Flex Capital is a seed-stage venture firm that says it is run by the founding CEOs of LiveRamp, BrightRoll, Lemonaid, SafeGraph and Pipedream. Its stated approach is 'Generalists with conviction', backing founders across sectors and geographies, investing at seed with a first check of $500K to $2M and holding significant follow-on reserves in Fund II. On governance it states that it pledges its voting shares back to founders, that its terms are founder-aligned, and that it takes 'No board seats unless you want one'. It describes its support as direct access to the founding partners as operators plus introductions across a network it counts as 240+ portfolio founders, 300+ strategic LPs, 100+ venture partners and 600+ angel investors, and follow-on capital through Series A and beyond. It operates from San Francisco, with one team member based in New York.
2018
Flex Capital Fund I, L.P., a Delaware limited partnership, files a Form D with the SEC on 25 October 2018 from a San Francisco address, naming Tod Sacerdoti and Auren Hoffman as managing members of the general partner, for a $100,000,000 offering.
2019
Flex Capital Management, L.L.C. becomes an SEC exempt reporting adviser with effect from 2 January 2019.
2021
The firm publishes 'Flex: Flexible Capital by Founders, For Founders' on 6 May 2021, setting out its operator-investor model.
2022
Flex Capital Fund II, L.P. is incorporated in Delaware and files its first Form D on 1 February 2022 from a San Francisco address; Rajal Patel joins the firm.
2023
A Form D/A for Flex Capital Fund II, L.P. filed 13 February 2023 reports $149,025,000 sold of a $300,000,000 offering, and adds Jeffrey Lu alongside Tod Sacerdoti and Auren Hoffman as a managing member of the general partner.
2024
Flex Capital Management, L.L.C. registers as an exempt reporting adviser in California and withdraws its Nevada exempt reporting adviser status, both with effect from 7 March 2024.
2025
The firm announces Paul Johnson, founder and CEO of Lemonaid Health, as its new General Partner on 18 February 2025.