Indicator Ventures

Multi-stage venture firmSEC venture capital fund adviser· Boston, Massachusettsindicatorventures.com

Multi-stage venture firm, based in Boston, Massachusetts, reporting $169M of fund assets on its funds' Form ADV filings.

Composed from this organization's classification, location and filed figures.

Reported fund assets
$169M
sum of its funds' Form ADV filings, last 30 months
New companies, 12 mo
1
Investment team
2
Latest vintage
2022
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsInvestments (3)Team (2)Funds
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

4 additional investments, funds and LPs, 5 events, 2 verified contacts (1 general firm email, 1 firm phone)

Every relationship, signal and contact on this record, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

What matters now

  1. 1 company
    new in 12 months

    1 new company in the last 12 months. Latest round EDGE Markets Series A ($29.2M round) on 8 Jun 2026.

    A firm writing cheques this quarter is one a founder can pitch now.

    Factfunding announcements, Form D, the firm's portfolio pageFor Founders, co-investorsInvestments →

People to know

View all people

Relationship network

15 connected entities5 observed rounds1 repeat counterpartyrounds 2018 to 2026

From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.

Reading the network
  • Sponsor
  • Company
  • Fund or vehicle
  • Person
›How strength and recency are read

Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

How am I connected?

Name your firm, a company or a person, and DFX finds the published routes to Indicator Ventures: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.

See how you connect to Indicator Ventures

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Investing

3 companies on record, 1 new in 12 months

Investments on record

3 companies, 4 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
EDGE Markets, Inc.Series A · Series Aparticipantunknown$29.2MunknownJun 8, 2026Fact Press release
Shibumi.com, Inc.Form D equity offeringunknown · boardGeoffrey Tarlow Bernstein (strongly supported)$30.6M
form d sold
unknownOct 27, 2022Inference Form D
PiensoForm D equity offeringunknown · boardJonathan Michael Struhl (strongly supported)$3.5M
form d sold
unknownFeb 26, 2021Inference Form D

Stated thesis versus observed behaviour

5 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
unknown 67%Other 33%
lead rate 0%follow-on rate 33%new companies, 12 months 1

Team

2 current, 1 departed

Decision makers

who to call first, and why; then everyone else by function

Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.

Investment team

2 current, 1 departed
1 departed (kept with end dates)

Contacts

1 general firm email, 1 firm phone

1 general firm email, 1 firm phone on record, each with its source. Values open with the complete profile.

Funds and LPs

7 vehicles, 0 LPs disclosed

Funds and vehicles

7 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Indicator Ventures Select I, L.P.Growth fund2022 adv first reportedActive deployment$9.3M
Mar 13, 2026
21$0Mar 5, 2021
Indicator Ventures III, L.P.Fund2021 form d first saleMature$56.4M
Mar 13, 2026
71$47.0M
of $50.0M
Dec 27, 2021
Indicator Ventures, L.P.Fund2014 form d first saleHarvest$28.8M
Mar 13, 2026
41$4.2M
of $25.0M
Nov 25, 2014

Limited partners

0 LPs, 0 disclosed commitments
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.

Known LPs and allocators

0 relationships across the firm's funds, from public pensions and the allocator graph
No allocator names this firm or its funds in a public disclosure DFX holds.

Relationships across DFX

3 co-investors · on 1 other DFX graph

Co-investors

3 counted from shared deals, for the whole firm
Across DFX and the capital chainon 1 other DFX graph Show
Across DFX
  • The same institution is held on RIA and Wealth, matched by identifier. See which records
Across the graphs

Indicator Ventures is the same institution as 1 record in RIA and Wealth.

RIA and Wealth1

The joined record opens with the product, beside every other relationship on this page.

Checking your plan…

Evidence and history

10 dated events, 113 observations from 3 sources

Timeline

10 dated events
  1. Mar 13, 2026
    Indicator Oxygen a Series of Cgf2021 LLC first reported on Form ADV by Indicator Ventures (Venture Capital Fund), GAV $250,057
    Fund first reported on Form ADVFundsInferenceIndicator Oxygen a Series of CGF2021 LLCForm ADV
  2. Dec 4, 2025
    Indicator Ventures filed the first Form D for Indicator Ventures IV, L.P. (fund 4), its next fund after Indicator Ventures III, L.P. (vintage 2021)
    Fund next filedderived signalInferenceIndicator Ventures IV, L.P.
  3. Mar 21, 2022
    Indicator Ventures Select I, L.P. first reported on Form ADV by HSV Holdings LLC (Venture Capital Fund), GAV $6,961,658
    Fund first reported on Form ADVFundsFactIndicator Ventures Select I, L.P.Form ADV
  4. Mar 21, 2022
    Indicator Ventures III, L.P. first reported on Form ADV by HSV Holdings LLC (Venture Capital Fund), GAV $47,000,000
    Fund first reported on Form ADVFundsFactIndicator Ventures III, L.P.Form ADV
  5. Mar 30, 2021
    Benjamin Fisher Luntz (Managing Member) no longer on Schedule A of HSV Holdings LLC
    Person leftPeopleInferenceBenjamin Fisher LuntzForm ADV

