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The Venture Codex

AAF Management

1747 Pennsylvania Avenue NW 5th Floor, Washington, DC, 20006, United States

Overview

AAF Management Ltd. (AAF) is a leading early-stage venture capital firm focused on pre-Seed, Seed and Series A stage technology companies in North America. Since late 2016, we’ve invested in over 120 venture-backed portfolio companies across fintech, healthcare, consumer, enterprise software and deep tech. We are backed by over 95 Limited Partners (LPs) across two funds. Our investors include leading multi-family offices, single family offices, royal families, c- level executives, ministers, ambassadors, fund-of-funds, foundations, hedge fund managers and other strategic investors across the US, Europe, and MENA region. We also actively manage Limited Partnership (LP) allocations into early stage emerging managers globally exposing us to over 600 venture-backed companies. We’ve backed emerging managers who were previous venture investors at prestigious firms such as Sequoia Capital, Lightspeed Ventures, NEA, Khosla Ventures, Kleiner Perkins among others. Notable companies in our extended portfolio include: Deel, Ramp, Robinhood, Didi, Savage X by Fenty, StockX, Figure, Reddit, Current, Synthego, Epic Games, FiscalNote among many others. Notable exits in our extended portfolio include: CrowdStrike (NASDAQ: CRWD), TruOptik acq. by Transunion (NYSE: TRU), Prodigy acq. by Upstart (NASDAQ: UPST), Portfolium acq. by Instructure (NYSE: INST), now a Thoma Bravo Company, HeyDoctor acq. by GoodRx (NYSE: GDRX), Finmark acq. by Bill.com(NYSE: BILL) among others.

Total investments
13
Lead investments
0
Investments · 12mo
1
Active investors
4

Sector focus

  • Financial Services
  • FinTech
  • Health Care
  • Incubators
  • Information Technology
  • Mobile
  • Software
  • Venture Capital
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Investment portfolio

  • Uniblock

    Participated · Equity · Mar 2026

    Uniblock operates a managed infrastructure layer that connects blockchain applications to over 300 blockchains and 55 data partners via a single API key and a patented auto-routing orchestration layer. The platform normalizes data, handles provider selection and failover, and serves more than 3,000 projects and 4,000 developers in production; customers named include Plume Network, Stellar Blockchain, Hypernative, Oku Trade, nReach, and Apechain. Uniblock has launched AI-native developer tools—an MCP server for agent access, LLM-optimized documentation (llms.txt), and Agent Skills—to enable AI-driven and developer-first integration. Financially, the company announced a $5.2M funding raise (bringing total funding to $7.5M) from a mix of institutional and angel investors across multiple geographies. Planned product and go-to-market priorities include expanding chain coverage, scaling the intelligent orchestration engine, building new API categories (stablecoins, wallets, prediction markets), and growing enterprise and ecosystem partnerships. The company is scaling engineering and operations from its Canadian headquarters.

  • Flex

    Participated · Equity · Mar 2025

    Flex offers an integrated finance platform that streamlines back-office finance and banking for premium business owners. The company acquired Maza and will rebrand it as Flex Consumer to help owners manage commingled personal and business finances. Flex is integrating Maza’s entity-formation and payments tools to expand its product stack and onramp new customers from company creation through profit spending. The combined business sells a zero-fee business banking offering and plans consumer-facing products to address owners who use personal cards for business transactions. Since closing the deal in Q3, Flex reports over 50% growth driven by Maza’s consumer growth engine, user base, and solopreneur tooling. Founders of Maza will take executive roles within Flex to accelerate product and go-to-market integration. Flex provides a bundled financial ecosystem for business owners that combines payment automation, expense management, net‑60 credit cards, and banking into a single platform. Its core product set includes AI‑powered AP Automation, expense management, and support for credit, debit, and B2B payments. Flex processes more than $1 billion in annual total payment volume across those payment types. The company plans to accelerate the buildout of its payments infrastructure and to build a consumer arm enabling business owners to manage personal finances through the same experience. Recent hires include Chief Risk Officer Vishal Saxena, General Counsel & Chief Compliance Officer David Toro, and Head of Product Jared Thomas. The funding will be used to speed product development and expand Flex’s payments ecosystem and personal finance offering for business owners. Flex is a San Francisco–based provider that helps direct-to-consumer health and wellness brands accept HSA and FSA payments online. Its core product suite includes Product Verification, which identifies and processes eligible items at checkout, and Health Check, which leverages telehealth for providers to determine medical necessity for dual-use items. The platform aims to drive new revenue, increase cart sizes and improve customer retention for merchants while helping consumers expand eligible HSA/FSA spending and avoid losing FSA funds at year-end. Customers named in the article include KindredBravely, BedJet and Lumen. Founded by Sam O’Keefe and Miguel Toledo, Flex plans to use its recent funding to accelerate product development and sales and marketing.

