About Indicator Fund
Indicator Fund is a venture capital firm founded in 2014. It is primarily based out of San Francisco, United States. As of Aug 2026, Indicator Fund is an active investor, having invested in 52 companies, with 1 new investment in the last 12 months. It primarily invests in Seed round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to HealthTech and High Tech. Most recently it participated in the $***** Seed round of mara Overall, Indicator Fund portfolio has seen 3 unicorns and 9 acquisitions including key companies like Astranis, Hadrian and Armada. A lot of funds co-invest with Indicator Fund, with names like Andreessen Horowitz sharing a substantial percentage of its portfolio. Indicator Fund has team of 5 people including 5 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed & Series A
Portfolio Soonicorns
Indicator Fund's List of Top Investments
Indicator Fund has a portfolio of 52 companies, including 3 unicorns. Their most notable investmentis in UTVATETheir portfolio spans across United States, Canada, Brazil and 4 more locations. They have invested in Enterprise Applications, HealthTech, High Tech and 20 other sectors, across stages such as Seed, Series A stages. Here is the list of top investments by Indicator Fund:1. Nova Credit
Provider of unified consumer credit data infrastructure and analytics platform. The company enables lenders and other financial institutions to access and orchestrate consumer-permissioned credit, banking, payroll, and document data through a single integration for underwriting and onboarding workflows. Its platform underpins three core products a cash flow underwriting solution using bank transaction data, an automated income verification solution, and a cross border credit product that translates international credit histories into standardized reports. Services help clients expand approval rates for underserved or thin file consumers, reduce fraud, improve debt-to-income assessment, and maintain compliance as a consumer reporting agency under applicable regulations.
Key facts about Nova Credit
- Founded Year: 2016
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $156M
- Employee Count: 130 as on Sep 30, 2026
- Investors: National Bank of Canada, Harmonic and 36 Others
- Latest Funding Round: Series D, Oct 14, 2025, $*****
- Highlight: Editors' Pick
2. Astranis
Developer of satellite-based communication services. It provides users with a platform that develops small-sized, low-cost telecommunication satellites in the geostationary orbit and in a fixed location. It can provide internet connectivity as soon as the satellite is launched to rural areas and indigenous communities.
Key facts about Astranis
- Founded Year: 2015
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series E
- Total Funding till date: $1.05B
- Employee Count: 566 as on Sep 30, 2026
- Investors: Fidelity Investments, Baillie Gifford and 61 Others
- Latest Funding Round: Series E, May 06, 2026, $*****
3. Hadrian
Manufacturer of precision components and automated factory systems. This business provides manufacturing and inspection services through an integrated platform that automates production processes. It operates facilities that utilize advanced software to interpret designs and manage manufacturing workflows, supporting the production of parts from prototype to full-scale output. The company also deploys dedicated manufacturing cells and manages factory operations to address production requirements.
Key facts about Hadrian
- Founded Year: 2021
- Location: Torrance (United States)
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $1.99B
- Employee Count: 631 as on Sep 30, 2026
- Investors: T. Rowe Price, Baillie Gifford and 43 Others
- Latest Funding Round: Conventional Debt, Aug 14, 2026, $*****
- Highlight: Editors' Pick
4. Armada
Provider of edge platform combining connectivity, compute, and real-world AI. The platform offers tools for monitoring and managing connected assets. It provides ruggedized mobile data centers and software for GPU cluster management. The company also offers a marketplace for hardware and software needed for edge operations.
Key facts about Armada
- Founded Year: 2016
- Location: Boston (United States)
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $457M
- Employee Count: 666 as on Aug 31, 2026
- Investors: Glade Brook Capital, Felicis Ventures and 27 Others
- Latest Funding Round: Series B, May 19, 2026, $*****
- Highlight: Editors' Pick
5. Bitnomial
Bitnomial provides an online trading platform for bitcoin futures and options. It offers bitcoin derivatives exchange solutions coupled with digital asset settlement systems. It creates a marketplace connecting native digital asset hedgers with institutional traders.
