Kindred Ventures

Kindred Ventures Research

Investment Thesis

Kindred Ventures backs visionary and relentless founders building the future using technology and science. Founded in 2014 by Steve Jang as an angel fund, Kindred has grown into a $600 million AUM earliest-stage fund based in San Francisco. The firm believes in AGI for good, decentralized systems that are fair, personalized well-being for all, quiet electric transportation for the planet, and technologies that have yet to be imagined but are inevitable.

Kindred takes a threefold approach: (1) investing in technology startups at their earliest rounds, primarily pre-seed and seed; (2) helping form and fund companies by partnering with entrepreneurs before they have created their companies, helping form initial teams and sharpen ideas; and (3) engaging closely with founders and leveraging deep global networks to help bring visions to life.

Stage Focus

Kindred invests at the earliest stages, primarily pre-seed and seed. They often serve as the first institutional check and frequently help form companies from scratch. The firm positions itself as a lead investor to its portfolio companies.

Check Size

While exact check sizes are not publicly disclosed, given their $600M AUM across 100+ startups at earliest stages, typical initial investments likely range from $500K to $5M. The firm serves as a lead investor, suggesting meaningful ownership targets at inception.

Lead Tendency

Kindred explicitly positions itself as a lead investor to its portfolio companies. Steve Jang's bio confirms that Kindred serves as a lead investor, indicating they consistently take the lead role in rounds.

Sector Focus

Kindred invests across a broad range of sectors organized into eight categories on their website:

• AI (33+ companies): The largest sector, including AI infrastructure (fal, Overworld), AI applications (PlayAI acquired by Meta, Corgi, Assured, BeSound), and AI hardware (Sandbar, Opal Camera).
• Crypto/Web3 (27+ companies): Including Coinbase (IPO, NASDAQ:COIN), dYdX, Messari, Alliance DAO, Atlas, and Zora.
• Consumer (22+ companies): Including Sandbar, Ten Little, Opal Camera, Aww, Uber (early angel), Poshmark (IPO), and Postmates (acquired by Uber).
• Tools & Infrastructure (18+ companies): Including Quo/OpenPhone, Northflank, Anjuna Security, Aethero, and Animoto (acquired).
• Health & Wellness (16+ companies): Including Color Health, Heartbeat Health (co-founded by Kanyi), Conceive, Assured, and BeSound.
• Fintech (13+ companies): Including Corgi (AI insurance), Tala (emerging market lending), Basis Theory (payments), and Upstart (IPO, NASDAQ:UPST).
• Mobility & Logistics (8+ companies): Including Inversion Space, Whisper Aero, Uber (IPO), Adyton, and Cloudtrucks.
• Climate Tech (6+ companies): Including Aalo Atomics (nuclear for AI data centers), Faircraft (lab-grown leather), Replenysh, and Linear Labs.

They also organize investments by mission themes: Advancing Human Health, AI & New Computing, Collaboration & Commerce, Creativity & Expression, Productivity & Efficiency, and Securing Life & Environment.

Recent Activity (2025-2026)

• March 2026: Sandbar secured $23M Series A for AI note-taking ring; Kindred hosted AI Media + Gaming event at GDC featuring portfolio companies Dedalus Labs, fal, Iconic, Mem0, and Overworld.
• January 2026: Announced investment in Overworld (real-time world models for the edge).
• January 2026: Announced investment in Corgi (AI insurance carrier).
• November 2025: Aalo Atomics featured in Forbes for nuclear-powered AI data centers.
• October 2025: Basis Theory named to The Information's 50 Most Promising Startups of 2025.
• September 2025: Announced investments in BeSound and Assured.
• July 2025: PlayAI acquired by Meta (Superintelligence Lab).

The fund is actively deploying capital with frequent new announcements.

Portfolio Highlights & Notable Exits

Kindred has backed 100+ startups with an aggregate portfolio market cap exceeding $200 billion. Steve Jang has backed ten $1B+ valuation companies, three of which are publicly traded.

IPOs: Uber (NYSE:UBER), Coinbase (NASDAQ:COIN), Poshmark (NASDAQ:POSH), Upstart (NASDAQ:UPST), Reddit (NYSE:RDDT)

Acquisitions: PlayAI (Meta, 2025), Blue Bottle Coffee (Nestlé), Postmates (Uber), HelloSign (Dropbox), Ando (Uber Eats), Animoto (Redbrick), Bitski (Phantom), Earnest (Navient), SoundTracking (Rhapsody), imeem (MySpace)

Notable Active: Perplexity AI, Color Health, Magic Eden, Tonal, dYdX, Tala, Basis Theory, Inversion Space, Aalo Atomics, Whisper Aero

Team

Steve Jang, Founder & Managing Partner: Forbes Midas List top 50 (2023, 2024). Early advisor and angel investor in Uber since founding. Co-founder/founding team of several startups including Bitski, SoundTracking, and imeem. Has backed ten $1B+ companies including three publicly traded. Kindred was born from his practice of investing in friends' side projects starting in 2014.

Kanyi Maqubela, Managing Partner: Focuses on frontier technology, digital health, e-commerce, fintech, and supply-chain/logistics. Co-founder of Heartbeat Health. Previously Partner at Collaborative Fund. Led early investments in Outschool, Impossible Foods, Upstart, Reddit, HelloSign. Adjunct Professor at NYU Tisch. Stanford-educated in Philosophy. Serves on UCSF Foundation Investment Company board.

The team also includes Adriana Martinez (CFO), Natalie Arora (Head of Operations), Sierra Lord (Chief of Staff), Yash Kishore (Research Associate), and several operational staff.

Decision Process

Kindred operates as a partnership with two Managing Partners (Steve Jang and Kanyi Maqubela). As a small, focused fund, decisions likely flow through the two principals directly.

Geographic Focus

Primarily US-based companies with headquarters in San Francisco. However, the portfolio includes international investments: Aww (Japan), Faircraft (France), Northflank (UK). Steve Jang's background includes deep networks globally, and Kanyi's experience spans multiple geographies.

Founder Preferences

Kindred seeks visionary and relentless founders. They often partner with entrepreneurs before company formation, helping shape initial teams and ideas. Their threefold approach—invest, form, and engage—suggests a preference for founders who are open to deep collaboration. Both partners have operational and entrepreneurial backgrounds, indicating an affinity for technical founders with big visions.

Key Differentiators

1. Formation-stage investing: Kindred often helps form companies before they exist, a rare capability.
2. Operator DNA: Both partners are former founders with exits in success and failure.
3. Massive portfolio market cap: $200B+ across 100+ companies is exceptional for an earliest-stage fund.
4. Cross-sector breadth: Unlike specialized funds, Kindred invests across AI, crypto, health, climate, consumer, and more.
5. Deep networks: Steve's Midas List status and Kanyi's institutional connections (UCSF, Collaborative Fund) provide founders with exceptional access.