DFX Intelligence
Venture Capital Intelligence
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 / Carte Verte Management LLC
Carte Verte Management LLC
Institutional venture firmSan Francisco, CAkindredventures.comSEC venture capital fund adviserfundraising evidence
venture manager, reported GAV $634M across 19 vehicles
Importance
46
elevated
Active deployment
90
high
Emerging
0
low
Completeness
75
high
Freshness
100
high
Research priority
28
moderate
Identity and regulatory footprint
- Headquarters
- San Francisco, CAadviserinfo.sec.gov
- Office address
- 735 MONTGOMERY STREET, FLOOR 2, San Francisco, CA, 94111adviserinfo.sec.gov
- Business phone
- 415-523-9676adviserinfo.sec.gov
- Website
- https://kindredventures.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
- 22 (22 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $1.4Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business phone
- 415-938-8860adviserinfo.sec.govpublished by the subject
- business phone
- 415-523-9676adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
23 observed deals
Stated (the firm’s website)
- Sectors
- ai, fintech, healthcare, consumer, marketplaces, climate, hardware, space, crypto, logistics, industrial
- Stages
- seed, series a
- Geography
- asia, emerging markets, france, global, united states, usa
- Check size
- not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation
series a 50%seed 25%series b 25%
Stage at first entry
series a 50%seed 25%series b 25%
Sectors
unknown 100%
lead rate 57%follow-on rate 0%new logos, 12 months 23
Funds and vehicles
19 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Kindred GMF3, L.P. | Fund | 2026 form d first sale | Newly closed | unknown | unknown | $19.0M of $19.0M | May 1, 2026 |
| Kindred GMF1, L.P. | Fund | 2025 form d first sale | Newly closed | unknown | unknown | $12.0M of $12.0M | Jun 6, 2025 |
| Kindred GMF2, L.P. | Fund | 2025 form d first sale | Newly closed | unknown | unknown | $4.4M of $4.4M | Nov 18, 2025 |
| Kindred Ts 4, LLC | Fund | 2024 adv first reported | Early deployment | $15.1M Mar 27, 2024 | 2 | unknown | unknown |
| Kindred Ventures III, LP | Fund | 2023 adv first reported | Active deployment | $194M Mar 27, 2024 | 33 | $0 of $200M | Mar 21, 2022 |
| Kindred Ts 3, LLC | Fund | 2023 adv first reported | Active deployment | $14.4M Mar 27, 2024 | 2 | unknown | unknown |
| Kindred Hm 1, LP | Fund | 2023 adv first reported | Active deployment | $8.0M Mar 27, 2024 | 2 | unknown | unknown |
| Kindred Tl 2, LP | Fund | 2023 form d first sale | Active deployment | $0 Mar 27, 2024 | 2 | $5.0M of $5.0M | Jan 5, 2024 |
| Kindred Ch 2, LP | Fund | 2022 adv first reported | Active deployment | $14.1M Mar 27, 2024 | 3 | unknown | unknown |
| Kindred Ventures Associates III, LP | Fund | 2022 form d first sale | Active deployment | $1.9M Mar 27, 2024 | 23 | $1.8M of $1.8M | Jun 8, 2022 |
| Kindred Ts 2, LLC | Fund | 2022 adv first reported | Active deployment | $1.4M Mar 27, 2024 | 2 | unknown | unknown |
| Kindred Selector I, L.P. | Fund | 2021 form d first sale | Mature | $100M Mar 27, 2024 | 17 | $105M of $105M | Nov 26, 2021 |
| Kindred Follow-On I, L.P. | Fund | 2021 form d first sale | Mature | $17.6M Mar 27, 2024 | 17 | $15.0M of $15.0M | Jul 13, 2021 |
| Kindred Ventures Ch 1, LP | Fund | 2021 form d first sale | Mature | $9.6M Mar 27, 2024 | 6 | $9.8M of $9.8M | Feb 1, 2021 |
| Kindred Ventures Associates II, L.P. | Fund | 2020 form d first sale | Mature | $561,567 Mar 27, 2024 | 12 | $500,000 of $500,000 | Dec 26, 2020 |
| Kindred Ventures I, L.P. | Fund | unknown | Unknown | $152M Mar 27, 2024 | 48 | $0 of $50.0M | Jan 23, 2019 |
| Kindred Ventures II, L.P. | Fund | unknown | Unknown | $102M Mar 27, 2024 | 27 | $0 of $90.0M | Oct 29, 2020 |
| Kindred Ts 1, LLC | Fund | unknown | Unknown | $2.8M Mar 27, 2024 | 2 | unknown | unknown |
| Kindred PAI2, L.P. | Fund | unknown | Fundraising | unknown | unknown | $0 of $31.5M | Jun 26, 2025 |
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
3 current, 0 departed
Kanyi Maqubela
General partnerGeneral Partner
Sikanyiselwe Maqubela
PartnerMember · since Nov 1, 2018
Steve Seong Joon Jang
PartnerMember · since Nov 1, 2018
Investments on record
23 edges, 22 companies, 1 partner-attributed
“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.
