Sandbox Industries
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.
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 vehicleon 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.
People to know
View all people- CO-CEO AND MANAGING PARTNERWhy: Managing partner: runs the firmProfile
- CO-CEO AND MANAGING PARTNERWhy: Managing partner: runs the firmProfile
- Managing MemberWhy: Named with investment responsibilityNo 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.
- 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 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
What these amounts mean“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.Acquired, Public, Exited and Active are what the firm’s own portfolio card says, read on the date shown when you hover the chip; they are not deal dates. A company with no chip is one whose card states no outcome: DFX does not assume it is active.| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Sonarmd, Inc. | Form D equity offering | unknown · board | Emir Sandhu (strongly supported) | $4.3M form d sold | unknown | May 16, 2023 | Inference Form D |
Stated thesis versus observed behaviour
- Sectors
- healthcare
- Stages
- not stated or not yet read
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
Team
32 current, 7 departed
Decision makers
- Chris Zock · CO-CEO AND MANAGING PARTNERWhy this person: Managing partner: runs the firm; Named with investment responsibility; Confirmed current on the firm's own site 2026-10-01LinkedIn 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 PARTNERWhy this person: Managing partner: runs the firm; Named with investment responsibility; Confirmed current on the firm's own site 2026-10-01LinkedIn or profile link on file (firm website, their bio on the firm's website), confirmed 2026-10-01, confidence 90%
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
How the team is orderedPartners who lead rounds first (rounds led, then deals attributed, then seniority), then the rest of the investment team, then investor relations, finance and operations. A person named by two sources under two spellings is shown once.- CO-CEO AND MANAGING PARTNER
- CO-CEO AND MANAGING PARTNER
- Managing Member
3 departed (kept with end dates)
- Nicholas Rosa · Managing Member · Aug 1, 2017 to Jan 10, 2024 Inference
- Robert Bernard Shapiro · Managing Member · Aug 1, 2017 to Jan 10, 2024 Inference
- Shannon Mudd Leutheuser · General Counsel · Aug 1, 2017 to Mar 29, 2022 Inference
Contacts
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
What these amounts meanGAV 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.| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Sandbox Clinical Ventures Fund, LP | Fund | 2023 form d first sale | Fundraising | $74.7M Mar 25, 2026 | 21 | $79.5M of $100M | Sep 15, 2026 |
| Bluecross Blueshield Venture Partners V, LLC | Fund | 2022 form d first sale | Fundraising | $358M Mar 25, 2026 | 35 | $370M | Aug 15, 2025 |
| Bluecross Blueshield Venture Partners IV, LLC | Fund | 2021 adv first reported | Mature | $289M Mar 25, 2026 | 36 | $0 | Mar 16, 2020 |
Limited partners
Known LPs and allocators
What these amounts and dates areEach commitment is counted once across the pension tape and the allocator graph. A commitment date prints only when the source printed one; otherwise the row carries the report date. A foundation’s 990-PF line is a holding at fair value, never a commitment. Rows without a fund on the venture graph are commitments to this manager.Relationships across DFX
1 co-investors
Co-investors
- 2023-05-161 shared deal · one time
Compare portfolios with Arboretum Ventures or any firm. Co-investors across the market
Evidence and history
11 dated events, 60 observations from 4 sources
Timeline
- Mar 29, 2024Sandbox Clinical Ventures Fund, LP first reported on Form ADV by Sandbox Industries (Venture Capital Fund), GAV $57,142,857
- Jan 10, 2024Robert Bernard Shapiro (Managing Member) no longer on Schedule A of Sandbox Industries
- Jan 10, 2024Nicholas Rosa (Managing Member) no longer on Schedule A of Sandbox Industries
- Jan 1, 2024Christopher Zock joined Schedule A of Sandbox Industries as Managing Member
- Mar 29, 2023Bluecross Blueshield Venture Partners V, LLC first reported on Form ADV by Sandbox Industries (Venture Capital Fund), GAV $299,700,000
