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The Venture Codex

Dell Family Office

645 Fifth Avenue 21st Floor, New York, NY, 10022, United States

Overview

DFO Management, LLC (“DFO”), is the family investment office of Dell Technologies Founder, Chairman, and CEO Michael Dell and his family. DFO engages in a broad range of investment activities with flexibility to invest in a wide variety of asset classes. The Dell family office was initially established in 1998 as MSD Capital, L.P., and was restructured as DFO at the end of 2022.

Total investments
27
Lead investments
2
Investments · 12mo
3
Active investors
1

Sector focus

  • Finance
  • Financial Services
  • Venture Capital
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Investment portfolio

  • Volta

    Participated · Series A · Aug 2026

    Volta is an AI cloud infrastructure firm founded earlier this year by Ricard Boada and Sofia Gumuzio. The company has secured 1 gigawatt of data center power capacity to date and plans to develop new sites in Texas and Wyoming. Volta announced a six-year, $10 billion cloud services contract with a major AI developer that will be hosted with Bitdeer at a 133-megawatt facility in Norway. It also arranged a $5 billion customer financing pool to lower the barrier for smaller AI companies to buy NVIDIA’s high-end chips. Volta’s public targets include deploying multiple gigawatts of computing capacity by 2030. The company raised $300 million in a venture round co-led by Andreessen Horowitz and Altimeter Capital with participation from NVIDIA and Michael Dell.

  • Hilo

    Led · Series B · Jul 2026

    Founded in 2018 in Neuchâtel, Switzerland, Hilo commercializes optical blood pressure monitoring technology developed from more than 20 years of research. The company combines a wrist-worn optical sensor, an FDA-cleared connected cuff for periodic calibration, and a mobile platform that delivers roughly 30–35 blood pressure readings per day and overnight measurements. Hilo’s technology has been validated across eight clinical studies and is used by more than 200,000 people globally. The company rebranded from Aktiia to Hilo ahead of launching Hilo Core, which it describes as a complete blood pressure health system for consumers and clinicians. Hilo cites a real-world study of over 30,000 users showing higher engagement correlates with greater systolic blood pressure reductions, and it intends to use recent funding to support US expansion, further product development and hiring.

  • Harbor Health

    Participated · Equity · Sep 2025

    Harbor Health is a primary and specialty care clinic group and health insurance company that pairs care delivery with longitudinal coverage models. The company connects each member to a dedicated health team and customized care pathways, integrating primary care with specialty services. Harbor Health serves more than 50,000 people in Central Texas, reports a net promoter score of 90, and has grown from three clinics in 2022 to 11 clinics, plus two mobile clinics and an infusion center. It plans to expand its clinical footprint across Texas and add specialty service lines including rheumatology, dermatology, cardiology, endocrinology, and mental health. In November 2025 Harbor Health will offer fully insured individual and family plans on healthcare.gov while continuing to provide quotes for large employer plans in Central Texas. The company says its integrated care-and-coverage model can deliver 10–20% savings while improving outcomes. Harbor Health is an Austin, TX-based primary and specialty clinic group that delivers primary care and expanded specialty services for employers, providers and individual consumers. The team connects consumers to a dedicated health team and customized care pathways, emphasizing a personalized, relationship-driven approach. The company says this model helps consumers get healthier faster and reduces the emotional and financial burdens of the current healthcare system. Harbor Health plans to use new funding to accelerate growth in primary care services, broaden its specialty care offerings, and develop plan designs that support care journeys co-created by consumers and their clinicians. The company was founded by Dr. Clay Johnston, Eric Scott (from 8VC) and Tony Miller.

  • Qualtrics

    Participated · Equity · Jun 2023

    Qualtrics is the leader and pioneer of the experience management (XM) software category. Its core product is an enterprise experience-management (XM) software platform. Management says it will use partnership capital to build the next great enterprise cloud platform and pursue category-defining growth, including investment in areas such as AI. The company was subject to a previously announced $12.5 billion acquisition that closed concurrent with the co-investment. BDT & MSD Partners' affiliated funds and DFO Management (the family investment office of Michael Dell) each invested $250 million for a combined $500 million co-investment alongside Silver Lake and CPP Investments, with certain family enterprises from the BDT & MSD network also participating. Gregg Lemkau of BDT & MSD Partners will join Qualtrics' board as part of the transaction. Qualtrics builds an experience-management (XM) platform and began as an online market-research service. The company launched its XM Platform to help organizations manage internal feedback, uncover business drivers, predict customer needs, and retain employees. Qualtrics bootstrapped for a decade before taking venture financing in 2012 and has since scaled rapidly. It reports being profitable and cash-flow positive while growing revenue from roughly $150 million to somewhere north of $250 million this year. Leadership hires and board additions (including a new COO and an Atlassian CFO on the board) indicate preparation for a possible future IPO, with the founder stating a goal of reaching billion-dollar revenue before going public. Qualtrics provides a software-as-a-service platform that captures customer, market, and employee insights to help clients make data-driven decisions. The platform is used by 6,000 global enterprises, academic institutions, and government agencies to collect, analyze, and act on feedback across customer satisfaction, employee engagement, brand, market, and product topics. Led by CEO Ryan Smith, the company plans to use new funding for continued product innovation and international expansion. The company closed a $150M Series B that valued Qualtrics at over $1 billion. With this round, Qualtrics has raised $220M in total funding to date. The business emphasizes voice-of-the-customer, employee engagement, and market insight capabilities for organizations worldwide. Qualtrics builds online data-collection and analysis software primarily used for market research and customer/employee insights. Its product lineup expanded from a core Research Suite to include Qualtrics 360 (employee assessment) and Site Intercept (targeted website content). The company claims more than 4,000 enterprise customers and 600 universities and operates from a 200-person workforce. Qualtrics says it has been profitable since its founding in 2002. Management plans to invest heavily in growth and add about 250 employees over the next year, based at its headquarters in Provo, Utah. The company positions itself as enabling sophisticated research without outside firms or complex IT installations.

  • Way

    Participated · Series A · Nov 2022

    Way is an Austin, TX-based software company that offers a centralized platform for businesses to manage brand activations and immersive experiences. Led by CEO Michael Stocker, the platform helps curate and offer local events and activations, such as Auberge Resorts Madeline Hotel & Residences’ Day of Adventure in Moab. Leading brands, independent hotels, and management companies like Highgate Hotels, The Little Nell, Auberge Resorts, AutoCamp, and Fairmont use Way to drive revenue and build brand loyalty. The company raised $20M in a Series A to accelerate growth and expand operations. The round was led by Tiger Global with participation from MSD Capital. Way intends to use the funds to scale operations and expand its market presence.

Team