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Founded in 2016, AAF Management Ltd. is an early-stage venture capital firm located in Washington D.C. The firm focuses on investing in technology companies at the Pre-Seed, Seed, and Series A stages, primarily in North America, while also engaging with global emerging managers. AAF has built a portfolio of over 138 companies and manages approximately $250 million in assets under management (AUM).
AAF Management operates two core early-stage funds and a hybrid fund aimed at emerging managers. This structure allows the firm to maintain a balanced approach to capital allocation, supporting both startups and fund managers. The firm is backed by over 110 Limited Partners (LPs), including notable institutions like Mubadala, which adds credibility to its investment strategy.
Since its inception, AAF has achieved significant milestones, including notable exits such as CrowdStrike and Even Financial. The firm’s commitment to fostering innovation is evident in its diverse portfolio, which spans various technology sectors.
AAF Management invests in a wide range of technology sectors, including artificial intelligence (AI), fintech, enterprise software, and digital healthcare. The firm targets companies at different stages, from Pre-Seed to Pre-IPO, ensuring a comprehensive investment strategy. AAF allocates approximately 80% of its capital to direct investments in early-stage technology startups and 20% to emerging fund managers.
This hybrid investment strategy allows AAF to leverage relationships with emerging managers, providing access to a rich dataset of private market companies at their earliest stages. The firm seeks founders who demonstrate strong growth potential and innovative solutions within their respective industries. AAF's deal structure preferences include a focus on technology-driven companies that can scale effectively in the market.
AAF Management's portfolio includes notable companies across various sectors:
Notable exits from AAF's portfolio include:
Kyle Hendrick: Founder, Managing Director & General Partner. Kyle has extensive experience in venture capital and has led numerous successful investments in technology startups.
Omar Darwazah: Managing Director, General Partner & CFO. Omar brings a strong financial background and has played a key role in managing AAF's funds and investments.
Evan Hendrick: Principal. Evan focuses on sourcing and evaluating new investment opportunities, leveraging his expertise in technology sectors.
Omar Allabadi: Senior Investment Associate. Omar supports the investment team in due diligence and portfolio management, contributing to AAF's strategic initiatives.
To pitch AAF Management, founders should visit their website at aaf.vc. It is important to include a comprehensive pitch deck that outlines the business model, market opportunity, and growth strategy. AAF prefers pitches that are clear and concise, highlighting the unique value proposition of the startup.
While specific response time expectations are not disclosed, founders should anticipate a thorough review process. AAF Management values warm introductions but is open to direct submissions through their website.
In October 2025, AAF Management closed its fourth fund, the Axis Fund, at $55 million, which focuses on early-stage investments and emerging managers. This fund exemplifies AAF's hybrid investment strategy, allocating 80% of capital to startups and 20% to emerging fund managers.
Recent investments include companies like KarmaCheck and Nitra, which were entered at the Pre-Seed and Seed stages. AAF continues to expand its portfolio, demonstrating an active presence in the venture capital space.
Notable exits from AAF's portfolio include CrowdStrike and Even Financial, contributing to an aggregate exit value of approximately $2 billion across 20 exits.
What are AAF Management's investment criteria?
AAF Management focuses on early-stage technology companies in sectors such as AI, fintech, enterprise software, and digital healthcare. They primarily invest at the Pre-Seed, Seed, and Series A stages.
How can I pitch AAF Management?
Founders can submit their pitches through the AAF Management website at aaf.vc. It is recommended to include a clear business model, market analysis, and growth potential in the pitch deck.
What makes AAF Management different from other VCs?
AAF employs a hybrid investment strategy, allocating 80% of its capital to direct investments in startups and 20% to emerging fund managers. This approach allows them to access a rich dataset of early-stage companies.
What is AAF Management's geographic focus?
The firm primarily invests in North America but also engages with global emerging managers, providing a broader investment perspective.
What is the typical check size for investments?
While specific check sizes are not publicly disclosed, AAF Management invests across various stages, indicating flexibility in their investment amounts based on the startup's needs and potential.
What kind of support does AAF Management provide to portfolio companies?
AAF Management adds value through strategic guidance, access to a vast network of industry connections, and insights derived from its hybrid investment strategy, facilitating growth for startups.
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