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The Venture Codex

Overview

Seed-stage venture capital firm investing in consumer and health tech.

Founded

2013

Deals ยท 12mo

5

Stage focus

Seed
Series A

Geographic focus

Sweden
United States

Sector focus

Digital Media
E-Commerce
Financial Services
Health Care

Investment portfolio

41rounds
NAMEDATESIZE
Ephemeral
Aug 2026Participated
$5 MSeed
UnityAI
Mar 2026Participated
$9 MSeries A
Equal Parts
Feb 2026Participated
$23 MSeries A
Barnwell Bio
Jan 2026Participated
$6 MSeed
Belidor.ai
Oct 2025Led
$3 MSeed
Carla
Sep 2025Participated
$5 MOther Equity
Hello Patient
Sep 2025Participated
$23 MSeries A
Elion
Aug 2025Participated
$9 MSeed
Equal Parts
Apr 2025Led
$10 MOther Equity
Vori Health
Mar 2025Participated
$53 MSeries B
Adonis
Jun 2024Participated
$31 MSeries B
UnityAI
Feb 2024Led
$4 MSeed
Ephemeral
Aug 2026Participated
$5 MSeed
UnityAI
Mar 2026Participated
$9 MSeries A
Equal Parts
Feb 2026Participated
$23 MSeries A
Barnwell Bio
Jan 2026Participated
$6 MSeed
Belidor.ai
Oct 2025Led
$3 MSeed
Carla
Sep 2025Participated
$5 MOther Equity
Hello Patient
Sep 2025Participated
$23 MSeries A
Elion
Aug 2025Participated
$9 MSeed
Equal Parts
Apr 2025Led
$10 MOther Equity
Vori Health
Mar 2025Participated
$53 MSeries B
Adonis
Jun 2024Participated
$31 MSeries B
UnityAI
Feb 2024Led
$4 MSeed
41
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Insights

Time horizon

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Deal Distribution

Max Ventures: 41 funding rounds are recorded in the selected participation categories.All available history.
Max Ventures: 41 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed312
Series A010
Series B06
Series C+02
Other Equity26

Monthly Deal Activity

Max Ventures: 41 deals are recorded across 105 months.All available history.
Max Ventures: 41 deals are recorded across 105 months. All available history
MonthDeals
Feb '181
Mar '181
Apr '181
May '181
Jun '180
Jul '182
Aug '180
Sep '180
Oct '180
Nov '180
Dec '181
Jan '190
Feb '191
Mar '190
Apr '190
May '190
Jun '190
Jul '192
Aug '190
Sep '190
Oct '190
Nov '190
Dec '190
Jan '200
Feb '200
Mar '201
Apr '201
May '200
Jun '200
Jul '200
Aug '201
Sep '200
Oct '200
Nov '200
Dec '200
Jan '211
Feb '211
Mar '211
Apr '210
May '213
Jun '212
Jul '211
Aug '210
Sep '210
Oct '211
Nov '210
Dec '211
Jan '220
Feb '220
Mar '221
Apr '220
May '220
Jun '220
Jul '220
Aug '221
Sep '221
Oct '221
Nov '220
Dec '220
Jan '230
Feb '230
Mar '230
Apr '230
May '231
Jun '230
Jul '230
Aug '230
Sep '230
Oct '230
Nov '230
Dec '230
Jan '240
Feb '241
Mar '240
Apr '240
May '240
Jun '241
Jul '240
Aug '240
Sep '240
Oct '240
Nov '240
Dec '240
Jan '250
Feb '250
Mar '251
Apr '251
May '250
Jun '250
Jul '250
Aug '251
Sep '252
Oct '251
Nov '250
Dec '250
Jan '261
Feb '261
Mar '261
Apr '260
May '260
Jun '260
Jul '260
Aug '261
Sep '260
Oct '260

Sector Breakdown

Max Ventures: Health & Life Sciences is the largest displayed sector by deal count (23 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.

Max Ventures: Health & Life Sciences is the largest displayed sector by deal count (23 deals). All available history
SectorDeals
Health & Life Sciences23
AI & Machine Learning14
E-Commerce & Retail9
Enterprise Software8
Food & Agriculture5
Data, Analytics & IT4
Consumer & Lifestyle4
Fintech4
Transportation & Logistics3
Media & Entertainment3
Clean Energy & Sustainability2
Real Estate & Construction2
Social & Community Platforms2
Networks, Cloud & Communication1
Marketing & Advertising1
Developer Tools1

Deal Size Distribution

Max Ventures: 41 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.

Max Ventures: 41 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M13
$5M-$10M8
$10M-$25M10
$25M-$50M7
$50M-$100M2
$100M-$250M1
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Max Ventures: United States has the largest recorded deal count among the displayed regions (35 deals).All available history.

Top 3 of 3 regions; European countries are grouped as Europe.

Max Ventures: United States has the largest recorded deal count among the displayed regions (35 deals). All available history
RegionDeals
United States35
Europe5
100221
Max Ventures: 20 co-investors are shown, with Lerer Hippeau sharing 8 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.

Investment Strategy

Max Ventures: Led accounts for 12% and participating for 88% of round participation.All available history.
Max Ventures: Led accounts for 12% and participating for 88% of round participation. All available history
CategoryDeals (count)Share (%)
Led512%
Participating3688%
Max Ventures: Single-lead accounts for 20% and co-led for 80% of lead dynamics.All available history.
Max Ventures: Single-lead accounts for 20% and co-led for 80% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead120%
Co-led480%

Team

Ryan Darnell

Founding Partner

Sophie Stenbeck

Co-Founder and General Partner