Refactor launches with $50 million seed fund
It has been nearly a year since David Lee (ex-SV Angel) and Zal Bilimoria (ex-Andreessen Horowitz) teamed up to launch Refactor Capital, a new seed-stage venture capital firm. Today they're officially launching the platform and announcing that they've raised a $50 million debut fund.
The pair tells Axios that the plan is to back founders who are going after "fundamental human problems," in areas like healthcare, agriculture and financial services. They believe that there is a burgeoning class of entrepreneurs seeking to apply software to these "hard, but not impossible industries," as part of an ethos shift from wants to needs.