Co-investors
40 relationships from shared deals, counted for the whole firm
Contrary LLC 2 shared · recurringY Combinator 2 shared · recurring · we led 1TQ Ventures LLC 1 shared · one timeMCJ Venture Management 1 shared · one timeScribble Ventures Management, LLC 1 shared · one timeAvalanche Vc, LLC 1 shared · one timeMana Ventures 1 shared · one timeWayfinder Ventures Management, L.L.C. 1 shared · one timeMaple VC 1 shared · one timeMtech Capital 1 shared · one timeSpark Growth Ventures 1 shared · one timeThursday Ventures Management LLC 1 shared · one timePWV Capital Management LLC 1 shared · one timeDenver Angels 1 shared · one timeDorm Room Fund 1 shared · one timeVamosventures Management Company, LLC 1 shared · one timeMadrona Venture Group, LLC 1 shared · one timeDesigner Fund 1 shared · one time · we led 1Essence VC 1 shared · one time · we led 1Zone 2 Ventures LLC 1 shared · one timeMaiora Ventures 1 shared · one timeFirst Order Fund 1 shared · one timeSeven Stars Ventures Management, LLC 1 shared · one timeVocal Ventures 1 shared · one timeAudeo Ventures 1 shared · one timeLeblon Capital 1 shared · one timeHexa Capital 1 shared · one timeQuadri Ventures 1 shared · one timeTcv 1 shared · one time · they led 1Repeat VC 1 shared · one timeNordstar Partners Management LLP 1 shared · one timeBanyan Ventures 1 shared · one time · we led 1Samsung Next 1 shared · one time · we led 1Touring Capital LLC 1 shared · one time · they led 1 · we led 1Flume Ventures Management, LLC 1 shared · one time · we led 1True Ventures 1 shared · one time · we led 1Betaworks 1 shared · one time · we led 1Upfront Ventures 1 shared · one time · we led 1Adjacent Ventures LLC 1 shared · one time · they led 1 · we led 1SV Angel Management, LLC 1 shared · one time
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
22 dated events
- Sep 16, 2026Basistheory no longer listed on Carte Verte Management LLC's portfolio pageRemoved from portfolio pagePortfolioInferenceBasistheoryVenture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026Atlascard no longer listed on Carte Verte Management LLC's portfolio pageRemoved from portfolio pagePortfolioInferenceAtlascardVenture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026Architectlabs no longer listed on Carte Verte Management LLC's portfolio pageRemoved from portfolio pagePortfolioInferenceArchitectlabsVenture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026Anjuna Security no longer listed on Carte Verte Management LLC's portfolio pageRemoved from portfolio pagePortfolioInferenceAnjuna SecurityVenture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026Animoto no longer listed on Carte Verte Management LLC's portfolio pageRemoved from portfolio pagePortfolioInferenceAnimotoVenture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026adyton.io no longer listed on Carte Verte Management LLC's portfolio pageRemoved from portfolio pagePortfolioInferenceadyton.ioVenture organization websites (about, team, portfolio, thesis, news pages)
- Mar 27, 2024Kindred Tl 2, LP first reported on Form ADV by Carte Verte Management LLC (Venture Capital Fund)Fund first reported on Form ADVFundsFactKindred Tl 2, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 27, 2024Kindred Ts 4, LLC first reported on Form ADV by Carte Verte Management LLC (Venture Capital Fund), GAV $15,128,851Fund first reported on Form ADVFundsFactKindred Ts 4, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2023Kindred Ventures III, LP first reported on Form ADV by Carte Verte Management LLC (Venture Capital Fund), GAV $200,492,864Fund first reported on Form ADVFundsFactKindred Ventures III, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2023Kindred Hm 1, LP first reported on Form ADV by Carte Verte Management LLC (Venture Capital Fund), GAV $8,109,986Fund first reported on Form ADVFundsFactKindred Hm 1, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2023Kindred Ts 3, LLC first reported on Form ADV by Carte Verte Management LLC (Venture Capital Fund), GAV $15,012,752Fund first reported on Form ADVFundsFactKindred Ts 3, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2023Kindred Ventures Associates III, LP first reported on Form ADV by Carte Verte Management LLC (Venture Capital Fund), GAV $2,080,314Fund first reported on Form ADVFundsFactKindred Ventures Associates III, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2022Kindred Ch 2, LP first reported on Form ADV by Carte Verte Management LLC (Venture Capital Fund), GAV $22,150,000Fund first reported on Form ADVFundsFactKindred Ch 2, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2022Kindred Selector I, L.P. first reported on Form ADV by Carte Verte Management LLC (Venture Capital Fund), GAV $106,363,636Fund first reported on Form ADVFundsFactKindred Selector I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2022Kindred Ts 2, LLC first reported on Form ADV by Carte Verte Management LLC (Venture Capital Fund), GAV $2,799,993Fund first reported on Form ADVFundsFactKindred Ts 2, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2022Kindred Follow-On I, L.P. first reported on Form ADV by Carte Verte Management LLC (Venture Capital Fund), GAV $20,202,020Fund first reported on Form ADVFundsFactKindred Follow-On I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2021Kindred Ventures Associates II, L.P. first reported on Form ADV by Carte Verte Management LLC (Venture Capital Fund), GAV $500,000Fund first reported on Form ADVFundsFactKindred Ventures Associates II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2021Kindred Ventures I, L.P. first reported on Form ADV by Carte Verte Management LLC (Venture Capital Fund), GAV $60,185,443Fund first reported on Form ADVFundsFactKindred Ventures I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2021Carte Verte Management LLC 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)
- Mar 25, 2021Kindred Ts 1, LLC first reported on Form ADV by Carte Verte Management LLC (Venture Capital Fund), GAV $5,080,026Fund first reported on Form ADVFundsFactKindred Ts 1, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2021Kindred Ventures II, L.P. first reported on Form ADV by Carte Verte Management LLC (Venture Capital Fund), GAV $100,510,101Fund first reported on Form ADVFundsFactKindred Ventures II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2021Kindred Ventures Ch 1, LP first reported on Form ADV by Carte Verte Management LLC (Venture Capital Fund), GAV $10,074,968Fund first reported on Form ADVFundsFactKindred Ventures Ch 1, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 14, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $634M across 19 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $634M across 15 vehicles
Evidence
41 observations from 3 sources