Sandbox Industries

Institutional venture firmSEC venture capital fund adviserRaising· Chicago, Illinoissandboxindustries.com

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.

In the firm's own words, from its website.

Reported fund assets
$856M
sum of its funds' Form ADV filings, last 30 months
New companies, 12 mo
None
Investment team
23
Latest vintage
2023
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsInvestments (2)Team (32)Funds
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

25 additional team members, 2 additional investments, funds and LPs, 6 events, 21 verified contacts (19 professional url, 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 vehicle
    on Form D, 18 months

    $450M reported sold so far.

    A Form D is filed when a vehicle takes its first money, so these are open to LPs now.

    FactSEC Form D filingsFor LPs, fund-of-funds, placement agentsVehicles →

People to know

View all people
  • Chris Zock
    CO-CEO AND MANAGING PARTNER
    Why: Managing partner: runs the firm
    Profile
  • Matt Downs
    CO-CEO AND MANAGING PARTNER
    Why: Managing partner: runs the firm
    Profile
  • Christopher Zock
    Managing Member
    Why: Named with investment responsibility
    No route on file yet

Relationship network

35 connected entities1 observed roundrounds 2023

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

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 Sandbox Industries: 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 Sandbox Industries

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

Investing

2 companies on record, 0 new in 12 months
Investments on record
2 companies, 1 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
Sonarmd, Inc.Form D equity offeringunknown · boardEmir Sandhu (strongly supported)$4.3M
form d sold
unknownMay 16, 2023Inference Form D
Stated thesis versus observed behaviour
1 observed deals
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
Other Health Care 100%
lead rate no observed dealsfollow-on rate 0%new companies, 12 months 0

Team

32 current, 7 departed
Decision makers
who to call first, and why; then everyone else by function
  • Chris Zock · CO-CEO AND MANAGING PARTNER
    Why this person: Managing partner: runs the firm; Named with investment responsibility; Confirmed current on the firm's own site 2026-10-01
    LinkedIn or profile link on file (firm website, their bio on the firm's website), confirmed 2026-10-01, confidence 90%
  • Matt Downs · CO-CEO AND MANAGING PARTNER
    Why this person: Managing partner: runs the firm; Named with investment responsibility; Confirmed current on the firm's own site 2026-10-01
    LinkedIn or profile link on file (firm website, their bio on the firm's website), confirmed 2026-10-01, confidence 90%
  • Christopher Zock · Managing Member
    Why this person: Named with investment responsibility

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. 2 with a route on file. 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
32 current, 7 departed
3 departed (kept with end dates)
Contacts
1 general firm email, 1 firm phone, 19 professional url

1 general firm email, 1 firm phone, 19 professional url on record, each with its source. Values open with the complete profile.

Funds and LPs

5 vehicles, 0 LPs disclosed
Funds and vehicles
5 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Sandbox Clinical Ventures Fund, LPFund2023 form d first saleFundraising$74.7M
Mar 25, 2026
21$79.5M
of $100M
Sep 15, 2026
Bluecross Blueshield Venture Partners V, LLCFund2022 form d first saleFundraising$358M
Mar 25, 2026
35$370MAug 15, 2025
Bluecross Blueshield Venture Partners IV, LLCFund2021 adv first reportedMature$289M
Mar 25, 2026
36$0Mar 16, 2020
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

