About NFDG
NFDG is a venture capital firm As of Jun 2026, NFDG is an active investor, having invested in 18 companies, with 6 new investments in the last 12 months. It primarily invests in Series B round in United States based startups. Its investments are spread across a wide range of sectors from High Tech to Enterprise Applications and HealthTech. Most recently it participated in the $***** Seed round of Westmag Overall, NFDG portfolio has seen 7 unicorns and 1 acquisition including key companies like ElevenLabs, Function Health and Basis. A lot of funds co-invest with NFDG, with names like Nat Friedman sharing a substantial percentage of its portfolio. NFDG has team of 2 people including 2 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Seed, Series A & 2 more
Portfolio Acquisitions
Portfolio Unicorns
Deals in last 12 months
NFDG's List of Top Investments
NFDG has a portfolio of 18 companies, including 7 unicorns. Their most notable investments are in Coframe and SSI.Their portfolio spans across United States and United Kingdom. They have invested in High Tech, Enterprise Applications, HealthTech and 9 other sectors, across stages such as Seed, Series A and 2 more. Here is the list of top investments by NFDG:
1. ElevenLabs
AI platform for speech, voice cloning, music, and AI agents. It provides tools for creating realistic speech, converting text to natural-sounding audio, cloning voices, generating music and sound effects, and building conversational AI agents. It serves developers, enterprises, and creators through APIs and integrated products designed for applications such as content production, customer support automation, media localization, and interactive AI experiences.
Key facts about ElevenLabs
- Founded Year: 2022
- Location: New York City (United States)
- Valuation: $*****
- Stage: Series D
- Total Funding till date: $822M
- Employee Count: 1,516 as on Sep 30, 2026
- Investors: Sapphire Ventures, Salesforce Ventures and 53 Others
- Latest Funding Round: Series D, Jun 17, 2026, $*****
- Highlight: Editors' Pick
Provider of comprehensive lab testing and health monitoring membership services. The company offers access to lab tests, results analysis, and personalized health protocols. Testing is conducted at partner laboratories. Clinicians review results and provide insights. The membership includes options for advanced imaging and additional testing services.
Key facts about Function Health
- Founded Year: 2022
- Location: Austin (United States)
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $351M
- Employee Count: 556 as on Sep 30, 2026
- Investors: Founders Circle Capital, K2 Global and 53 Others
- Latest Funding Round: Conventional Debt, Jul 30, 2026, $*****
- Highlight: Editors' Pick
3. Basis
AI agents for automating accounting workflows and engagements. The AI agents onboard onto accounting engagements at the direction of an accountant. The agents adapt their intelligence to the engagement they are working on. The AI agents integrate with existing systems, ledgers, and file systems.
Key facts about Basis
- Founded Year: 2023
- Location: New York City (United States)
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $138M
- Employee Count: 213 as on Sep 30, 2026
- Investors: BoxGroup, Google Ventures and 31 Others
- Latest Funding Round: Series B, Feb 24, 2026, $*****
- Highlight: Editors' Pick
4. XBOW
AI-powered autonomous penetration testing platform. The platform identifies and exploits vulnerabilities in web applications. It uses AI to execute commands, analyze outputs, and refine its approach without human intervention. It allows users to discover and exploit vulnerabilities, representing a significant advancement in protecting software and infrastructure from cyber threats.
Key facts about XBOW
- Founded Year: 2024
- Location: Seattle (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $270M
- Employee Count: 297 as on Sep 30, 2026
- Investors: Liberty Global, Northzone and 18 Others
- Latest Funding Round: Series C, May 06, 2026, $*****
- Highlight: Editors' Pick
5. MatX
Provider of custom high-throughput chips specifically optimized for training and serving Large Language Models. These hardware components facilitate training and inference for dense and mixture of expert models. The architecture utilizes static random access memory for weight storage to reduce latency and high bandwidth memory for context management. The design incorporates interconnect technology to support cluster scaling. The programming model provides direct hardware control for specific computational workloads.