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 25, 2026 · 5 private fundsShowHide
- 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
Classification history
Every classification this record has carried2 on recordShowHide
- Sep 23, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $856M across 5 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $891M across 5 vehicles
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC exemption, VC funds reported | Mar 25, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 25, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 29, 2024 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 25, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 25, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 29, 2024 | Fact | Form ADV |
| First Form ADV filing | 2019-02-28 | Mar 25, 2026 | Fact | Form ADV |
| First Form ADV filing | 2019-02-28 | Mar 29, 2024 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-30 | Oct 1, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-29 | Sep 30, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-25 | Sep 26, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-23 | Sep 24, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-21 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1+panel:2026-09-22 | Sep 23, 2026 | Fact | Form ADV |
| Adv history loaded | adv-hist-1 | Sep 12, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-25 | Mar 25, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-25 | Mar 25, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-03-29 | Mar 29, 2024 | Fact | Form ADV |
| SEC status | ERA - Active | Mar 25, 2026 | Fact | Form ADV |
| SEC status effective | 2019-02-28 | Mar 25, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 25, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 29, 2024 | Fact | Form ADV |
| Business phone | Mar 25, 2026 | Fact | Form ADV | |
| Business phone | Mar 29, 2024 | Fact | Form ADV | |
| Contact page url | Sep 30, 2026 | Fact | ||
| Contact page url | Sep 16, 2026 | Fact | ||
| Description | Sep 30, 2026 | Fact | ||
| Description | Sep 16, 2026 | Fact | ||
| Description | Sep 13, 2026 | Fact | ||
| Headquarters | Chicago, IL | Mar 25, 2026 | Fact | Form ADV |
| Headquarters | Chicago, IL | Mar 29, 2024 | Fact | Form ADV |
| Office address | Mar 25, 2026 | Fact | Form ADV | |
| Office address | Mar 29, 2024 | Fact | Form ADV | |
| Legal form | Limited Liability Company | Mar 25, 2026 | Fact | Form ADV |
| Legal form | Limited Liability Company | Mar 29, 2024 | Fact | Form ADV |
| Private funds reported | 5 | Mar 25, 2026 | Fact | Form ADV |
| Private funds reported | 5 | Mar 25, 2026 | Fact | Form ADV |
| Private funds reported | 5 | Mar 29, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $856M | Mar 25, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $856M | Mar 25, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $891M | Mar 29, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Mar 25, 2026 | Fact | Form ADV |
| Stated sectors | healthcare “sector words on the home page” | Sep 30, 2026 | Fact | |
| Stated sectors | healthcare “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | healthcare “sector words on the home page” | Sep 13, 2026 | Fact | |
| Team page | Sep 30, 2026 | Fact | ||
| Team page | Sep 16, 2026 | Fact | ||
| Team page | Sep 13, 2026 | Fact | ||
| Venture funds reported | 5 | Mar 25, 2026 | Fact | Form ADV |
| Venture funds reported | 5 | Mar 25, 2026 | Fact | Form ADV |
| Venture funds reported | 5 | Mar 29, 2024 | Fact | Form ADV |
| Website | Sep 12, 2026 | Fact | Form ADV | |
| Website | Mar 25, 2026 | Fact | Form ADV | |
| Website | Mar 29, 2024 | Fact | Form ADV | |
| Site title | Sep 30, 2026 | Fact | ||
| Site title | Sep 16, 2026 | Fact | ||
| Site title | Sep 13, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmed · 3 filing advisers share this firmShowHide
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.
- 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
- score 41confidence 90%Why: sector fit; activity; analogousWatch: adjacent portfolio
- score 41confidence 90%Why: sector fit; activity; analogousWatch: adjacent portfolio
- score 41confidence 90%Why: sector fit; activity; analogousWatch: 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
- Adviser's first ADV filing2019-02-28source 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.