1 co-investors
Co-investors
1 counted from shared deals, for the whole firm

Evidence and history

11 dated events, 60 observations from 4 sources
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, LPForm ADV
  2. Jan 10, 2024
    Robert Bernard Shapiro (Managing Member) no longer on Schedule A of Sandbox Industries
    Person leftPeopleInferenceRobert Bernard ShapiroForm ADV
  3. Jan 10, 2024
    Nicholas Rosa (Managing Member) no longer on Schedule A of Sandbox Industries
    Person leftPeopleInferenceNicholas RosaForm ADV
  4. Jan 1, 2024
    Christopher Zock joined Schedule A of Sandbox Industries as Managing Member
    Person joinedPeopleFactChristopher ZockForm ADV
  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, LLCForm ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 25, 2026 · 5 private fundsShow
Headquarters
Chicago, ILadviserinfo.sec.gov
Office address
unknownadviserinfo.sec.gov
Business phone
unknownadviserinfo.sec.gov
Website
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, adviser total
$856Madviserinfo.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
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $856M across 5 vehicles
  2. Sep 12, 2026
    Institutional venture firm (confirmed, 95%)
    Venture manager, reported GAV $891M across 5 vehicles
Evidence
65 observations from 4 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedVC exemption, VC funds reportedMar 25, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserMar 25, 2026FactForm ADV
SEC exemption claimedVenture capital fund adviserMar 29, 2024FactForm ADV
SEC adviser typeExempt reporting adviserMar 25, 2026FactForm ADV
SEC adviser typeExempt reporting adviserMar 25, 2026FactForm ADV
SEC adviser typeExempt reporting adviserMar 29, 2024FactForm ADV
First Form ADV filing2019-02-28Mar 25, 2026FactForm ADV
First Form ADV filing2019-02-28Mar 29, 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 filing2026-03-25Mar 25, 2026FactForm ADV
Latest Form ADV filing2026-03-25Mar 25, 2026FactForm ADV
Latest Form ADV filing2024-03-29Mar 29, 2024FactForm ADV
SEC statusERA - ActiveMar 25, 2026FactForm ADV
SEC status effective2019-02-28Mar 25, 2026FactForm ADV
Venture share of reported funds1Mar 25, 2026FactForm ADV
Venture share of reported funds1Mar 29, 2024FactForm ADV
Business phoneMar 25, 2026FactForm ADV
Business phoneMar 29, 2024FactForm ADV
Contact page urlSep 30, 2026Factno URL
Contact page urlSep 16, 2026Factno URL
DescriptionSep 30, 2026Factno URL
DescriptionSep 16, 2026Factno URL
DescriptionSep 13, 2026Factno URL
HeadquartersChicago, ILMar 25, 2026FactForm ADV
HeadquartersChicago, ILMar 29, 2024FactForm ADV
Office addressMar 25, 2026FactForm ADV
Office addressMar 29, 2024FactForm ADV
Legal formLimited Liability CompanyMar 25, 2026FactForm ADV
Legal formLimited Liability CompanyMar 29, 2024FactForm ADV
Private funds reported5Mar 25, 2026FactForm ADV
Private funds reported5Mar 25, 2026FactForm ADV
Private funds reported5Mar 29, 2024FactForm ADV
Private fund gross assets (reported)$856MMar 25, 2026FactForm ADV
Private fund gross assets (reported)$856MMar 25, 2026FactForm ADV
Private fund gross assets (reported)$891MMar 29, 2024FactForm ADV
Schedule a diffsadiff-1Mar 25, 2026FactForm ADV
Stated sectorshealthcare
“sector words on the home page”
Sep 30, 2026Factno URL
Stated sectorshealthcare
“sector words on the home page”
Sep 16, 2026Factno URL
Stated sectorshealthcare
“sector words on the home page”
Sep 13, 2026Factno URL
Team pageSep 30, 2026Factno URL
Team pageSep 16, 2026Factno URL
Team pageSep 13, 2026Factno URL
Venture funds reported5Mar 25, 2026FactForm ADV
Venture funds reported5Mar 25, 2026FactForm ADV
Venture funds reported5Mar 29, 2024FactForm ADV
WebsiteSep 12, 2026FactForm ADV
WebsiteMar 25, 2026FactForm ADV
WebsiteMar 29, 2024FactForm ADV
Site titleSep 30, 2026Factno URL
Site titleSep 16, 2026Factno URL
Site titleSep 13, 2026Factno URL
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmed · 3 filing advisers share this firmShow
Importance
39
elevated
Active deployment
60
high
Emerging
0
low
Freshness
100
high
Institutional venture firmSEC exempt reporting adviser

Venture manager, reported GAV $856M across 5 vehicles

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.

The inputs behind each score
importance
gav: 0.59 · funds: 0.42 · people: 0.84 · investments: 0 · co investors: 0
active deployment
investments 12m: 0 · fund raising 18m: 1 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: not scored
emerging manager
fund count: 5 · reported gav: $856M · first adv filing: 2019-02-28 · years since first filing: 7.6

Fits, record history and connections

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

Fits

21 scored matches, best firstas of
  • score 41confidence 90%
    Why: sector fit; activity; analogous
    Watch: adjacent portfolio
  • score 41confidence 90%
    Why: sector fit; activity; analogous
    Watch: adjacent portfolio
  • score 41confidence 90%
    Why: sector fit; activity; analogous
    Watch: adjacent portfolio

+18 more scored matches

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

Scored by DFX match engines from the record's observed portfolio, stage, geography and recent activity. A fit is a reason to look, not a mandate; the blockers say what the model could not confirm. Names and the evidence sentences show with the names on this page.

Record history

1 dated event on the change ledger, latest event first
  • Adviser's first ADV filing
    2019-02-28source 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.