as C/C++, Rust, VHDL, Verilog, CUDA, HIP, and ONNX. It also provides features for tracking changes between generated and input code.
Key facts about Code Metal
- Founded Year: 2023
- Location: Boston (United States)
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $184M
- Employee Count: 136 as on Oct 31, 2026
- Investors: Salesforce Ventures, B Capital and 11 Others
- Latest Funding Round: Series B, Feb 19, 2026, $*****
- Highlight: Editors' Pick
2. Tennr
Provider of an intelligent automation platform for healthcare operations. It is powered by RaeLM, an advanced vision-language model designed to interpret unstructured medical records against complex payor criteria. It automates and streamlines patient intake, referral management, and benefits investigations to help healthcare providers move from fax-based document handling to faster first patient visits with fewer denials.
Key facts about Tennr
- Founded Year: 2021
- Location: New York City (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $162M
- Employee Count: 342 as on Oct 31, 2026
- Investors: Foundation Capital, Lightspeed Venture Partners and 13 Others
- Latest Funding Round: Series C, Jun 18, 2025, $*****
- Highlight: Editors' Pick
3. Telo Trucks
Manufacturer of electric trucks. It develops vehicles built for commercial and industrial transport across varied use cases. Its work involves creating systems that support reliable movement and efficient operation for heavy-duty needs.
Key facts about Telo Trucks
- Founded Year: 2023
- Location: San Carlos (United States)
- Stage: Series A
- Total Funding till date: $7.18M
- Employee Count: 31 as on Oct 31, 2026
- Investors: Spero Ventures, WorkPlay Ventures and 4 Others
- Latest Funding Round: Series A, Mar 13, 2024, $*****
- Highlight: Editors' Pick
4. TransCrypts
Cloud-based platform for document management. The platform allows users to send, receive, verify and organize documents, pdfs, photos, videos, and other files. It also offers tools for employment & income verifications. It offers features such as end-to-end Encryption, decentralized, blockchain technology, etc.
Key facts about TransCrypts
- Founded Year: 2020
- Location: Newark (United States)
- Valuation: $*****
- Stage: Seed
- Total Funding till date: $21.3M
- Employee Count: 37 as on Oct 31, 2026
- Investors: Alpha Edison, Motley Fool Ventures and 18 Others
- Latest Funding Round: Seed, May 02, 2025, $*****
- Highlight: Editors' Pick
Arbital Health is a healthcare company that offers a third-party adjudication utility to help bolster outcomes-based healthcare contracts. They are known for their impartial analysis and statistical rigor.
Key facts about Arbital Health
- Founded Year: 2023
- Location: San Francisco (United States)
- Stage: Series B
- Total Funding till date: $46.2M
- Employee Count: 82 as on Oct 31, 2026
- Investors: Flex Capital, Healthy Ventures and 5 Others
- Latest Funding Round: Series B, Jul 29, 2025, $*****
Underdog Labs' Year-on-Year Investment Trends
Underdog Labs has invested in 49 companies over the last 6 years, with an average of 4 new investments annually in the last 5 years. In 2025, it made 2 investments, while as of Jun 2026, it has made 4 investments in this year. Its most recent first time investment was in Campground Systems and most recent follow-on round was in Keebler.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 3 | 1 | 4 |
2025 | 2 | 0 | 2 |
2024 | 4 | 0 | 4 |
2023 | 4 | 0 | 4 |
2022 | 5 | 0 | 5 |
2021 | 4 | 0 | 4 |
2020 | 2 | 0 | 2 |
Underdog Labs' Investments by Stage
Underdog Labs has made 20 investments in Seed stage with an average round size of $2.45M and 4 investments in Series A stage with an average round size of $8.91M.Stage of entry | No. of Investments |
|---|---|
Seed | 20 |
Series A | 4 |
Note: We have considered here, only first round of investments
Underdog Labs' Investments by Sector
Underdog Labs has a diverse portfolio, with companies operating in the Enterprise Applications, Vertical SaaS, Consumer, FinTech and Financial Services. Notably, it has invested in 41 Tech companies, 34 Enterprise (B2B) companies, 28 Software companies and at least 19 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Enterprise Applications | 16 |
Vertical SaaS | 6 |
Consumer | 4 |
FinTech | 3 |
Financial Services | 3 |
Others | 22 |
Note: We have considered here, only first round of investments
Underdog Labs' Investments by Geography
Underdog Labs has made most investments in United States (21), followed by Pakistan where it has made 1 investment.Country | No. of Investments |
|---|---|
United States | 21 |
Pakistan | 1 |
Note: We have considered here, only first round of investments