Key facts about MatX
- Founded Year: 2022
- Location: Mountain View (United States)
- Valuation: $*****
- Stage: Series B
- Total Funding till date: $620M
- Employee Count: 146 as on Sep 30, 2026
- Investors: Spark Capital, Jane Street and 9 Others
- Latest Funding Round: Series B, Feb 24, 2026, $*****
- Highlight: Editors' Pick
NFDG's Year-on-Year Investment Trends
NFDG has invested in 18 companies over the last 3 years, with an average of 6 new investments annually in the last 3 years. In 2025, it made 10 investments, while as of Jun 2026, it has made 7 investments in this year. Its most recent first time investment was in Westmag and most recent follow-on round was in Generalist AI.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 3 | 4 | 7 |
2025 | 9 | 1 | 10 |
2024 | 5 | 0 | 5 |
2023 | 1 | 0 | 1 |
NFDG's Investments by Stage
NFDG has made 6 investments in Seed stage with an average round size of $258M, 5 investments in Series A stage with an average round size of $31.6M, 5 investments in Series B stage with an average round size of $202M and 2 investments in Series C stage with an average round size of $150M.Stage of entry | No. of Investments |
|---|---|
Seed | 6 |
Series A | 5 |
Series B | 5 |
Series C | 2 |
Note: We have considered here, only first round of investments
NFDG's Investments by Sector
NFDG has a diverse portfolio, with companies operating in the High Tech, Enterprise Applications, Artificial Intelligence - Industry Applications, Enterprise Infrastructure and Consumer. Notably, it has invested in 17 Tech companies, 15 Enterprise (B2B) companies, 12 AI-Native companies and at least 11 companies focusing on Software.Sector | No. of Investments |
|---|---|
High Tech | 12 |
Enterprise Applications | 8 |
Artificial Intelligence - Industry Applications | 6 |
Enterprise Infrastructure | 4 |
Consumer | 2 |
Others | 11 |
Note: We have considered here, only first round of investments
NFDG's Investments by Geography
NFDG has made most investments in United States (16), followed by United Kingdom where it has made 2 investments.Country | No. of Investments |
|---|---|
United States | 16 |
United Kingdom | 2 |
Note: We have considered here, only first round of investments
NFDG's recent investments
NFDG has made 7 investments in 2026 so far. Westmag and Generalist AI are the latest among them.Here are the most recent investments by NFDG:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Jun 02, 2026 | United States | Seed | 6445 | [+3] | |
May 29, 2026 | United States | Series B | 9008 | [+12] | |
Mar 25, 2026 | United Kingdom | Series C | 8029 | [+3] | |
Mar 16, 2026 | United States | Series C | 7961 | [+5] | |
Mar 10, 2026 | United States | Series B | 2268 | [+4] |
Unicorns in NFDG's Portfolio
NFDG has 7 unicorns in its portfolio - Generalist AI, Granola, XBOW and others. The most recent unicorn in their portfolio is Generalist AI. It became a unicorn in 2026, 1 years after NFDG first invested in it.Here is a list of unicorns in NFDG's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
63 | Developer of robots and related data, models, and hardware solutions | 2024 | San Mateo | Series B | mjxxao{ | ||
61 | Provider of software for automated meeting transcription and note generation | 2023 | London | Series C | tycuvuh | ||
68 | AI-powered autonomous penetration testing platform | 2024 | Seattle | Series C | hetgira | ||
69 | AI agents for automating accounting workflows and engagements | 2023 | New York City | Series B | yfbdiie | ||
75 | Provider of comprehensive lab testing and health monitoring membership services | 2022 | Austin | Series B | xw{ahzh |
Acquired companies in NFDG's Portfolio
1 company from NFDG's portfolio has been acquired. The most recent acquisition was Hume in Jan 2026 by Google DeepMind for $*****.Here are NFDG's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jan 22, 2026 | Oct 31, 2023 | Series B | 9872 |
Team profile of NFDG
NFDG has a team of 2 members including 2 Partners located in United States. NFDG's team does not sit on the board of any company as of now.Co-investors of NFDG
Over the past 3 years, 248 investors have co-invested in NFDG's portfolio companies. This includes funds and angels.
- Invested before NFDG: Nat Friedman, Daniel Gross and 92 others have invested in rounds before NFDG. There are 5 companies where Nat Friedman has invested before NFDG and 3 companies where Daniel Gross has invested before NFDG.
- Top Co-investors of NFDG: 95 investors entered a company along with NFDG. These include investors like Nat Friedman (3 companies).
- Invested after NFDG: A total of 59 investors have invested in NFDG's portfolio after their investments. Top Investors include Nvidia (3 companies), Lightspeed Venture Partners (2 companies) and KPN Ventures (1 company).
Recent News related to NFDG
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a16z Leads Westmag Seed Funding Round for Domestic US Manufacturing of Drone and Robotics MotorsStartupHub.ai•Jun 02, 2026•Andreessen Horowitz, NFDG, Founders Fund, Menlo Ventures and 1 other
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Pepper Secures $50 Million Series C to Expand End-to-End Technology Platform for Independent Food Distributorsintelligence360•Mar 12, 2026•Lead Edge Capital, Pepper, Iconiq Capital, Interplay and 9 others
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Stablecoin payments platform Kast secures $80m Series A fundingElectronic Payments International•Mar 10, 2026•KAST, Left Lane Capital, QED Investors, HSG and 12 others
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AI accounting startup Basis raises $100M at $1.15B valuation from Accel, GV to automate Big Four drudgeryTech Funding News•Feb 24, 2026•Basis, Google Ventures, Accel, Google and 7 others
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UK-based AI voice startup ElevenLabs hits $11b valuationTech in Asia•Feb 05, 2026•ElevenLabs, Evantic, NFDG, Sequoia Capital and 8 others
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Medra Raises $52 Million Series A to Build Physical AI ScientistsBusiness Wire•Dec 11, 2025•Fusion Fund, NFDG, Lux Capital, Seven Seven Six and 8 others
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Truffle Security Secures $25M Series B to Protect AI-Era Non-Human IdentitiesTechStartups.com•Nov 06, 2025•Truffle Security, Intel Capital, Andreessen Horowitz, CVS Health Ventures and 13 others
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Medallion Secures $43M to Enhance Healthcare Provider Networks with AIHIT Consultant•Aug 18, 2025•Sequoia Capital, Washington Harbour Partners, Medallion, Acrew Capital and 4 others
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Meta in Talks to Acquire NFDG Stake and Hire Friedman & Gross for AI RevampDCD•Jun 21, 2025•Meta, NFDG
