Fund profile / United States

Refactor Capital Fund 5

Geography: United States
Stage: Pre-Seed
Fund size: $50M
Focus: Biotech, Climate & Sustainability, Deep Tech and Energy Tech
Signals: Published

N°01 / About

About Refactor Capital Fund 5

Refactor Capital Fund 5 is a $50M hard-tech focused seed fund led by solo GP Zal Bilimoria. The fifth fund in the Refactor series, it was raised entirely from existing LPs with 100% re-up rate. The fund leads pre-seed and seed rounds in bio, climate, energy, aerospace, and advanced manufacturing, with six unicorns across prior funds and roughly $300M in total AUM.

N°02 / Thesis

Investment Focus

Location / RegionUnited States

Funding StagePre-Seed

Industry Focus

Biotech

Climate & Sustainability

Deep Tech

Energy Tech

Manufacturing

Investor Signals Profile

active

Sweet Spot

Pre-seed hard-tech founder, bio/climate/energy/aerospace, defensible IP

hard-tech

bio

climate

energy

aerospace

AI-infra

critical-materials

fertility

health-tech

earth-systems

Bullish Signals

100% LP re-up, zero new investorsblog

6 unicorns across prior fundsblog

$300M AUM under single decision-makerblog

40+ exits including IPOs, unicornswebsite

Direct inbox access to solo GPwebsite

40+ portfolio exits (Coinbase, Clover, Spotify acq)website

5 funds, $50M per fund, disciplined sizingwebsite

Branded positioning: 'Better Call Zal' founder trustwebsite

40+ verified exits across hard-tech categoriesportfolio_list

Consistent $1–2M pre-seed check size provenportfolio_list

Contrarian Signals

Solo GP concentration riskblog

$50M cap limits follow-on capacityblog

Founder Do's

Build in atoms not bits

Lead pre-seed rounds $1–2M

Show defensible science IP

Target reindustrialization tailwinds

Demonstrate supply chain resilience angle

Founder Don'ts

Pitch pure software plays

Expect checks above $2M

Ignore physical-world unit economics

21 signals on Refactor Capital Fund 5

10 bullish · 2 contrarian · 5 pitch do's · 3 don'ts · 1 GP profile, each with its source. From €9/month, cancel anytime.

See a signal free View Plans Browse all Signal Profiles →

Facts

Fund Overview

Fund Size$50M

Saves0

Website

People

Key People

Zal Bilimoria

Zal BilimoriaSolo General Partner

N°04 / See also

Related Funds

Deerfield Healthcare Innovations Fund III

Fund size$600M

Location: United States
Stage: Pre Seed
Focus: Deep Tech, Digital Health, Saas
Manager: James Flynn

Pre Seed

Deep Tech

Digital Health

Saas

Aurora Equity Partners VII

Fund size$2.1B

Location: United States
Stage: Growth
Focus: Enterprise Software, Manufacturing
Manager: Josh Klinefelter; Mark Rosenbaum; Andrew Wilson; Scott Erickson; John Mapes; Matthew Laycock

Growth

Enterprise Software

Manufacturing

a16z Crypto Fund 5

Fund size$2.2B

Location: United States
Stage: Seed
Focus: Web3 Finance, Web3 Infrastructure, Fintech, Payments Embedded Finance

Seed

Web3 Finance

Web3 Infrastructure

Fintech

Payments Embedded Finance