Underdog Labs' recent investments
Underdog Labs has made 4 investments in 2026 so far. Campground Systems and Coworked are the latest among them.Here are the most recent investments by Underdog Labs:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jun 09, 2026 | - | Seed | 3992 | [+3] | |
May 12, 2026 | United States | Seed | 8258 | ||
Apr 15, 2026 | United States | Series A | 7524 | ||
Mar 30, 2026 | - | Seed | 6227 | [+1] | |
May 09, 2025 | United States | Seed | 2573 | [+4] |
Unicorns in Underdog Labs' Portfolio
Underdog Labs has 1 unicorn in its portfolio - Code Metal. The most recent unicorn in their portfolio is Code Metal which became a unicorn in 2026, 2 years after Underdog Labs first invested in it.Here is a list of unicorns in Underdog Labs' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
66 | Provider of AI-powered solutions for automated code translation and edge deployment | 2023 | Boston | Series B | wdqgypc |
Acquired companies in Underdog Labs' Portfolio
4 companies from Underdog Labs' portfolio have been acquired. The most recent acquisition was Credit Mountain in Aug 2026 by MeridianLink for $*****.Here are Underdog Labs' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Aug 03, 2026 | Aug 04, 2021 | Seed | 2895 | |
Dec 23, 2022 | - | - | 4204 | |
Oct 10, 2022 | - | - | 9343 | |
Jan 30, 2018 | - | - | 9578 |
Team profile of Underdog Labs
Underdog Labs has a team of 8 members including 2 Partners, 5 Venture Partners and 1 Principal located in United States. Underdog Labs' team does not sit on the board of any company as of now.Here is a list of all team members in Underdog Labs:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | San Francisco | - | ||
Partner | Sebastopol | - | ||
Venture Partner | Eden Prairie | - | ||
Venture Partner | Baltimore | - | - | |
Venture Partner | Atherton | - | - | |
Venture Partner | Berkeley | - | - | |
Venture Partner | San Francisco | - | - | |
Principal | San Francisco | - | - |
Co-investors of Underdog Labs
Over the past 6 years, 157 investors have co-invested in Underdog Labs's portfolio companies. This includes funds and angels.
- Invested before Underdog Labs: Techstars, Cooley and 17 others have invested in rounds before Underdog Labs. There are 4 companies where Techstars has invested before Underdog Labs and 1 company where Cooley has invested before Underdog Labs.
- Top Co-investors of Underdog Labs: 94 investors entered a company along with Underdog Labs. These include investors like New Stack Ventures (3 companies).
- Invested after Underdog Labs: A total of 44 investors have invested in Underdog Labs's portfolio after their investments. Top Investors include Shield Capital (1 company) and Accel (1 company).
Recent News related to Underdog Labs
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Campground Systems has raised $2,200,000.00 in new fundingintelligence360•Jun 25, 2026•Underdog Labs, Precursor Ventures, Angel Investors
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Keebler Health Raises $16M in Series A FundingFinSMEs•Apr 15, 2026•Keebler, Flare Capital Partners, Sands Capital, https://keeblerhealth.com and 9 others
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Code Metal secures seed funding for LLM agents on the edgeThe Robot Report•Aug 01, 2024•Code Metal, Shield Capital, J2 Ventures, Fulcrum Venture Group and 1 other
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AI Startup, Code Metal, Secures $16.5 Million in Seed Funding to Accelerate Edge DevelopmentAiThority•Jul 23, 2024•Underdog Labs, Fulcrum Venture Group, J2 Ventures, Shield Capital and 1 other
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Light Frame Raises $1.7M in Pre-Seed FundingFinSMEs•May 30, 2024•Light Frame, ATX Venture Partners, New Stack Ventures, Rogue Venture Partners and 4 others
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Compliance software firm SingleFile lands $6.5M as Corporate Transparency Act creates tailwindsGeekWire•Mar 20, 2024•SingleFile, Foundry, Pioneer Square Labs, Com.au and 2 others
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TELO Announces $5.4M Strategic Fundraise Led by Neo to Continue Building the Most Efficient Electric TruckBusiness Wire•Mar 13, 2024•Spero Ventures, Neo, Telo Trucks, Underdog Labs and 4 others
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TransCrypts Raises $2.4M in Pre-Seed FundingFinSMEs•Jan 23, 2023•TransCrypts, Protocol Labs, Techstars, Alumni Ventures and 7 others
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TermScout: $5m Funding + Carlos Gamez Hire – Plus AL TV Walk ThroughArtificial Lawyer•May 05, 2022•TermScout, NFX, Ground Up, Bridge Investments and 3 others
