Sandalphon Capital

Sandalphon Capital LLC is a venture capital firm based in Chicago, Illinois, founded in 2016. The firm specializes in early-stage investments, focusing primarily on Seed and Series A rounds, as well as occasional Pre-Seed rounds. Sandalphon Capital targets a diverse range of industries, including Real Estate Tech, FinTech, InsurTech, RegTech, Healthcare IT, tech-enabled healthcare services, B2B SaaS, marketplaces, Internet of Things, and recurring revenue hardware. The firm typically invests between $100,000 and $300,000 and has a core geographical focus on the Midwest, particularly Chicago, while also considering opportunities in underserved markets across the United States and select areas such as New York for FinTech and Real Estate Tech. Sandalphon Capital places a strong emphasis on identifying capable management teams and scalable, tech-driven business models that can generate high-margin, recurring revenue.

Jonathan Ellis

Founder and General Partner

Nevin Ramanujan

Partner

Julia Ruge

Venture Partner

33 past transactions

Visual Feeder

Seed Round in 2022
Visual Feeder Corporation operates an online marketplace that connects landlords with an opportunity to monetize their vacant space by projecting branded visual experiences on their windows space. It offers WindowScape street level digital campaign in stores, shopping malls, and high traffic retail locations. The company is based in Chicago, Illinois.

Trainwell

Series A in 2022
Delta Trainer is a one-on-one remote personal training company that develops a smartwatch for fitness training and tracking. The company's watches have a built-in trainer assignment for guidance and also provide live feedback on a real-time basis that enable users to analyze the problems they are facing during their workouts.

Stere

Seed Round in 2021
Stere is a digital platform designed to assist businesses in launching, growing, and managing insurance programs. Founded in 2021 and based in Dover, Delaware, the company connects capacity seekers, such as banks and insurance partners, with capacity providers, including carriers and reinsurers. By offering a comprehensive infrastructure, Stere equips businesses with essential tools and services, including digital platforms, data analytics, and access to a network of capacity providers. This enables companies to effectively develop and enhance their insurance offerings.

WorkTorch

Pre Seed Round in 2021
QuickHire is a social hiring resource that will allow employers to connect with entry level candidates. Employers are able to search by degree, education, and skill sets to find a candidate that meets their needs.

Levered Learning

Venture Round in 2021
Levered Learning is an instructional system focused on enhancing mathematical education for students in grades 3 to 5. Founded in 2017 and based in Soquel, California, the company offers a web-based platform that combines whole-class discussions, collaborative pencil-and-paper exercises, and self-paced online lessons. This system is designed to support both classroom and distance learning, helping teachers address learning gaps while promoting student growth in mathematics. By integrating various teaching methods, Levered Learning aims to improve educational outcomes for elementary students.

Tenacity

Seed Round in 2021
Tenacity is a SaaS platform empowers businesses to thrive in a secure public cloud.

Metopio

Seed Round in 2021
Developer of a data-finding platform designed to discover deep insights and plan meaningful actions for places and populations. The company's platform features pre-loaded, curated data, built-in analytics, and powerful visualizations, enabling public health departments and their partners to share data, meet increased demand for healthcare analytics, and advance initiatives to reduce disparities.

Balto

Series B in 2021
Balto Software Inc. is a company that specializes in developing sales software utilizing artificial intelligence and real-time conversation analytics to enhance the performance of sales representatives during phone calls. Founded in 2017 and based in Saint Louis, Missouri, Balto's platform provides live guidance by listening to both sides of a conversation and offering prompts to agents, enabling them to address objections, recognize buyer signals, and maintain an effective dialogue. The software alerts representatives to errors in real-time, allowing for immediate self-correction and ensuring compliance with industry standards. Additionally, it automatically populates dashboards with detailed conversation data for managerial review, helping to identify areas for improvement. Balto's solutions cater to various sectors, including sales leadership, customer service, and compliance, ultimately aiming to improve conversion rates and enhance customer experiences.

CRE Simple

Venture Round in 2019
CRE Simple, Inc. is a financial services company that focuses on providing an innovative cloud-based lending platform designed to enhance access to capital for commercial real estate transactions. Established in 2016 and headquartered in San Francisco, California, the company operates its OneSource platform, which serves as a collaboration and workflow solution that connects various participants in the commercial real estate finance ecosystem. By leveraging data services and artificial intelligence, CRE Simple aims to streamline the borrowing process, offering improved speed, transparency, and certainty. Its platform facilitates a more efficient and automated experience, addressing the complexities and potential errors associated with traditional lending methods. Through deep integration with brokerage, tenant, and capital partners, CRE Simple is positioned to transform the capital access landscape in the commercial real estate sector.

