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 / Sandbox Industries

Sandbox Industries

Institutional venture firmChicago, ILsandboxindustries.comSEC venture capital fund adviserone firm, 3 filing advisers

This firm files as 3 advisers on sandboxindustries.com: Sandbox Holdings, LLC, Sandbox Investment Management, LLC. Each keeps its own CRD, funds and filings; the grouping is the website each swore to on Form ADV and is recomputed every pass.

We invest in innovation to drive lasting change in human livelinhood. We foster innovation to drive lasting change in industries that are crucial to our industry: healthcare, insurance and sustainability.

venture manager, reported GAV $891M across 5 vehicles

Importance
39
elevated
Active deployment
25
moderate
Emerging
0
low
Completeness
63
high
Freshness
100
high
Research priority
14
low
Identity and regulatory footprint
Headquarters
Chicago, ILadviserinfo.sec.gov
Office address
200 N. GREEN STREET, FLOOR 3, C/O SANDBOX INDUSTRIES, Chicago, IL, 60607adviserinfo.sec.gov
Business phone
312-243-4100adviserinfo.sec.gov
Website
https://www.sandboxindustries.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 25, 2026
Private funds reported
5 (5 venture capital funds)adviserinfo.sec.gov
Private fund gross assets
$856Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
business email
info@sandboxindustries.comsandboxindustries.compublished by the subject
business phone
312-243-4100adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
no observed deals yet
Stated (the firm’s website)
Sectors
healthcare
Stages
not stated or not yet read
Geography
not stated
Check size
not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors: no observed deals yet
lead rate n/afollow-on rate n/anew logos, 12 months 0
Funds and vehicles
5 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Sandbox Clinical Ventures Fund, LPFund2023 form d first saleActive deployment$57.1M
Mar 29, 2024
9$72.0M
of $100M
Feb 12, 2025
Bluecross Blueshield Venture Partners V, LLCFund2022 form d first saleFundraising$358M
Mar 29, 2024
34$370MAug 15, 2025
Bluecross Blueshield Venture Partners IV, LLCFund2021 adv first reportedMature$335M
Mar 29, 2024
36$0Mar 16, 2020
Sandbox Insurtech Fund II, LPFund2021 form d first saleMature$57.4M
Mar 29, 2024
11$65.3M
of $100M
Mar 7, 2024
Sandbox Insurtech Fund, LPFund2018 form d first saleHarvest$83.3M
Mar 29, 2024
6$43.9M
of $150M
Dec 18, 2019
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
32 current, 3 departed
Noah Trapp
ASSOCIATE, CLINICAL
Associate
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Ryan Lynch
ASSOCIATE, CLINICAL
Associate
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Chuck Chamness
ADVISOR, INSURANCE
Board or advisory
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Dr. Thomas Schenk
ADVISOR, HEALTHCARE
Board or advisory
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Thomas Priselac
ADVISOR, HEALTHCARE
Board or advisory
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Kamie Marsillo
CHIEF OF STAFF, OFFICE OF THE CEO
Founder or executive
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Chris Zock
CO-CEO AND MANAGING PARTNER
Managing partner
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Christopher Zock
Managing Member · since Jan 1, 2024
Managing partner
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Christopher Zock
Managing Member · since Jan 1, 2024
Managing partner
FactIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
Matt Downs
CO-CEO AND MANAGING PARTNER
Managing partner
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Matthew John Downs
Managing Member · since Aug 1, 2017
Managing partner
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Matthew John Downs
Managing Member · since Aug 1, 2017
Managing partner
FactIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
Dan Phillips
PARTNER, TECHNOLOGY
Partner
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Dr. Tom Hawes
PARTNER, CLINICAL
Partner
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Emir Sandhu
PARTNER, CLINICAL
Partner
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Gretchen Hayes
PARTNER, TECHNOLOGY
Partner
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Jeff Carroll
PARTNER, INVESTMENTS AND CONSULTING
Partner
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Kelsey Maguire
PARTNER, HEALTHCARE SERVICES
Partner
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Nick Rosa
FOUNDER AND PARTNER
Partner
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Ariel Meeyun Choi
General Counsel · since Jun 1, 2021
Platform and operations
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Ariel Meeyun Choi
General Counsel · since Jun 1, 2021
Platform and operations
FactIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
Ashley Carnegie
EXECUTIVE ASSISTANT, HEALTHCARE
Platform and operations
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Emily Warren
EXECUTIVE ASSISTANT AND OFFICE MANAGER
Platform and operations
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Jennifer Charity Naylor
Chief Financial Officer · since Jan 1, 2018
Platform and operations
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Jennifer Charity Naylor
Chief Financial Officer · since Jan 1, 2018
Platform and operations
FactIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
Jessica Scheets
VICE PRESIDENT, OPERATIONS
Platform and operations
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Kin Gill
GENERAL COUNSEL
Platform and operations
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Mark Bartlett
VENTURE PARTNER
Venture partner
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Kelly Carlquist
VICE PRESIDENT, HEALTHCARE SERVICES
Vice president
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Liam McDonald
VICE PRESIDENT, HEALTHCARE SERVICES
Vice president
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Michelle Gouveia
VICE PRESIDENT, TECHNOLOGY
Vice president
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Richard Antwi-Boasiako
VICE PRESIDENT, TECHNOLOGY
Vice president
FactVenture organization websites (about, team, portfolio, thesis, news pages)
3 departed (kept with end dates)
Investments on record
0 edges, 0 companies, 0 partner-attributed
No investment on record yet. Edges arrive from the firm’s portfolio page, financing announcements, and Form D board seats.
Co-investors
0 relationships from shared deals, counted for the whole firm
No co-investor relationship yet: these are derived only from rounds and portfolio listings the graph has seen both investors on.
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
11 dated events
  1. Mar 29, 2024
    Sandbox Clinical Ventures Fund, LP first reported on Form ADV by Sandbox Industries (Venture Capital Fund), GAV $57,142,857
