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The Venture Codex

DFS Lab

1100 NE Campus Parkway, Suite 200, Seattle, WA, 98105, United States

Overview

Incubator supporting fintech entrepreneurs in developing countries.

Founded

2016

Deals · 12mo

4

Links

WebsiteLinkedInX (Twitter)

Stage focus

Seed

Geographic focus

Nigeria
United States

Sector focus

—

Investment portfolio

23rounds
NAMEDATESIZE
Aeon Cyber Defense
Sep 2026Participated
$1 MSeed
Aeon
Sep 2026Participated
$1 MSeed
ChipMango
Sep 2026Participated
$2 MSeed
Checker
May 2026Participated
$8 MOther Equity
Borderless
Jun 2025Participated
$0.50 MSeed
Stable Sea
Mar 2025Participated
$4 MOther Equity
TurnStay
Jul 2024Led
$0.30 MOther Equity
Chargel
Apr 2023Participated
$3 MSeed
Payday
Mar 2023Participated
$3 MSeed
Terraa
Feb 2023Participated
$2 MSeed
CutStruct
Nov 2022Led
$0.60 MSeed
Bumpa
Oct 2022Participated
$4 MSeed
Aeon Cyber Defense
Sep 2026Participated
$1 MSeed
Aeon
Sep 2026Participated
$1 MSeed
ChipMango
Sep 2026Participated
$2 MSeed
Checker
May 2026Participated
$8 MOther Equity
Borderless
Jun 2025Participated
$0.50 MSeed
Stable Sea
Mar 2025Participated
$4 MOther Equity
TurnStay
Jul 2024Led
$0.30 MOther Equity
Chargel
Apr 2023Participated
$3 MSeed
Payday
Mar 2023Participated
$3 MSeed
Terraa
Feb 2023Participated
$2 MSeed
CutStruct
Nov 2022Led
$0.60 MSeed
Bumpa
Oct 2022Participated
$4 MSeed
23
Items
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Insights

Time horizon

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Deal Distribution

DFS Lab: 23 funding rounds are recorded in the selected participation categories.All available history.
DFS Lab: 23 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed116
Series A02
Other Equity22

Monthly Deal Activity

DFS Lab: 23 deals are recorded across 113 months.All available history.
DFS Lab: 23 deals are recorded across 113 months. All available history
MonthDeals
Jun '171
Jul '170
Aug '170
Sep '170
Oct '170
Nov '170
Dec '170
Jan '180
Feb '180
Mar '180
Apr '180
May '180
Jun '180
Jul '180
Aug '180
Sep '180
Oct '180
Nov '180
Dec '180
Jan '190
Feb '190
Mar '190
Apr '190
May '191
Jun '190
Jul '190
Aug '190
Sep '190
Oct '190
Nov '190
Dec '190
Jan '200
Feb '200
Mar '200
Apr '200
May '200
Jun '200
Jul '200
Aug '200
Sep '200
Oct '200
Nov '200
Dec '201
Jan '210
Feb '210
Mar '210
Apr '210
May '210
Jun '210
Jul '210
Aug '210
Sep '211
Oct '210
Nov '212
Dec '210
Jan '222
Feb '220
Mar '221
Apr '220
May '221
Jun '220
Jul '220
Aug '221
Sep '220
Oct '221
Nov '221
Dec '220
Jan '230
Feb '231
Mar '231
Apr '231
May '230
Jun '230
Jul '230
Aug '230
Sep '230
Oct '230
Nov '230
Dec '230
Jan '240
Feb '240
Mar '240
Apr '240
May '240
Jun '240
Jul '241
Aug '240
Sep '240
Oct '240
Nov '240
Dec '240
Jan '250
Feb '250
Mar '251
Apr '250
May '250
Jun '251
Jul '250
Aug '250
Sep '250
Oct '250
Nov '250
Dec '250
Jan '260
Feb '260
Mar '260
Apr '260
May '261
Jun '260
Jul '260
Aug '260
Sep '263
Oct '260

Sector Breakdown

DFS Lab: Fintech is the largest displayed sector by deal count (10 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

DFS Lab: Fintech is the largest displayed sector by deal count (10 deals). All available history
SectorDeals
Fintech10
E-Commerce & Retail6
Networks, Cloud & Communication3
Enterprise Software2
Cybersecurity & Privacy2
Real Estate & Construction2
Transportation & Logistics2
Food & Agriculture2
Professional Services2
Developer Tools2
Travel & Hospitality1
Data, Analytics & IT1
Space & Frontier Tech1
Crypto & Blockchain1
AI & Machine Learning1
Social & Community Platforms1

Deal Size Distribution

DFS Lab: 23 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

DFS Lab: 23 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M19
$5M-$10M2
$10M-$25M2
$25M-$50M0
$50M-$100M0
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

DFS Lab: United States has the largest recorded deal count among the displayed regions (9 deals).All available history.

Top 9 of 9 regions; European countries are grouped as Europe.

DFS Lab: United States has the largest recorded deal count among the displayed regions (9 deals). All available history
RegionDeals
United States9
Nigeria7
Canada1
Egypt1
South Africa1
Kenya1
Indonesia1
Morocco1
CôTe D'ivoire1
DFS Lab: 20 co-investors are shown, with Atlantica Ventures sharing 3 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

DFS Lab: 20 co-investors are shown, with Atlantica Ventures sharing 3 recorded deals. All available history
Co-investorShared deals
Atlantica Ventures3
FirstCheck Africa3
Golden Palm Investments3
Ingressive Capital3
Jedar Capital3
Kaleo Ventures3
Seedstars3
Techstars3
Ajim Capital2
HoaQ Fund2
JAM Fund2
Magic Fund2
Microtraction2
Norrsken VC2
P1 Ventures2
Resilience172
Terra Industries2
The Raba Partnership2
Ventures Platform2
Zedcrest2

Investment Strategy

DFS Lab: Led accounts for 13% and participating for 87% of round participation.All available history.
DFS Lab: Led accounts for 13% and participating for 87% of round participation. All available history
CategoryDeals (count)Share (%)
Led313%
Participating2087%
DFS Lab: Single-lead accounts for 33% and co-led for 67% of lead dynamics.All available history.
DFS Lab: Single-lead accounts for 33% and co-led for 67% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead133%
Co-led267%

Team

Ben Lyon

Entrepreneur in Residence

Jake Kendall

Founder and Director

Stephen Deng

Partner