Sandalphon Capital

Sandalphon Capital is a Chicago-based venture capital firm investing in early-stage companies across the United States, with a concentration on Chicago, the wider Midwest and other markets it regards as underserved by venture capital. The firm generally excludes the Bay Area from its investment scope. Its sector focus spans B2B SaaS, marketplaces, digital health and healthcare IT, tech-enabled healthcare services, and technology applied to insurance, financial services, real estate, construction and government.

The firm invests at Pre-Seed, Seed and Series A. Typical check sizes are $100,000–$250,000 at Pre-Seed, $500,000–$1 million at Seed and $1 million–$2 million at Series A, with the ability to invest larger amounts through limited partner co-investment. Sandalphon describes its approach as partnering with entrepreneurs to support strong outcomes for founders and stakeholders, and it draws on a network rooted in the Chicago and Midwest ecosystems.

Alongside its investment activity, Sandalphon Capital runs midwest.tech/connect, a virtual summit that connects Midwest-linked early-stage startups with venture capital firms and angel investors. The event reflects the firm's emphasis on building relationships within markets where early-stage capital and investor networks are thinner than in established coastal hubs.