DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Indicator Ventures
Indicator Ventures
both early and growth/opportunity families, reported GAV $153M
Importance
23
moderate
Active deployment
4
low
Emerging
0
low
Completeness
69
high
Freshness
100
high
Research priority
5
low
Identity and regulatory footprint
- Headquarters
- Wellesley, MAadviserinfo.sec.gov
- Office address
- 245 WASHINGTON STREET, SUITE 202, Wellesley, MA, 02481adviserinfo.sec.gov
- Business phone
- (617) 947-1984adviserinfo.sec.gov
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Mar 13, 2026
- Private funds reported
- 7 (7 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $169Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business email
- hello@indicatorventures.comindicatorventures.compublished by the subject
- business phone
- (617) 947-1984adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
1 observed deals
Stated (the firm’s website)
- Sectors
- ai, fintech, healthcare, space
- Stages
- series a, early
- Geography
- boston, new york, washington dc
- Check size
- not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation
series a 100%
Stage at first entry
series a 100%
Sectors
Other 100%
lead rate 0%follow-on rate 0%new logos, 12 months 1
Funds and vehicles
7 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Indicator Ventures Select I, L.P. | Growth fund | 2022 adv first reported | Active deployment | $6.3M Mar 7, 2024 | 21 | $0 | Mar 5, 2021 |
| Indicator Ventures III, L.P. | Fund | 2021 form d first sale | Mature | $47.6M Mar 7, 2024 | 71 | $47.0M of $50.0M | Dec 27, 2021 |
| Indicator Ventures, L.P. | Fund | 2014 form d first sale | Harvest | $24.8M Mar 7, 2024 | 41 | $4.2M of $25.0M | Nov 25, 2014 |
| Indicator Ventures II, L.P. | Fund | unknown | Unknown | $71.3M Mar 7, 2024 | 42 | $0 of $60.0M | Nov 3, 2017 |
| Indicator Carbon, L.P. | Fund | unknown | Unknown | $2.3M Mar 7, 2024 | 27 | $0 of $1.3M | Jun 20, 2016 |
| Indicator Carbon II, L.P. | Fund | unknown | Unknown | $1.0M Mar 7, 2024 | 11 | $0 of $2.0M | Nov 3, 2017 |
| Indicator Ventures IV, L.P. | Fund | unknown | Fundraising | unknown | unknown | $0 | Dec 4, 2025 |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
2 current, 1 departed
Geoffrey Tarlow Bernstein
Managing partnerManaging Member · since Nov 1, 2014
Jonathan Michael Struhl
Managing partnerManaging Member · since Nov 1, 2014
1 departed (kept with end dates)
- Benjamin Fisher Luntz · Managing Member · Nov 1, 2014 to Mar 30, 2021 Inference
Investments on record
1 edges, 1 companies, 0 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| EDGE Markets, Inc. | Series A · Series A | participant | unknown | $29.2M | unknown | Jun 8, 2026 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
2 relationships from shared deals, counted for the whole firm
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
8 dated events
- Mar 21, 2022Indicator Ventures Select I, L.P. first reported on Form ADV by HSV Holdings LLC (Venture Capital Fund), GAV $6,961,658Fund first reported on Form ADVFundsFactIndicator Ventures Select I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 21, 2022Indicator Ventures III, L.P. first reported on Form ADV by HSV Holdings LLC (Venture Capital Fund), GAV $47,000,000Fund first reported on Form ADVFundsFactIndicator Ventures III, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2021Benjamin Fisher Luntz (Managing Member) no longer on Schedule A of HSV Holdings LLC
- Oct 4, 2019Indicator Ventures, L.P. first reported on Form ADV by HSV Holdings LLC (Venture Capital Fund), GAV $21,794,059Fund first reported on Form ADVFundsFactIndicator Ventures, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Oct 4, 2019HSV Holdings LLC first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Oct 4, 2019Indicator Ventures II, L.P. first reported on Form ADV by HSV Holdings LLC (Venture Capital Fund), GAV $21,674,430Fund first reported on Form ADVFundsFactIndicator Ventures II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Oct 4, 2019Indicator Carbon II, L.P. first reported on Form ADV by HSV Holdings LLC (Venture Capital Fund), GAV $391,013Fund first reported on Form ADVFundsFactIndicator Carbon II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Oct 4, 2019Indicator Carbon, L.P. first reported on Form ADV by HSV Holdings LLC (Venture Capital Fund), GAV $1,492,112Fund first reported on Form ADVFundsFactIndicator Carbon, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Multi-stage venture firm (confirmed, 95%, cls-1)both early and growth/opportunity families, reported GAV $153M
Evidence
47 observations from 3 sources