Sandalphon Capital
Sandalphon Capital is a Chicago-based micro venture capital firm founded in 2016 that invests Pre-Seed to Series A in US B2B SaaS and marketplace startups across digital health, insurtech, fintech, proptech, and govtech, with a Midwest geographic focus.
- Company typePrivate
- Founded2016
- HeadquartersChicago, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Sandalphon Capital does
Sandalphon Capital is a Chicago-based micro venture capital firm founded in May 2016 by Jonathan Ellis. The firm invests across Pre-Seed, Seed, and Series A rounds in US technology startups, with typical check sizes of $100k-$250k at Pre-Seed, $500k-$1m at Seed, and $1-2m at Series A, supplemented by LP coinvestment for larger rounds. Sandalphon concentrates on B2B SaaS and marketplace business models within five vertical theses: Digital Health / Healthcare IT, InsurTech, FinTech, PropTech / Real Estate Tech, and GovTech. The firm explicitly avoids crypto, biotech/pharma, medical devices, and advanced materials, and typically does not invest in the Bay Area, instead anchoring on Chicago, the broader Midwest, and other underserved US markets.
The firm has raised at least two funds (Fund 1 and Fund 2) and has built a portfolio of 25+ companies including Itiliti Health, ProsperStack, LogicGate (governance, risk, compliance SaaS), Kin Insurance (home insurtech), Truss (commercial real estate marketplace, acquired by Avison Young), Array/Regroup Telehealth, Avail (acquired by realtor.com), and The Minte (acquired by Spruce). Beyond direct investment, Sandalphon operates midwest.tech/connect, a virtual summit that funnels Midwest Pre-Seed to Series A startups to VCs and angel investors, and Founder Jonathan Ellis sits on the Board of Chicago:Blend, a non-profit focused on DEI in the Chicago VC and tech ecosystem.
The team consists of Founder & General Partner Jonathan Ellis (formerly SVP in Macquarie Principal Finance) and Partner – Healthcare Nevin Ramanujan (formerly Corporate Development at Elevance Health), supported by part-time interns, industry and tech operator advisors, and domain-expert LPs. Revenue is generated through conventional VC economics – management fees on Fund 1 and Fund 2 AUM and carried interest on portfolio exits – with no consumer-facing pricing model. The firm does not build proprietary technology and instead generates returns through capital allocation and portfolio support.
Sandalphon Capital firmographics
Firmographics- Name
- Sandalphon Capital
- Legal name
- Sandalphon Capital LLC
- Website
- https://sandalphoncapital.com
- Company type
- Private
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Sandalphon Capital is a Chicago-based micro venture capital firm founded in 2016 that invests Pre-Seed to Series A in US B2B SaaS and marketplace startups across digital health, insurtech, fintech, proptech, and govtech, with a Midwest geographic focus.
- Ownership category
- akta.pro rank
Sandalphon Capital industry classification
Industry- Product category
- Venture Capital Investment
- NAICS
- All Other Financial Investment Activities (52399)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Early-Stage Venture Capital (Pre-Seed/Seed) (FSANAAAA)
- akta.pro secondary industry
- Geography-Focused Venture Capital (Regional/Emerging Markets) (FSANAAAE)
Keywords
Where Sandalphon Capital is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Sandalphon Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Fund Management: VC returns through exits of portfolio companies, generating carried interest. Fund 1 and Fund 2 investments made across Pre-Seed to Series A stages.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Sandalphon Capital product offering
Product offeringCore offering
Sandalphon Capital is a Chicago-based micro venture capital firm that invests equity capital in Pre-Seed ($100-250k), Seed ($500k-$1m) and Series A ($1-2m) rounds of US startups, with deeper concentration in the Midwest and other underserved markets. The firm manages two funds (Fund 1 and Fund 2) and focuses on B2B SaaS, Marketplaces, Digital Health, InsurTech, FinTech, PropTech, and GovTech companies, explicitly excluding crypto, life sciences/biotech, and Bay Area deals. Beyond capital, the firm offers board participation, follow-on support, and partnership-driven guidance to founders, and operates the midwest.tech/connect virtual summit as a community platform.
Product overview
Sandalphon Capital is a Midwest-focused venture capital firm that invests in early-stage startups (Pre-Seed through Series A) across B2B SaaS, Marketplaces, Digital Health, InsurTech, FinTech, PropTech, and GovTech sectors. As an investment firm, Sandalphon Capital does not offer its own products or services; rather, it provides capital and operational support to portfolio companies.
Differentiator
Problem solved
Functional benefit
Products and services
- Fund 1 (Sandalphon Capital Fund 1) Sandalphon Capital's first early-stage venture fund that invests equity capital in Pre-Seed to Series A US technology startups, with concentration in Midwest and underserved markets and themes of B2B SaaS, Marketplaces, Digital Health, InsurTech, FinTech, PropTech, and GovTech. The fund is offered to Limited Partners and deployed into portfolio companies.
- Fund 2 (Sandalphon Capital Fund 2) Sandalphon Capital's second early-stage venture fund that invests equity capital in Pre-Seed to Series A US technology startups, continuing the firm's Midwest focus and B2B SaaS, Marketplaces, Digital Health, InsurTech, FinTech, PropTech, and GovTech themes. The fund is offered to Limited Partners and deployed into portfolio companies.