Balto

Seed Round in 2019
Balto Software Inc. is a company that specializes in developing sales software utilizing artificial intelligence and real-time conversation analytics to enhance the performance of sales representatives during phone calls. Founded in 2017 and based in Saint Louis, Missouri, Balto's platform provides live guidance by listening to both sides of a conversation and offering prompts to agents, enabling them to address objections, recognize buyer signals, and maintain an effective dialogue. The software alerts representatives to errors in real-time, allowing for immediate self-correction and ensuring compliance with industry standards. Additionally, it automatically populates dashboards with detailed conversation data for managerial review, helping to identify areas for improvement. Balto's solutions cater to various sectors, including sales leadership, customer service, and compliance, ultimately aiming to improve conversion rates and enhance customer experiences.

@Hotel

Seed Round in 2019
TripScout, Inc. is a travel entertainment company based in Chicago, Illinois, established in 2015. It has developed an application that enables travelers to visually discover destinations through a variety of content, including articles, posts, blogs, photos, and videos contributed by influencers and publishers. The application allows users to create personalized travel itineraries by mapping relevant content, serving as an up-to-date travel guide for those eager to explore new places. TripScout aims to enhance the travel planning experience by providing a comprehensive platform tailored to the needs of modern travelers.

Truss

Series A in 2019
Truss Holdings, Inc. develops and operates an online commercial real estate (CRE) tech platform. It helps small and medium businesses find, tour and lease office, co-working, industrial, and retail space. The company’ platform uses machine learning to help find properties that best fit a company’s needs. It allows businesses in virtually tour the listings, negotiate price, and sign lease documents all on its site. The company was founded in 2016 and is based in Chicago, Illinois.

Jiobit

Venture Round in 2018
Jiobit specializes in real-time location tracking technology for children, adults, and pets. Its flagship product is a compact and durable tracking device that operates through a smartphone app, enabling users to locate their loved ones in various environments, including multi-level buildings and across more than 120 countries. The device is designed for longevity, boasting several weeks of battery life, and offers features such as custom geofencing, smart alerts, and detailed location history. Jiobit's innovative platform integrates advancements in hardware, cybersecurity, and consumer software to provide comprehensive monitoring capabilities. The team behind Jiobit consists of experienced engineers, designers, and marketers who have previously developed numerous successful consumer products. The company is headquartered in Chicago, with a development center in Silicon Valley.

Balto

Seed Round in 2018
Balto Software Inc. is a company that specializes in developing sales software utilizing artificial intelligence and real-time conversation analytics to enhance the performance of sales representatives during phone calls. Founded in 2017 and based in Saint Louis, Missouri, Balto's platform provides live guidance by listening to both sides of a conversation and offering prompts to agents, enabling them to address objections, recognize buyer signals, and maintain an effective dialogue. The software alerts representatives to errors in real-time, allowing for immediate self-correction and ensuring compliance with industry standards. Additionally, it automatically populates dashboards with detailed conversation data for managerial review, helping to identify areas for improvement. Balto's solutions cater to various sectors, including sales leadership, customer service, and compliance, ultimately aiming to improve conversion rates and enhance customer experiences.

chowly

Series A in 2018
Chowly Inc., founded in 2015 and headquartered in Chicago, Illinois, specializes in software solutions that integrate third-party online ordering platforms with restaurant point of sale (POS) systems. The company connects various online ordering services, including Grubhub, UberEats, DoorDash, and Caviar, to streamline restaurant operations. By providing these integrations, Chowly aims to enhance efficiency, reduce staffing costs, and minimize errors, ultimately increasing revenue for restaurants. The company is committed to delivering affordable technology-based solutions tailored for the restaurant industry.

Provi

Seed Round in 2018
Provi is a Chicago-based company that operates a platform designed to streamline the ordering process in the alcohol beverage industry. Established in 2016, it serves bars, restaurants, and retailers by facilitating direct orders from various alcohol distributors through a centralized system. This platform simplifies operations by enabling users to place orders for spirits, wine, and beer with a single click, thereby improving efficiency and reducing errors. Provi empowers thousands of buyers, distributors, and brands to make informed business decisions while accessing a diverse selection of craft beverages at competitive prices. By providing features such as order tracking and analytics, Provi helps its customers save time and money in the complex process of wholesale alcohol transactions.