Identity and regulatory footprint

Address, phone, Form ADV filing and ownersForm ADV filed Mar 13, 2026 · 7 private fundsShow
Headquarters
Wellesley, MAadviserinfo.sec.gov
Office address
unknownadviserinfo.sec.gov
Business phone
unknownadviserinfo.sec.gov
Website
indicatorventures.com
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, adviser total
$169Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder

Classification history

Every classification this record has carried2 on recordShow
  1. Sep 23, 2026
    Multi-stage venture firm (confirmed, 95%)
    Both early and growth/opportunity families, reported GAV $169M
  2. Sep 12, 2026
    Multi-stage venture firm (confirmed, 95%)
    Both early and growth/opportunity families, reported GAV $153M

Evidence

113 observations from 3 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedVC exemption, VC funds reportedMar 13, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserMar 13, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserMar 7, 2024FactForm ADV
SEC adviser typeExempt reporting adviserMar 13, 2026FactForm ADV
SEC adviser typeExempt reporting adviserMar 13, 2026FactForm ADV
SEC adviser typeExempt reporting adviserMar 7, 2024FactForm ADV
First Form ADV filing2019-10-04Mar 13, 2026FactForm ADV
First Form ADV filing2019-10-04Mar 7, 2024FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-29Sep 30, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-25Sep 26, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-23Sep 24, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-21Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-22Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1Sep 12, 2026FactForm ADV
Latest Form ADV filing2026-03-13Mar 13, 2026FactForm ADV
Latest Form ADV filing2026-03-13Mar 13, 2026FactForm ADV
Latest Form ADV filing2024-03-07Mar 7, 2024FactForm ADV
SEC statusERA - ActiveMar 13, 2026FactForm ADV
SEC status effective2019-10-04Mar 13, 2026FactForm ADV
Venture share of reported funds1Mar 13, 2026FactForm ADV
Venture share of reported funds1Mar 7, 2024FactForm ADV
Business phoneMar 13, 2026FactForm ADV
Business phoneMar 7, 2024FactForm ADV
HeadquartersWellesley, MAMar 13, 2026FactForm ADV
HeadquartersBoston, MAMar 7, 2024FactForm ADV
Office addressMar 13, 2026FactForm ADV
Office addressMar 7, 2024FactForm ADV
Legal formLimited Liability CompanyMar 13, 2026FactForm ADV
Legal formLimited Liability CompanyMar 7, 2024FactForm ADV
Private funds reported7Mar 13, 2026FactForm ADV
Private funds reported7Mar 13, 2026FactForm ADV
Private funds reported6Mar 7, 2024FactForm ADV
Private fund gross assets (reported)$169MMar 13, 2026FactForm ADV
Private fund gross assets (reported)$169MMar 13, 2026FactForm ADV
Private fund gross assets (reported)$153MMar 7, 2024FactForm ADV
Schedule a diffsadiff-1Sep 26, 2026FactForm ADV
Stated geographyBoston, new york, washington dc
“geography words on the home page”
Sep 30, 2026Fact
Stated geographyBoston, new york, washington dc
“geography words on the home page”
Sep 29, 2026Fact
Stated geographyBoston, new york, washington dc
“geography words on the home page”
Sep 28, 2026Fact
Stated geographyBoston, new york, washington dc
“geography words on the home page”
Sep 27, 2026Fact
Stated geographyBoston, new york, washington dc
“geography words on the home page”
Sep 26, 2026Fact
Stated geographyBoston, new york, washington dc
“geography words on the home page”
Sep 25, 2026Fact
Stated geographyBoston, new york, washington dc
“geography words on the home page”
Sep 24, 2026Fact
Stated geographyBoston, new york, washington dc
“geography words on the home page”
Sep 23, 2026Fact
Stated geographyBoston, new york, washington dc
“geography words on the home page”
Sep 22, 2026Fact
Stated geographyBoston, new york, washington dc
“geography words on the home page”
Sep 21, 2026Fact
Stated geographyBoston, new york, washington dc
“geography words on the home page”
Sep 20, 2026Fact
Stated geographyBoston, new york, washington dc
“geography words on the home page”
Sep 19, 2026Fact
Stated geographyBoston, new york, washington dc
“geography words on the home page”
Sep 18, 2026Fact
Stated geographyBoston, new york, washington dc
“geography words on the home page”
Sep 17, 2026Fact
Stated geographyBoston, new york, washington dc
“geography words on the home page”
Sep 16, 2026Fact
Stated geographyBoston, new york, washington dc