- midwest.tech/connect Virtual Summit A virtual summit and community platform hosted by Sandalphon Capital that aggregates Midwest-based and Midwest-linked Pre-Seed to Series A stage startups with VCs and angel investors. It functions as a deal-flow and community-building channel supporting the firm's investment activity.
Companies that use Sandalphon Capital
Customer profileNamed customers12 records
Segments6 records
Ideal customer profiles2 records
Sandalphon Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Sandalphon Capital partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- midwest.tech/connectcoreSandalphon hosts midwest.tech/connect - a virtual summit connecting Midwest-based and Midwest-linked Pre-Seed to Series A stage startups with VCs and angel investors. Sign up for email updates to hear about upcoming events.
- Sales AssemblyminorListed in navigation alongside main company pages, indicating a partner or portfolio company relationship.
- Chicago:BlendcoreJonathan Ellis sits on the Board of Chicago:Blend, a non-profit focused on improving DEI within the Chicago VC and tech ecosystem.
Scale indicators2 records
Recent moves6 records
Expansion highlights5 records
Sandalphon Capital competitors and assessment
Company assessmentDirect peers
- OCA Ventures: Chicago-based seed and early-stage investor participating alongside Sandalphon in deals like LogicGate and Balto; directly comparable stage and sector focus.
- Dundee Venture Capital: Midwest early-stage VC investing across consumer and enterprise software; shared regional deal flow and a co-investor in The Minte and Realvision rounds.
- Hyde Park Venture Partners: Chicago early-stage VC focused on B2B software and tech-enabled services at Seed and Series A; overlapping geographic mandate and frequent syndicate partner.
- High Alpha Capital: Indianapolis-based venture studio/seed investor that co-led LogicGate's Series A and Series B alongside Sandalphon; comparable Midwest seat and enterprise SaaS focus.
- Chicago Ventures: Chicago-based early-stage venture firm investing in Seed and Series A rounds across the Midwest; directly comparable geographic and stage focus to Sandalphon Capital.
- Origin Ventures: Chicago-based early-stage VC investing in B2B SaaS, marketplaces, and digital health — overlapping Sandalphon's vertical focus and geographic anchor.
- M25 Group: Midwest-focused micro VC with pre-seed and seed investments; comparable firm size and stage to Sandalphon, with co-investment overlap (e.g., Avail/Rentalutions).
- Hyde Park Angels: Chicago-based angel network that has co-invested with Sandalphon in Truss and Regroup rounds; similar pre-seed/seed ticket sizes and Midwest orientation.
- MATH Venture Partners: Chicago-based early-stage VC that has co-invested alongside Sandalphon in multiple rounds (LogicGate, Jiobit), sharing the same Midwest seed-stage thesis.
Broad incumbents
- Techstars Ventures: Global accelerator-driven early-stage investor that has co-invested with Sandalphon (e.g., LogicGate, Jiobit); broader footprint but similar pre-seed/seed check sizes and sector overlap.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks5 records
Key highlights7 records
Customer concentration
Sandalphon Capital social profiles
Digital presenceSandalphon Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Sandalphon Capital leadership team
Management profileNumber of profiles
Profiles2 records
Sandalphon Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Sandalphon Capital M&A and investment
M&A and investmentM&A
Investments42 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Sandalphon Capital
What does Sandalphon Capital do?
Sandalphon Capital is a Chicago-based micro venture capital firm that invests equity capital in Pre-Seed ($100-250k), Seed ($500k-$1m) and Series A ($1-2m) rounds of US startups, with deeper concentration in the Midwest and other underserved markets. The firm manages two funds (Fund 1 and Fund 2) and focuses on B2B SaaS, Marketplaces, Digital Health, InsurTech, FinTech, PropTech, and GovTech companies, explicitly excluding crypto, life sciences/biotech, and Bay Area deals. Beyond capital, the firm offers board participation, follow-on support, and partnership-driven guidance to founders, and operates the midwest.tech/connect virtual summit as a community platform.
Is Sandalphon Capital a public or private company?
Sandalphon Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Sandalphon Capital founded?
Sandalphon Capital was founded in 2016. It employs 1 to 10 people.
Where is Sandalphon Capital based?
Sandalphon Capital is headquartered in Chicago, United States, in the North America region.
How does Sandalphon Capital make money?
One revenue line is on record: fund Management.
Who are Sandalphon Capital's main competitors?
Direct peers on record are OCA Ventures, Dundee Venture Capital, Hyde Park Venture Partners, High Alpha Capital, Chicago Ventures, Origin Ventures, M25 Group, Hyde Park Angels and MATH Venture Partners. Techstars Ventures is listed as a broad incumbent.
Does Sandalphon Capital have an API?
No public API is recorded for Sandalphon Capital.
What industry is Sandalphon Capital in?
Sandalphon Capital's product category is Venture Capital Investment. Its primary akta.pro industry code is FSANAAAA, Early-Stage Venture Capital (Pre-Seed/Seed), with a secondary code of FSANAAAE, Geography-Focused Venture Capital (Regional/Emerging Markets). Its NAICS code is 52399 and its SIC code is 6282.