HappyCo

Series A in 2018
HappyCo Inc. develops innovative mobile tools tailored for the real estate rental industry, enhancing operational efficiency by transitioning traditional paper-based processes into digital solutions. Founded in 2011 and based in San Francisco, California, the company offers a mobile application for property inspections, a web application for managing inspection data and staff remotely, and a business intelligence application for real-time performance analysis. Its platform supports a variety of sectors, including multifamily residential, hospitality, and commercial real estate, enabling users to conduct mobile inspections, manage work orders, and monitor operations effectively. HappyCo's technology provides real-time visibility and control, helping clients optimize their asset management and operational performance.

Happy Co.

Series A in 2018
Happy Co. builds mobile applications for enterprise workforce operations. The company offers a web application that aggregates inspection data and let users to manage inspections and staff remotely. It serves multifamily, property management, hospitality, and financial sectors. Happy Co. was founded in 2011 and is based in San Francisco, California.

Kin Insurance

Series A in 2018
Kin Insurance, Inc. is an insurance agency founded in 2016 and headquartered in Chicago, Illinois, with additional offices in St. Petersburg, Florida. The company specializes in home insurance products, offering a range of coverage options including homeowners, mobile home, condo, flood, manufactured home, landlord, umbrella, hurricane, wildfire, and second home insurance. Kin Insurance utilizes an online platform that simplifies the application process, allowing customers to customize their policies based on thousands of property data points. This approach ensures that homeowners receive personalized and affordable coverage tailored to their specific needs. With payment processing facilities in Palatine and Chicago, Kin Insurance aims to provide a user-friendly experience while helping clients secure their assets effectively.

Truss

Series A in 2017
Truss Holdings, Inc. develops and operates an online commercial real estate (CRE) tech platform. It helps small and medium businesses find, tour and lease office, co-working, industrial, and retail space. The company’ platform uses machine learning to help find properties that best fit a company’s needs. It allows businesses in virtually tour the listings, negotiate price, and sign lease documents all on its site. The company was founded in 2016 and is based in Chicago, Illinois.

Kin Insurance

Seed Round in 2017
Kin Insurance, Inc. is an insurance agency founded in 2016 and headquartered in Chicago, Illinois, with additional offices in St. Petersburg, Florida. The company specializes in home insurance products, offering a range of coverage options including homeowners, mobile home, condo, flood, manufactured home, landlord, umbrella, hurricane, wildfire, and second home insurance. Kin Insurance utilizes an online platform that simplifies the application process, allowing customers to customize their policies based on thousands of property data points. This approach ensures that homeowners receive personalized and affordable coverage tailored to their specific needs. With payment processing facilities in Palatine and Chicago, Kin Insurance aims to provide a user-friendly experience while helping clients secure their assets effectively.

Regroup

Series A in 2017
Regroup Therapy, Inc. is a Chicago-based company that specializes in telemedicine solutions aimed at addressing mental healthcare shortages across the United States. Established in 2011, the company has developed a platform that connects mental and behavioral health professionals with their patients through online sessions, using live and interactive video conferencing. Regroup's services emphasize patient privacy and the confidentiality of personal health information by employing end-to-end encryption. This technology enhances access to mental health care, enabling patients to overcome challenges related to geographic distance, mobility restrictions, and the logistical burdens of in-person visits to healthcare providers.

Avail

Seed Round in 2017
Avail is an online platform that facilitates the rental and leasing process for independent landlords and property managers. Founded in 2012 and based in Chicago, the company provides essential tools for managing rental properties, including rental listings, tenant screening, electronic leases, online rent payments, maintenance tracking, and customized lease agreements. Avail specifically caters to landlords with fewer than ten units, a segment that has historically lacked access to comprehensive online management tools. With its user-friendly interface, Avail allows users to efficiently advertise vacant properties, collect rental applications and credit reports, and manage various aspects of property management, all from a single platform. As a subsidiary of Move, Inc., Avail has attracted around 70,000 landlords who utilize its end-to-end services to simplify and enhance their rental operations.

RealVision

Seed Round in 2017
Realvision is an immersive media technology company that builds 3D media solutions for the real estate industry. Realvision is a technology platform built to support real estate agents, created for professional photographers.