Key facts about Bitnomial
- Founded Year: 2014
- Location: Chicago (United States)
- Stage: Acquired
- Total Funding till date: $46.9M
- Employee Count: 25 as on Aug 31, 2026
- Investors: RRE Ventures, Electric Capital and 9 Others
- Latest Funding Round: Series C, Jul 12, 2024, $*****
- Highlight: Acquired
Indicator Fund's Year-on-Year Investment Trends
Indicator Fund has invested in 52 companies over the last 11 years, with an average of 1 new investment annually in the last 10 years. As of Aug 2026, it has made 1 investment in this year. Its most recent first time investment was in mara and most recent follow-on round was in Astranis.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 0 | 1 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 1 | 0 | 1 |
2022 | 1 | 0 | 1 |
2021 | 0 | 1 | 1 |
2020 | 1 | 0 | 1 |
2019 | 0 | 0 | 0 |
2018 | 0 | 0 | 0 |
2017 | 1 | 0 | 1 |
Indicator Fund's Investments by Stage
Indicator Fund has made 4 investments in Seed stage with an average round size of $4.28M and 2 investments in Series A stage with an average round size of $13.5M.Stage of entry | No. of Investments |
|---|---|
Seed | 4 |
Series A | 2 |
Note: We have considered here, only first round of investments
Indicator Fund's Investments by Sector
Indicator Fund has a diverse portfolio, with companies operating in the Consumer, High Tech, Aerospace, Maritime and Defense Tech, Enterprise Applications and FinTech. Notably, it has invested in 36 Tech companies, 33 Enterprise (B2B) companies, 26 Software companies and at least 13 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Consumer | 2 |
High Tech | 2 |
Aerospace, Maritime and Defense Tech | 1 |
Enterprise Applications | 1 |
FinTech | 1 |
Others | 4 |
Note: We have considered here, only first round of investments
Indicator Fund's Investments by Geography
Indicator Fund has made most investments in United States (6).Indicator Fund's recent investments
Indicator Fund has made 1 investments in 2026 so far - mara.Here are the most recent investments by Indicator Fund:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Aug 26, 2026 | United States | Seed | 4272 | [+5] | |
Dec 12, 2023 | United States | Seed | 9301 | [+12] | |
2022 | United States | Series A | 6307 | ||
Mar 19, 2021 | United States | Series C | 8634 | [+18] | |
Mar 31, 2020 | United States | Seed | 4993 | - |
Unicorns in Indicator Fund's Portfolio
Indicator Fund has 3 unicorns in its portfolio - Armada, Hadrian and Astranis. The most recent unicorn in their portfolio is Armada. It became a unicorn in 2026.Here is a list of unicorns in Indicator Fund's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
64 | Provider of edge platform combining connectivity, compute, and real-world AI | 2016 | Boston | Series B | balqgnw | ||
67 | Manufacturer of precision components and automated factory systems | 2021 | Torrance | Series D | {sdjbrc | ||
65 | Developer of satellite-based communication services | 2015 | San Francisco | Series E | lnc{wtx |
Acquired companies in Indicator Fund's Portfolio
9 companies from Indicator Fund's portfolio have been acquired. The most recent acquisition was Bitnomial in Apr 2026 by Payward for $*****.Here are Indicator Fund's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Apr 17, 2026 | - | - | 8955 | |
Jun 01, 2025 | - | - | 1092 | |
Oct 02, 2024 | - | - | 4626 | |
Apr 04, 2023 | - | - | 7952 | |
Jan 06, 2023 | - | - | 7768 |
Team profile of Indicator Fund
Indicator Fund has a team of 5 members including 5 Partners located in United States and United Kingdom. Indicator Fund's team does not sit on the board of any company as of now.Here is a list of all team members in Indicator Fund:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | United Kingdom | - | - | |
Partner | San Francisco | - | ||
Partner | San Francisco | - | - | |
Partner | - | - | - | |
Partner | San Francisco | - | - |
Co-investors of Indicator Fund
Over the past 11 years, 62 investors have co-invested in Indicator Fund's portfolio companies. This includes funds and angels.
- Invested before Indicator Fund: Y Combinator, Soma Capital and 1 other have invested in rounds before Indicator Fund. There is 1 company where Y Combinator has invested before Indicator Fund and 1 company where Soma Capital has invested before Indicator Fund.
- Top Co-investors of Indicator Fund: 28 investors entered a company along with Indicator Fund. These include investors like Andreessen Horowitz (2 companies).
- Invested after Indicator Fund: A total of 31 investors have invested in Indicator Fund's portfolio after their investments. Top Investors include Venrock (1 company), TriplePoint Capital (1 company) and BlackRock (1 company).
Recent News related to Indicator Fund
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AI Startup TextQL Raises $4.1M to Revolutionize Data Analysis with Virtual AnalystBNN•Jan 29, 2024•TextQL, Neo, DCM Ventures, Unshackled Ventures and 5 others
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Astranis, With a New Approach to Satellite Internet, Raises $250 Million From Blackrock and OthersAiThority•May 10, 2021•Astranis, BlackRock, Baillie Gifford, Fidelity Investments and 16 others
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Astranis Raises $13.5M in Series A FundingFinSMEs•Mar 02, 2018•Astranis, Andreessen Horowitz, Y Combinator, Refactor Capital and 2 others
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Andreessen Horowitz Makes Its First Space Investment With Satellite Startup AstranisForbes•Mar 01, 2018•Astranis, Andreessen Horowitz, Y Combinator, Refactor Capital and 2 others
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Startup plans to provide broadband using small GEO satellitesSpaceNews•Mar 01, 2018•Astranis, Andreessen Horowitz, Y Combinator, Refactor Capital and 2 others
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Kitchenbowl Raises $1M To Help Users Create Easy-To-Follow, GIF-Heavy Recipes – TechCrunchTechCrunch+•Mar 26, 2015•Kitchenbowl, Chasing Unicorns, Sugar Mountain, Indicator Fund and 2 others
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Foodsquare.netfoodsquare.net•Kitchenbowl, Chasing Unicorns, Sugar Mountain, Indicator Fund and 2 others
