Refactor
Refactor is a US seed-stage venture firm founded in 2015 that invests $1–2M in hard tech companies across aerospace, energy, applied biology, health, critical materials and earth systems, run as a solo GP firm with five funds.
Refactor is a seed-stage venture firm investing in hard technology - companies built around physical systems and science rather than software alone. Founded in 2015 and based in the United States, it writes cheques of $1–2 million at the seed stage and has raised five funds to date.
The firm's technical focus spans aerospace, energy, applied biology, health, critical materials and earth systems. Its stated emphasis is on founders taking difficult, consequential problems from ambitious idea through to real-world application.
Refactor operates as a solo general partner firm, led by founding partner Zal Bilimoria, with a single employee. The structure means founders deal directly with the person making the investment decision, without an intermediary investment team.
Within the seed-stage hard tech segment - where capital-intensive development cycles and longer technical timelines differ from software investing - the firm's model pairs concentrated, hands-on decision-making with defined initial cheque sizes across a portfolio of five funds.