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The Venture Codex

FLAG Capital Management

1266 East Main Street, Stamford, CT, 06902, United States

Overview

FLAG was founded in 1994 to create investment solutions for investors lacking scale and access to the preeminent venture capital fund managers. Since that time, the firm has grown in both size and investment capabilities to serve a diverse investor base. In 2012 FLAG acquired Squadron Capital Management Limited, a preeminent Hong Kong based asset management firm with deep roots in Asia providing investment solutions for institutional investors seeking to access private equity opportunities from China to Japan to Australasia and the Indian subcontinent. FLAG currently offers a global platform of investment options across venture capital, private equity, and real assets (energy/resources and real estate). FLAG also offers customizable fund administration and reporting services. Since inception, FLAG has been trusted with nearly $7 billion in client commitments. Our diversified client base includes private and public retirement plans, foundations and endowments, and ultra-high net worth investors. FLAG is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, and the Hong Kong Securities and Futures Commission.

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

Sector focus

  • Asset Management
  • Financial Services
  • Venture Capital
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Investment portfolio

  • CustoMED

    Participated · Seed · Oct 2025

    CustoMED’s cloud platform converts a surgeon’s pre-operative plan and medical imaging into customized surgical tools and implants within minutes, integrating seamlessly into existing workflows. By combining artificial intelligence, automation, and 3D printing, the system aims to reduce intraoperative errors and deliver more predictable outcomes while leaving surgeons in full clinical control. The technology has already been deployed in hundreds of surgeries worldwide, with thousands more slated for the coming year. Originating in Sheba Medical Center’s 3D Printing & Innovation Lab, the company was co-founded by Dr. Amit Zabatani, Or Benifla, and Alon Jacobi and operates within Sheba’s ARC Innovation ecosystem in Ramat Gan. CustoMED plans to use new capital to expand into additional orthopedic indications, pursue U.S. and EU regulatory clearances expected in 2026, and scale its on-demand manufacturing model globally. To date, the company has raised $6 million in funding.

  • Peak Nano Optics

    Led · Equity · Oct 2021

    Peak Nanosystems commercializes breakthrough nanotechnology across research, prototyping, manufacturing, and delivery through its Peak Nano Optics and Peak Nano Films businesses. The company has focused on commercializing GRIN optics since 2016 and acquired nanolayer process technology from PolymerPlus to advance its platforms. Leadership is led by Jim Welsh (CEO) and Chad Lewis (President). Peak Nano Optics invested over $30 million in a development and production facility near Cleveland that was commissioned in Q4 2020 and had an official grand opening in July 2021. Peak Nano Films has made significant investments to scale up nanolayer technology for capacitor films and other specialty film applications. The company is scaling production of optical lenses and developmental-scale films to serve military and industrial use cases. Peak Nano Optics is a Coppell, Texas–based company that has developed commercial-scale nanolayered gradient index (GRIN) lens technology. Its core product is nanolayered GRIN lenses intended to improve system-level optical performance across military and commercial platforms. Peak said a recent Series B minority investment from L3 Technologies, structured as an equity and development package with undisclosed terms, will accelerate breakthroughs and enable potential new product launches as early as 2019. The funding will support a significant expansion of manufacturing capacity, including an advanced automated line with integrated robotics scheduled to come online this summer. The company plans to leverage the partnership to broaden offerings into virtual and augmented reality markets and to advance biomedical technology. Company executives framed the Series B as validation of Peak Nano’s process for taking nanotechnology from discovery through rapid prototyping, manufacturing, and distribution.

  • Teladoc

    Participated · Equity · Sep 2014

    Teladoc provides 24/7 access to affordable, non‑emergency medical care through a directly managed network of U.S.‑based, board‑certified physicians via phone, secure online video, a mobile app and HealthSpot walk‑in kiosks. Founded in 2002, the company serves 8 million members and performs more than 250,000 consults annually, and is targeting over a quarter‑million consults in the current year. Teladoc reports it has doubled revenue in each of the last two years, maintains an average physician callback time under 16 minutes, and achieves a 95 percent patient satisfaction rate. The company is the first telehealth provider to receive NCQA certification for its physician credentialing process, scoring 100 percent. Teladoc says it will use new funding to develop new products and services, expand into new markets and distribution channels, and pursue strategic partnerships and targeted acquisitions. Its services are used by large employers and insurers including Blue Shield of California, Highmark, Rent‑A‑Center and T‑Mobile. Teladoc provides 24/7 telehealth consultations to health plans, employers, unions, associations and consumers, connecting members to U.S.-based, board-certified physicians by telephone or secure online video. Upon requesting a consultation patients receive a callback in an average of 22 minutes, and sessions cost $38 or less. Each consultation includes a comprehensive review of the patient’s electronic health record; physicians treat a variety of conditions and may prescribe medication when appropriate and can, with approval, send records to the patient’s primary care physician. The company reports more than 3 million members and a 97 percent patient satisfaction rate, and its physicians meet or exceed National Committee for Quality Assurance standards. Teladoc says its service reduces utilization of costlier alternatives like emergency rooms and urgent care and improves employee productivity. The company plans to partner with Kleiner Perkins Caufield & Byers to leverage the firm’s company-building expertise as it scales. Teladoc operates a nationwide network of licensed, board-certified primary care physicians delivering on-demand telehealth visits. Physicians access members' CCR-compliant electronic medical records to remotely diagnose and treat minor non-emergency medical problems. The Teladoc model is designed to manage a significant portion of non-emergent cases and to resolve routine medical issues faster and at lower cost than urgent care, emergency departments, or physician offices. The company reports average physician access in less than 30 minutes and a 97% approval rating from member patients. Teladoc announced a $4M investment to fund its next phase of growth and expand its market-leading position. Management plans to leverage investor relationships and expertise to accelerate growth and remove barriers to patient care. TelaDoc operates a national network of board-certified primary care physicians delivering telehealth consultations on demand, 24 hours a day, 365 days a year. Founded in 2002 and based in Dallas, Texas, the company connects patients with physicians via telehealth services. The company intends to use recent funding to support its next phase of growth. CEO Jason Gorevic said the funding will help enhance the primary care physician–patient relationship. He added the company aims to create meaningful and measurable change in the quality and cost of health care for millions of Americans. The article does not disclose revenue, user counts, or other operating metrics.

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