    Fund first reported on Form ADVFundsFactSandbox Clinical Ventures Fund, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  2. Jan 10, 2024
    Robert Bernard Shapiro (Managing Member) no longer on Schedule A of Sandbox Industries
    Person leftPeopleInferenceRobert Bernard ShapiroSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  3. Jan 10, 2024
    Nicholas Rosa (Managing Member) no longer on Schedule A of Sandbox Industries
    Person leftPeopleInferenceNicholas RosaSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  4. Jan 1, 2024
    Christopher Zock joined Schedule A of Sandbox Industries as Managing Member
    Person joinedPeopleFactChristopher ZockSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  5. Mar 29, 2023
    Bluecross Blueshield Venture Partners V, LLC first reported on Form ADV by Sandbox Industries (Venture Capital Fund), GAV $299,700,000
    Fund first reported on Form ADVFundsFactBluecross Blueshield Venture Partners V, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  6. Mar 29, 2022
    Sandbox Insurtech Fund II, LP first reported on Form ADV by Sandbox Industries (Venture Capital Fund), GAV $20,408,163
    Fund first reported on Form ADVFundsFactSandbox Insurtech Fund II, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  7. Mar 29, 2022
    Shannon Mudd Leutheuser (General Counsel) no longer on Schedule A of Sandbox Industries
    Person leftPeopleInferenceShannon Mudd LeutheuserSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  8. Jun 1, 2021
    Ariel Meeyun Choi joined Schedule A of Sandbox Industries as General Counsel
    Person joinedPeopleFactAriel Meeyun ChoiSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  9. Mar 26, 2021
    Bluecross Blueshield Venture Partners IV, LLC first reported on Form ADV by Sandbox Industries (Venture Capital Fund), GAV $308,657,305
    Fund first reported on Form ADVFundsFactBluecross Blueshield Venture Partners IV, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  10. Feb 28, 2019
    Sandbox Industries 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)
  11. Feb 28, 2019
    Sandbox Insurtech Fund, LP first reported on Form ADV by Sandbox Industries (Venture Capital Fund), GAV $33,673,469
    Fund first reported on Form ADVFundsFactSandbox Insurtech Fund, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
  1. Sep 12, 2026
    Institutional venture firm (confirmed, 95%, cls-1)
    venture manager, reported GAV $891M across 5 vehicles
Evidence
47 observations from 4 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedvc_exemption,vc_funds_reportedMar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC exemption claimedventure_capital_fund_adviserMar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC exemption claimedventure_capital_fund_adviserMar 29, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
SEC adviser typeexempt_reporting_adviserMar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC adviser typeexempt_reporting_adviserMar 29, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
First Form ADV filing2019-02-28Mar 29, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Adv history loadedadv-hist-1Sep 12, 2026FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Latest Form ADV filing2026-03-25Mar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Latest Form ADV filing2024-03-29Mar 29, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
SEC statusERA - ActiveMar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
SEC status effective2019-02-28Mar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Venture share of reported funds1Mar 29, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Business phone312-243-4100Mar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Business phone312-243-4100Mar 29, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Contact page urlhttps://sandboxindustries.com/contact
“contact page linked from the home page”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
DescriptionWe invest in innovation to drive lasting change in human livelinhood. We foster innovation to drive lasting change in industries that are crucial to our industry: healthcare, insurance and sustainability.
“meta description”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
DescriptionWe invest in innovation to drive lasting change in human livelinhood. We foster innovation to drive lasting change in industries that are crucial to our industry: healthcare, insurance and sustainability.
“meta description”
Sep 13, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
HeadquartersChicago, ILMar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
HeadquartersChicago, ILMar 29, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Office address200 N. GREEN STREET, FLOOR 3, C/O SANDBOX INDUSTRIES, Chicago, IL, 60607Mar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Office address333 N. GREEN STREET, SUITE 802, C/O SANDBOX INDUSTRIES, Chicago, IL, 60607Mar 29, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Legal formLimited Liability CompanyMar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Legal formLimited Liability CompanyMar 29, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Private funds reported5Mar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Private funds reported5Mar 29, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Private fund gross assets (reported)$856MMar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Private fund gross assets (reported)$891MMar 29, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Schedule a diffsadiff-1Mar 25, 2026FactIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)
Stated sectorshealthcare
“sector words on the home page”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Stated sectorshealthcare
“sector words on the home page”
Sep 13, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Team pagehttps://sandboxindustries.com/people
“24 name/title pairs read”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Team pagehttps://sandboxindustries.com/people
“23 name/title pairs read”
Sep 13, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Venture funds reported5Mar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Venture funds reported5Mar 29, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Websitehttps://www.sandboxindustries.com
“re-picked from Schedule D 1.I by name”
Sep 12, 2026FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Websitehttps://www.sandboxindustries.comMar 25, 2026FactSEC Form ADV monthly roster (registered + exempt reporting advisers)
Websitehttps://www.sbxadvisors.com/Mar 29, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Site titleSandbox Industries
“title tag”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Site titleSandbox Industries
“title tag”
Sep 13, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)