Jiobit

Seed Round in 2017
Jiobit specializes in real-time location tracking technology for children, adults, and pets. Its flagship product is a compact and durable tracking device that operates through a smartphone app, enabling users to locate their loved ones in various environments, including multi-level buildings and across more than 120 countries. The device is designed for longevity, boasting several weeks of battery life, and offers features such as custom geofencing, smart alerts, and detailed location history. Jiobit's innovative platform integrates advancements in hardware, cybersecurity, and consumer software to provide comprehensive monitoring capabilities. The team behind Jiobit consists of experienced engineers, designers, and marketers who have previously developed numerous successful consumer products. The company is headquartered in Chicago, with a development center in Silicon Valley.

chowly

Seed Round in 2017
Chowly Inc., founded in 2015 and headquartered in Chicago, Illinois, specializes in software solutions that integrate third-party online ordering platforms with restaurant point of sale (POS) systems. The company connects various online ordering services, including Grubhub, UberEats, DoorDash, and Caviar, to streamline restaurant operations. By providing these integrations, Chowly aims to enhance efficiency, reduce staffing costs, and minimize errors, ultimately increasing revenue for restaurants. The company is committed to delivering affordable technology-based solutions tailored for the restaurant industry.

LogicGate

Seed Round in 2016
LogicGate, Inc. offers an enterprise process automation platform that helps organizations manage risk and compliance more effectively. Founded in 2015 and based in Chicago, Illinois, LogicGate's platform enables users to create applications through a user-friendly drag-and-drop interface. It focuses on various areas such as regulatory change management, enterprise risk management, incident management, and compliance, catering to industries including software, fintech, telecommunications, banking, insurance, healthcare, and energy. By streamlining disorganized processes, LogicGate enhances transparency and collaboration within organizations, allowing them to quickly adapt to changes and manage critical risks without relying heavily on external consultants. The platform centralizes data and automates workflows, ensuring that users have immediate access to essential information, which aids in effective decision-making and compliance oversight.

Jiobit

Convertible Note in 2016
Jiobit specializes in real-time location tracking technology for children, adults, and pets. Its flagship product is a compact and durable tracking device that operates through a smartphone app, enabling users to locate their loved ones in various environments, including multi-level buildings and across more than 120 countries. The device is designed for longevity, boasting several weeks of battery life, and offers features such as custom geofencing, smart alerts, and detailed location history. Jiobit's innovative platform integrates advancements in hardware, cybersecurity, and consumer software to provide comprehensive monitoring capabilities. The team behind Jiobit consists of experienced engineers, designers, and marketers who have previously developed numerous successful consumer products. The company is headquartered in Chicago, with a development center in Silicon Valley.

Page Vault

Series A in 2016
Page Vault enables legal professionals to easily capture web content for use as evidence in the U.S. courts. It is a cloud-based Software-as-a-Service subscription solution that provides a trusted third party chain of custody for captures with the simplicity of a screenshot. It was incorporated in 2013 and is based in Chicago, Illinois.

RealKey

Seed Round in 2016
RealKey, Inc., established in 2015 and located in San Francisco, California, specializes in digital mortgage technologies aimed at enhancing the mortgage processing experience for both bank and non-bank mortgage loan originators (MLOs). The company's RealKey Digital Mortgage Platform addresses the inefficiencies of traditional mortgage systems by automating document collection, data review, and secure communication among all parties involved in the mortgage process. This innovation significantly reduces the loan processing cycle by approximately 50%, allowing MLOs to close loans more rapidly and efficiently. As a result, RealKey empowers MLOs to scale their operations in response to the increasing demand for mortgage applications, particularly during periods of heightened lending activity. The platform integrates seamlessly with existing point of sale and loan origination systems, providing a comprehensive digital mortgage processing experience for lenders, brokers, and their clients.

HappyCo

Series A in 2015
HappyCo Inc. develops innovative mobile tools tailored for the real estate rental industry, enhancing operational efficiency by transitioning traditional paper-based processes into digital solutions. Founded in 2011 and based in San Francisco, California, the company offers a mobile application for property inspections, a web application for managing inspection data and staff remotely, and a business intelligence application for real-time performance analysis. Its platform supports a variety of sectors, including multifamily residential, hospitality, and commercial real estate, enabling users to conduct mobile inspections, manage work orders, and monitor operations effectively. HappyCo's technology provides real-time visibility and control, helping clients optimize their asset management and operational performance.

Page Vault

Seed Round in 2015
Page Vault enables legal professionals to easily capture web content for use as evidence in the U.S. courts. It is a cloud-based Software-as-a-Service subscription solution that provides a trusted third party chain of custody for captures with the simplicity of a screenshot. It was incorporated in 2013 and is based in Chicago, Illinois.
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