Today, I'm thrilled to announce Refactor 5. A $50M fund focused on hard tech seed.

Ten years. Five funds. One employee with a single mission: backing the "hard but not impossible".

Some VCs and LPs call me "Mr. 50" because I keep raising $50M funds like clockwork. That's the playbook, and I'm not changing it. Concentrated portfolio. Disciplined fund size. Direct access to founders.

100% of Refactor 5 came from existing LPs. That kind of loyalty is rare, and I never take it for granted.

The Bet

The bet from day one was simple. Back founders building hard things in bio, energy, aerospace, manufacturing, and the physical world. Atoms, not bits. Things that matter for the long arc of human and planetary health.

Ten years later, the bet paid off.

Thank You, Founders

To every founder I've backed across funds: thank you. You are the reason this firm exists. Backing you is the best job I've ever had.

Thank You, LPs

To our LPs: thank you for betting on me when I went solo and for sticking with me through five funds. The 100% re-up rate on Fund 5 means more to me than any markup ever will.

How Refactor Works

I'm the only employee. No partners, no associates, no investment committee. Just me, the founders, and a phone that's always on. Across five funds and multiple SPVs where I've poured in capital into a small number of companies, that's $300M in AUM. Small funds, concentrated portfolios, fast decisions, direct access. When a founder needs me, they get me. Not a junior. Not a scheduling link. Me.

That's the whole product.

Refactor Is Open

If you're building something hard but not impossible, in bio, energy, aerospace, defense, nuclear, manufacturing, robotics, or anywhere else in the physical world, I'd love to hear from you.

You know what to do.

#BetterCallZal

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