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Refract Ventures is a New York-based venture capital firm founded by Kerry Kellogg, Caesar Djavaherian, and Ayo Omojola. Established to invest in early-stage companies, Refract focuses on software infrastructure primarily within the healthcare and financial services sectors. The firm has a fund size of approximately $31 million and has built a portfolio of 14 companies since its inception.
The firm emphasizes investments in regulated markets, aiming to support founders who are developing innovative solutions to complex operational and compliance challenges. Refract Ventures has established itself as a key player in the early-stage investment landscape, particularly in the U.S. market, where it seeks to back startups that enhance workflow automation, payments, and data management.
Refract's notable milestones include successful exits such as Inscope SmarterDx, Bridge, and Privy, showcasing its ability to identify and nurture high-potential startups. The firm operates from its headquarters in New York and continues to expand its influence in the venture capital space.
Refract Ventures focuses on early-stage investments in software infrastructure, specifically targeting the healthcare and financial services sectors. The firm invests at the pre-seed, seed, seed-plus, and Series A stages, with a strong emphasis on regulated markets. Refract seeks to back founders who are building solutions that can serve as core infrastructure in these industries, particularly those that enhance workflow automation, payments, and data management.
The firm looks for startups that address complex compliance requirements and operational challenges within healthcare and fintech. Refract's investment strategy is centered around identifying innovative technologies that can transform these critical sectors. Founders who demonstrate a clear understanding of the regulatory landscape and possess a strong vision for their product are particularly appealing to Refract.
Refract Ventures has built a diverse portfolio of 14 companies, focusing on innovative solutions in healthcare and financial services. Notable portfolio companies include:
Kerry F. Kellogg - Founding Partner: Kerry has a background as a founding team member and Partner at 3L Capital and RSE Ventures. He has led investments in companies such as Bridge.xyz, SmarterDX, and Daily Harvest. He holds a strong expertise in venture capital and startup growth.
Caesar Djavaherian - Co-founder and Executive Officer: Caesar serves as Chief Medical Officer at Charta Health, contributing to Refract's focus on healthcare infrastructure. His experience in the healthcare sector enhances the firm's investment strategy.
Ayo Omojola - Co-founder and General Partner: Ayo brings extensive experience in venture capital and startup development. His role at Refract includes identifying promising investment opportunities in regulated markets.
To pitch Refract Ventures, founders should submit their proposals through the firm's website at refract.vc. It is important to include a detailed deck that outlines the business model, market analysis, and how the product addresses regulatory challenges. Refract prefers warm introductions but is open to direct submissions. Response times may vary, so founders should be prepared for potential follow-up discussions.
In July 2025, Refract Ventures Fund I, L.P. closed with approximately $30.905 million raised, marking a significant milestone for the firm. This fund focuses on early-stage investments in regulated markets, particularly in healthcare and fintech.
Recent portfolio activity includes notable exits such as Inscope SmarterDx, Bridge, and Privy, which were acquired by New Mountain and Stripe, respectively. These exits highlight Refract's ability to identify and support high-potential startups in its target sectors.
What investment criteria does Refract Ventures use?
Refract Ventures focuses on early-stage companies in the healthcare and financial services sectors, particularly those developing software infrastructure. The firm looks for startups that address complex compliance and operational challenges in regulated markets.
How can founders pitch Refract Ventures?
Founders can pitch Refract Ventures through their website at refract.vc. It is advisable to include a clear business model, market analysis, and details on how the product addresses regulatory challenges.
What makes Refract Ventures different from other investors?
Refract Ventures specializes in regulated markets, providing strategic guidance on compliance and operational workflows. The firm's expertise in healthcare and fintech allows it to offer unique insights and support to its portfolio companies.
What is the geographic focus of Refract Ventures?
The firm primarily invests in the United States, with a strong emphasis on New York-based startups, although it is open to opportunities across the country.
What is the typical check size for investments?
While specific check sizes are not disclosed, Refract Ventures invests at the pre-seed, seed, seed-plus, and Series A stages, indicating a focus on early-stage funding.
What kind of post-investment involvement does Refract Ventures have?
Refract Ventures provides strategic guidance and support to its portfolio companies, leveraging its expertise in regulated markets to help founders navigate industry challenges.
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