Industrial Capital Management, LLC
Institutional venture firm, reporting $67.0M of fund assets on its funds' Form ADV filings.
Composed from this organization's classification, location and filed figures.
What matters now
- 1 vehicleon Form D, 18 months
1 vehicle filed a Form D in the last 18 months, the latest Industrial Capital Fund I on 30 Jul 2026. Largest offerings: Industrial Capital Fund I $150M.
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- Managing DirectorWhy: Managing directorNo route on file yet
- Managing DirectorWhy: Managing directorNo route on file yet
Relationship network
3 connected entities
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.
- 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 Industrial Capital Management, LLC: 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 Industrial Capital Management, LLC
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Investing
0 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.Stated thesis versus observed behaviour
- Sectors
- industrial
- Stages
- not stated or not yet read
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
Team
2 current, 0 departed
Decision makers
- Blake Masters · Managing DirectorWhy this person: Managing director; Named with investment responsibility; Joined in Jun 2026
- Brian Norgard · Managing DirectorWhy this person: Managing director; Named with investment responsibility; Joined in Jun 2026
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
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.- Managing Director
- Managing Director
Contacts
Funds and LPs
1 vehicle, 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 |
|---|---|---|---|---|---|---|---|
| Industrial Capital Fund I, L.P. | Fund | unknown | Fundraising | $67.0M Sep 29, 2026 | 33 | $0 of $150M | Jul 30, 2026 |
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
0 co-investors · on 1 other DFX graph
Co-investors
Across DFX and the capital chainon 1 other DFX graph ShowHide
- The same institution is held on RIA and Wealth, matched by identifier. See which records
Industrial Capital Management, LLC is the same institution as 1 record in RIA and Wealth.
The joined record opens with the product, beside every other relationship on this page.
Checking your plan…
Evidence and history
1 dated event, 14 observations from 3 sources
Timeline
- Sep 28, 2026Industrial Capital Management, LLC appears on the SEC adviser roster (ERA, venture capital fund adviser exemption)
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Sep 28, 2026ShowHide
- Headquarters
- unknown
- Office address
- unknown
- Business phone
- unknown
- Website
- industrial.capital
- 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
- Sep 28, 2026
- Private funds reported
- unknown
- Private fund gross assets, adviser total
- unknownreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Classification history
Classification history
Every classification this record has carried1 on recordShowHide
- Sep 29, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $67M across 1 vehicle
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC exemption, VC funds reported | Sep 28, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Sep 28, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Sep 28, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-09-28 | Sep 28, 2026 | Fact | Form ADV |
| Adv pdf loaded | adv-pdf-1 | Sep 29, 2026 | Fact | Form ADV |
| SEC status | Active | Sep 28, 2026 | Fact | Form ADV |
| SEC status effective | 2026-09-28 | Sep 28, 2026 | Fact | Form ADV |
| Contact page url | Sep 30, 2026 | Fact | ||
| Contact page url | Sep 29, 2026 | Fact | ||
| Portfolio page | Sep 30, 2026 | Fact | ||
| Portfolio page | Sep 29, 2026 | Fact | ||
| Stated sectors | industrial “sector words on the home page” | Sep 30, 2026 | Fact | |
| Stated sectors | industrial “sector words on the home page” | Sep 29, 2026 | Fact | |
| Team page | Sep 30, 2026 | Fact | ||
| Team page | Sep 29, 2026 | Fact | ||
| Venture funds reported | 1 | Sep 28, 2026 | Fact | Form ADV |
| Website | Sep 28, 2026 | Fact | Form ADV | |
| Site title | Sep 30, 2026 | Fact | ||
| Site title | Sep 29, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmedShowHide
Venture manager, reported GAV $67M across 1 vehicle
- importance
- gav: 0.25 · funds: 0.08 · people: 0.08 · investments: 0 · co investors: 0
- active deployment
- investments 12m: 0 · fund raising 18m: 1 · people joined 12m: 0 · vintage within 3y: 0 · latest investment at: not scored
- emerging manager
- fund count: 1 · reported gav: $67.0M · first adv filing: 2026-09-28 · years since first filing: 0
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Record history
- Adviser's first ADV filing2026-09-28source 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.
Not yet on record: new companies, 12 mo, latest vintage.