Animal Capital Fund III

About Animal Capital Fund III

Animal Capital Fund III is a $33M early-stage fund from New York-based Animal Capital, more than Funds I and II combined. Founded by Marshall Sandman in 2020, the firm writes seed and Series A checks into US consumer-facing technology. The portfolio includes Whatnot ($11.5B), Colossal Biosciences ($10.3B), Whop ($1.6B) and Underdog Sports ($1.3B), with strategic exits to Snapchat, Shopify, BIC and eBay. LPs include Paris Hilton, MrBeast, Gary Cohn, Justin Kan and Kevin Mayer.

Investment Focus

Location / RegionUnited States

Funding StageSeed

Industry Focus

Consumer Commerce

Creator Economy

Ecommerce

Gaming

Investor Signals Profile

active

Sweet Spot

US seed-stage consumer-facing tech founders who can leverage celebrity/creator distribution

consumer tech

creator economy

live commerce

sports tech

entertainment tech

Bullish Signals

3 decacorns + 4 unicorns from $29M across 2 prior fundsblog

Celebrity LP network = organic distribution for portfolio cosblog

4 strategic exits: Snapchat, Shopify, BIC, eBayblog

$33M keeps fund in true seed territory — single outcome returns fundblog

Contrarian Signals

Paper valuations dominate — Whatnot $11.5B and Colossal $10.3B are marks, not DPIblog

Key-person concentration on Sandman networkblog

Celebrity LP base can cut both waysblog

Founder Do's

Pitch consumer-facing tech at seed or Series A in the US

Leverage the celebrity LP network for organic distribution

Treat Animal as high-leverage syndicate partner or conviction seed lead

Good fit if M&A is a realistic exit path

Founder Don'ts

Do not expect lead on large Series A rounds solo

Not for enterprise or deep tech

Do not expect late-stage pro rata defense

Key GPs & Partners

Marshall Sandman

Founder

ex-bankerconsumer-nativecelebrity-network

Dylann Sands

Managing Partner

hands-onconsumer-native

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Fund Overview

Fund Size$33M

Saves0

Website

Key People

Marshall Sandman, Dylann Sands

Marshall SandmanFounder

Dylann SandsManaging Partner