The Venture Codex Logo

The Venture Codex

Underdog Labs

San Francisco, CA, United States

Overview

Boutique startup studio focused on developing new ventures.

Founded

2019

Deals · 12mo

2

Links

WebsiteLinkedIn

Stage focus

Seed

Geographic focus

United States

Sector focus

—

Investment portfolio

15rounds
NAMEDATESIZE
Coworked
May 2026Participated
$2 MOther Equity
Keebler Health
Apr 2026Participated
$16 MSeries A
Obviant
Jun 2025Participated
$7 MSeed
Keebler Health
Feb 2025Participated
$6 MSeed
Nowadays
Dec 2024Participated
$2 MSeed
Light Frame
May 2024Participated
$2 MSeed
SingleFile Technologies
Mar 2024Participated
$7 MOther Equity
Arbital Health
Jan 2024Participated
$10 MSeries A
Telo Trucks
Jun 2023Participated
$1 MSeed
TransCrypts
Jan 2023Participated
$2 MSeed
FanRally
Jun 2022Participated
$3 MOther Equity
Credit Mountain
Aug 2021Participated
$2 MSeed
Coworked
May 2026Participated
$2 MOther Equity
Keebler Health
Apr 2026Participated
$16 MSeries A
Obviant
Jun 2025Participated
$7 MSeed
Keebler Health
Feb 2025Participated
$6 MSeed
Nowadays
Dec 2024Participated
$2 MSeed
Light Frame
May 2024Participated
$2 MSeed
SingleFile Technologies
Mar 2024Participated
$7 MOther Equity
Arbital Health
Jan 2024Participated
$10 MSeries A
Telo Trucks
Jun 2023Participated
$1 MSeed
TransCrypts
Jan 2023Participated
$2 MSeed
FanRally
Jun 2022Participated
$3 MOther Equity
Credit Mountain
Aug 2021Participated
$2 MSeed
15
Items
...
Browse all public portfolio deals

Insights

Time horizon

View by

Deal Distribution

Underdog Labs: 15 funding rounds are recorded in the selected participation categories.All available history.
Underdog Labs: 15 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed19
Series A02
Other Equity03

Monthly Deal Activity

Underdog Labs: 15 deals are recorded across 79 months.All available history.
Underdog Labs: 15 deals are recorded across 79 months. All available history
MonthDeals
Apr '201
May '200
Jun '200
Jul '200
Aug '200
Sep '200
Oct '201
Nov '200
Dec '200
Jan '210
Feb '210
Mar '210
Apr '211
May '210
Jun '210
Jul '210
Aug '211
Sep '210
Oct '210
Nov '210
Dec '210
Jan '220
Feb '220
Mar '220
Apr '220
May '220
Jun '221
Jul '220
Aug '220
Sep '220
Oct '220
Nov '220
Dec '220
Jan '231
Feb '230
Mar '230
Apr '230
May '230
Jun '231
Jul '230
Aug '230
Sep '230
Oct '230
Nov '230
Dec '230
Jan '241
Feb '240
Mar '241
Apr '240
May '241
Jun '240
Jul '240
Aug '240
Sep '240
Oct '240
Nov '240
Dec '241
Jan '250
Feb '251
Mar '250
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 '261
May '261
Jun '260
Jul '260
Aug '260
Sep '260
Oct '260

Sector Breakdown

Underdog Labs: Enterprise Software is the largest displayed sector by deal count (7 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.

Underdog Labs: Enterprise Software is the largest displayed sector by deal count (7 deals). All available history
SectorDeals
Enterprise Software7
Health & Life Sciences5
AI & Machine Learning5
Networks, Cloud & Communication4
Professional Services4
Fintech3
Media & Entertainment2
Transportation & Logistics1
Consumer & Lifestyle1
Crypto & Blockchain1
Education & Workforce1
Manufacturing1

Deal Size Distribution

Underdog Labs: 15 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.

Underdog Labs: 15 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M10
$5M-$10M3
$10M-$25M2
$25M-$50M0
$50M-$100M0
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Underdog Labs: United States has the largest recorded deal count among the displayed regions (15 deals).All available history.

Top 1 of 1 regions; European countries are grouped as Europe.

Underdog Labs: United States has the largest recorded deal count among the displayed regions (15 deals). All available history
RegionDeals
United States15
Underdog Labs: 20 co-investors are shown, with New Stack 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.

Underdog Labs: 20 co-investors are shown, with New Stack Ventures sharing 3 recorded deals. All available history
Co-investorShared deals
New Stack Ventures3
Techstars3
Everywhere Ventures2
Freestyle Capital2
Hustle Fund2
MBX Capital2
Triangle Tweener Fund2
412 Venture Fund1
A*1
Aloft VC1
Alumni Ventures1
Amplifyher Ventures1
Asymmetry Ventures1
Atland Ventures1
ATX Venture Partners1
Aviano Ventures1
Basis Set Ventures1
Bezos Expeditions1
Canaan Partners1
Capital One Ventures1

Investment Strategy

Underdog Labs: Led accounts for 7% and participating for 93% of round participation.All available history.
Underdog Labs: Led accounts for 7% and participating for 93% of round participation. All available history
CategoryDeals (count)Share (%)
Led17%
Participating1493%
Underdog Labs: Single-lead accounts for 0% and co-led for 100% of lead dynamics.All available history.
Underdog Labs: Single-lead accounts for 0% and co-led for 100% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead00%
Co-led1100%

Team

Alex Chang

Co-Founder, GP

David Hehman

Co-Founder