“geography words on the home page”
Sep 13, 2026Fact
Stated sectorsAI, fintech, healthcare, space
“sector words on the home page”
Sep 30, 2026Fact
Stated sectorsAI, fintech, healthcare, space
“sector words on the home page”
Sep 29, 2026Fact
Stated sectorsAI, fintech, healthcare, space
“sector words on the home page”
Sep 28, 2026Fact
Stated sectorsAI, fintech, healthcare, space
“sector words on the home page”
Sep 27, 2026Fact
Stated sectorsAI, fintech, healthcare, space
“sector words on the home page”
Sep 26, 2026Fact
Stated sectorsAI, fintech, healthcare, space
“sector words on the home page”
Sep 25, 2026Fact
Stated sectorsAI, fintech, healthcare, space
“sector words on the home page”
Sep 24, 2026Fact
Stated sectorsAI, fintech, healthcare, space
“sector words on the home page”
Sep 23, 2026Fact
Stated sectorsAI, fintech, healthcare, space
“sector words on the home page”
Sep 22, 2026Fact
Stated sectorsAI, fintech, healthcare, space
“sector words on the home page”
Sep 21, 2026Fact
Stated sectorsAI, fintech, healthcare, space
“sector words on the home page”
Sep 20, 2026Fact
Stated sectorsAI, fintech, healthcare, space
“sector words on the home page”
Sep 19, 2026Fact
Stated sectorsAI, fintech, healthcare, space
“sector words on the home page”
Sep 18, 2026Fact
Stated sectorsAI, fintech, healthcare, space
“sector words on the home page”
Sep 17, 2026Fact
Stated sectorsAI, fintech, healthcare, space
“sector words on the home page”
Sep 16, 2026Fact
Stated sectorsAI, fintech, healthcare, space
“sector words on the home page”
Sep 13, 2026Fact
Stated stagesSeries a, early
“stage words on the home page”
Sep 30, 2026Fact
Stated stagesSeries a, early
“stage words on the home page”
Sep 29, 2026Fact
Stated stagesSeries a, early
“stage words on the home page”
Sep 28, 2026Fact
Stated stagesSeries a, early
“stage words on the home page”
Sep 27, 2026Fact
Stated stagesSeries a, early
“stage words on the home page”
Sep 26, 2026Fact
Stated stagesSeries a, early
“stage words on the home page”
Sep 25, 2026Fact
Stated stagesSeries a, early
“stage words on the home page”
Sep 24, 2026Fact
Stated stagesSeries a, early
“stage words on the home page”
Sep 23, 2026Fact
Stated stagesSeries a, early
“stage words on the home page”
Sep 22, 2026Fact
Stated stagesSeries a, early
“stage words on the home page”
Sep 21, 2026Fact
Stated stagesSeries a, early
“stage words on the home page”
Sep 20, 2026Fact
Stated stagesSeries a, early
“stage words on the home page”
Sep 19, 2026Fact
Stated stagesSeries a, early
“stage words on the home page”
Sep 18, 2026Fact
Stated stagesSeries a, early
“stage words on the home page”
Sep 17, 2026Fact
Stated stagesSeries a, early
“stage words on the home page”
Sep 16, 2026Fact
Stated stagesSeries a, early
“stage words on the home page”
Sep 13, 2026Fact
Venture funds reported7Mar 13, 2026FactForm ADV
Venture funds reported7Mar 13, 2026FactForm ADV
Venture funds reported6Mar 7, 2024FactForm ADV
WebsiteMar 13, 2026FactForm ADV
WebsiteMar 7, 2024FactForm ADV
Site titleSep 30, 2026Fact
Site titleSep 29, 2026Fact
Site titleSep 28, 2026Fact
Site titleSep 27, 2026Fact
Site titleSep 26, 2026Fact
Site titleSep 25, 2026Fact
Site titleSep 24, 2026Fact
Site titleSep 23, 2026Fact
Site titleSep 22, 2026Fact
Site titleSep 21, 2026Fact
Site titleSep 20, 2026Fact
Site titleSep 19, 2026Fact
Site titleSep 18, 2026Fact
Site titleSep 17, 2026Fact
Site titleSep 16, 2026Fact
Site titleSep 13, 2026Fact
How this is scored
Scores, classification basis and filing advisersMulti-stage venture firm, confirmedShow
Importance
31
moderate
Active deployment
4
low
Emerging
0
low
Freshness
100
high
Multi-stage venture firmSEC exempt reporting adviser

Both early and growth/opportunity families, reported GAV $169M

The inputs behind each score
importance
gav: 0.37 · funds: 0.58 · people: 0.08 · investments: 0.26 · co investors: 0.19
active deployment
investments 12m: 0.13 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 0 · latest investment at: 2026-06-08
emerging manager
fund count: 7 · reported gav: $169M · first adv filing: 2019-10-04 · years since first filing: 7

Fits, record history and connections

scored matches for this investor, every identity change, every edge

Record history

1 dated event on the change ledger, latest event first
  • Adviser's first ADV filing
    2019-10-04source on record

The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.