  • Flex

    Participated · Equity · Mar 2025

    Flex positions itself as a private bank for high-net-worth and middle-market business owners, providing multi-currency accounts, stablecoin payment systems and wallets, institutional USD accounts, private credit, business cards across entities, and an AI finance agent called Beacon. The company has launched Flex Global, a stablecoin-powered banking service available in more than 100 countries, with multi-currency accounts in 76 countries supporting 32 currencies. Flex reports strong growth metrics: annualised total payment volume exceeding $10 billion, annualised revenue now in nine figures after tripling since December, and customers using an average of four or more products. Its largest client categories by count are construction, wholesale, and multinational businesses, and it targets an estimated 350,000 high-net-worth business owners in the U.S. and about 3 million worldwide. Flex plans to expand into business finance, personal finance, payments, private credit, and ERP, and to roughly double headcount from ~110 to over 200 within the year.

  • Vero Technologies

    Participated · Series A · Sep 2023

    Vero Technologies offers a lending-as-a-service (LAAS) platform that enables community and regional banks to originate, service and monitor wholesale or "floor plan" financing for dealers of manufactured goods such as auto, powersports and agricultural equipment. The platform leverages open banking technology to provide end-to-end loan lifecycle management, including underwriting, loan servicing, digital auditing, real-time inventory tracking, risk management and financial analytics. It also provides dealer- and supplier-facing tools to reduce manual interactions and aims to let banks introduce wholesale financing without overhauling existing systems or adding specialized headcount. Vero says it has achieved initial market penetration with minimal prior funding and currently serves community and regional banks across the country. The company will use the $8.5M Series A to accelerate growth of its LAAS offering, expand its footprint with community and regional banks, and enhance platform capabilities. Vero is working on a commercial partnership with Sopra Banking Software (part of the Sopra Steria Group) to make its technology available to the wider wholesale finance market.

  • Caden AI

    Participated · Series A · Aug 2023

    Caden provides users an encrypted “vault” that pulls analytics on movies watched, travel, purchases and other behavioral data and lets people opt in to monetize selected segments. Users connect services like Amazon, Uber and Netflix to Caden’s iOS app, view usage stats and choose which data to share or delete. The company anonymizes data before sharing with third parties and says consumers can opt out at any time. Caden has collected over a billion data points and has paid “hundreds of thousands” of dollars to users. It recently launched Caden AI, an assistant that uses shared behavioral data for personalized recommendations, and plans an enterprise product, Context AI, to let marketers query consumer behavior with text and visuals. The team is roughly 25 people based in New York, and the company intends to use new funding to expand that team, develop Caden AI and build more connections across retailers, loyalty programs, fitness platforms and streaming services. Caden is a user-centered personal data company building an Open Data platform that places users at the center of the data marketplace. Its mobile app aggregates first-party signals — what users watch, where they travel, and what they buy — and provides analytics on consumer profiles. Users can opt in to monetize their data in privacy-preserving ways, creating passive income streams without compromising privacy. For business customers, Caden offers ethically-sourced first-party data via a proprietary Knowledge Graph, with options for anonymized/aggregated consumption, Unique ID organization for ad tech, or identifiable use cases with explicit user consent. The company plans to launch the Caden platform publicly and further build out its New York City team. Caden’s flagship mobile product was in closed beta and slated for public release in Q1 2023, and the company had raised $6M in Seed funding, bringing total funds raised to $9.4M. Caden is a zero-party data platform built around an encrypted on-device vault and an API called Link that lets users pull data from accounts (e.g., e-mail, bank) into their vault. The vault surfaces insights to users and lets them grant, revoke, or alter permissions for specific companies. Users can opt to be compensated for sharing their data; the company likens the experience to a savings account. Caden came out of stealth with a $3.4M pre-seed round and plans to launch a beta mobile app in the next six months. The team began working on the technology nine months ago and is initially targeting consumer brands. The company positions itself as a privacy-first alternative as regulation (e.g., CCPA-style laws) makes third-party data collection more burdensome for companies.

Team

  • Omar Darwazah

    Co-founder, Managing Director and General Partner

    LinkedIn
  • Kyle Hendrick

    Founder & General Partner

    LinkedIn
  • Matt Michelsen

    Venture Partner

    LinkedIn
  • Evan Hendrick

    Senior Investment Associate

    LinkedIn