DFX Intelligence
Flex Capital Management, L.L.C.
Flex Capital is a seed-stage venture firm run by the founding CEOs of LiveRamp, BrightRoll, Lemonaid Health, SafeGraph, and Pipedream. Founders backing founders.
In the firm's own words, from its website.
As of · the latest observation of this organization; filed figures are as of its latest Form ADV
As of · the latest observation of this organization; filed figures are as of its latest Form ADV
2 events, 2 verified contacts (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.
Nothing material in the last 180 days.
People to know
View all people- Managing Member SignatoryWhy: Named with investment responsibilityNo route on file yet
- Managing MemberWhy: Named with investment responsibilityNo route on file yet
Relationship network
5 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.
Flex Capital Management, L.L.C.
Reading the network
- 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 Flex Capital Management, L.L.C.: 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 Flex Capital Management, L.L.C.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
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.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.
Stated thesis versus observed behaviour
no observed deals yet
Stated (the firm’s website)
- Sectors
- ai, hardware
- Stages
- seed, series a, early
- Geography
- global, new york
- Check size
- $500,000 to $2.0M stated by the firm
- Self-described
- angel
“First check from $500K to $2M”
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 no observed dealsfollow-on rate no observed dealsnew companies, 12 months 0
Team
4 current, 0 departed
Decision makers
who to call first, and why; then everyone else by function
- Auren Rafael Hoffman · Managing Member SignatoryWhy 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. 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.4 current, 0 departed
- Managing Member Signatory
- Managing Member
Contacts
1 general firm email, 1 firm phone
1 general firm email, 1 firm phone on record, each with its source. Values open with the complete profile.
Funds and LPs
3 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.3 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Flex Capital Fund II, L.P. | Fund | 2022 form d first sale | Active deployment | $158M Mar 31, 2026 | 290 | $149M of $300M | Feb 13, 2023 |
| Flex Capital Fund I, L.P. | Fund | unknown | Unknown | $79.1M Mar 31, 2026 | 130 | $0 of $100M | Oct 25, 2018 |
| Richmond Kueski LLC | Fund | unknown | Unknown | $3.0M Mar 31, 2026 | 1 | unknown | unknown |
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
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.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
0 co-investors · on 1 other DFX graph
Co-investors
0 counted from shared deals, 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.
Across DFX and the capital chainon 1 other DFX graph ShowHide
Across DFX
- The same institution is held on RIA and Wealth, matched by identifier. See which records
Across the graphs
Flex Capital Management, L.L.C. is the same institution as 1 record in RIA and Wealth.
RIA and Wealth1
The joined record opens with the product, beside every other relationship on this page.
Checking your plan…
Evidence and history
7 dated events, 63 observations from 4 sources
Timeline
7 dated events
- seen on or beforeSep 24, 2026Flex Capital Management, L.L.C.: ANGEL_FUND -> INSTITUTIONAL_VC (venture manager, reported GAV $240M across 3 vehicles)Classification changedClassificationInference
- seen on or beforeSep 13, 2026Flex Capital Management, L.L.C.: INSTITUTIONAL_VC -> ANGEL_FUND (name or self-description says angel)Classification changedClassificationInference
- Mar 31, 2026Richmond Kueski LLC first reported on Form ADV by Flex Capital Management, L.L.C. (Venture Capital Fund), GAV $3,000,000
- Mar 31, 2026Flex Capital Partners Xii, LLC first reported on Form ADV by Flex Capital Management, L.L.C. (Venture Capital Fund), GAV $2,750,000
- Mar 24, 2023Flex Capital Fund II, L.P. first reported on Form ADV by Flex Capital Management, L.L.C. (Venture Capital Fund), GAV $152,592,758
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 31, 2026 · 4 private fundsShowHide
- Headquarters
- San Francisco, CAadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- flexcapital.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 31, 2026
- Private funds reported
- 4 (4 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets, adviser total
- $243Madviserinfo.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 carried3 on recordShowHide
- Sep 24, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $240M across 3 vehicles
- Sep 13, 2026Angel fund or group (confirmed, 95%)Name or self-description says angel
- Sep 12, 2026Institutional venture firm (confirmed, 95%)Venture manager, reported GAV $213M across 2 vehicles
Evidence
64 observations from 4 sources
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC exemption, VC funds reported | Mar 31, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 28, 2024 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 28, 2024 | Fact | Form ADV |
| First Form ADV filing | 2019-01-02 | Mar 31, 2026 | Fact | Form ADV |
| First Form ADV filing | 2019-01-02 | Mar 28, 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 | 2026-03-31 | Mar 31, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-31 | Mar 31, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-03-28 | Mar 28, 2024 | Fact | Form ADV |
| SEC status | ERA - Active | Mar 31, 2026 | Fact | Form ADV |
| SEC status effective | 2019-01-02 | Mar 31, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 31, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 28, 2024 | Fact | Form ADV |
| Business phone | Mar 31, 2026 | Fact | Form ADV | |
| Business phone | Mar 28, 2024 | Fact | Form ADV | |
| Description | Sep 16, 2026 | Fact | ||
| Description | Sep 13, 2026 | Fact | ||
| Headquarters | San Francisco, CA | Mar 31, 2026 | Fact | Form ADV |
| Office address | Mar 31, 2026 | Fact | Form ADV | |
| Self-described type | angel “600+ Angel investors” | Sep 16, 2026 | Fact | |
| Self-described type | angel “600+ Angel investors” | Sep 13, 2026 | Fact | |
| Legal form | Limited Liability Company | Mar 31, 2026 | Fact | Form ADV |
| Legal form | Limited Liability Company | Mar 28, 2024 | Fact | Form ADV |
| Private funds reported | 4 | Mar 31, 2026 | Fact | Form ADV |
| Private funds reported | 4 | Mar 31, 2026 | Fact | Form ADV |
| Private funds reported | 2 | Mar 28, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $243M | Mar 31, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $243M | Mar 31, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $213M | Mar 28, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Mar 31, 2026 | Fact | Form ADV |
| Stated check (high) | $2.0M “First check from $500K to $2M” | Sep 16, 2026 | Fact | |
| Stated check (high) | $2.0M “First check from $500K to $2M” | Sep 13, 2026 | Fact | |
| Stated check (low) | $500,000 “First check from $500K to $2M” | Sep 16, 2026 | Fact | |
| Stated check (low) | $500,000 “First check from $500K to $2M” | Sep 13, 2026 | Fact | |
| Stated geography | Global, new york “geography words on the home page” | Sep 16, 2026 | Fact | |
| Stated geography | Global, new york “geography words on the home page” | Sep 13, 2026 | Fact | |
| Stated sectors | AI, hardware “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | AI, hardware “sector words on the home page” | Sep 13, 2026 | Fact | |
| Stated stages | Seed, series a, early “stage words on the home page” | Sep 16, 2026 | Fact | |
| Stated stages | Seed, series a, early “stage words on the home page” | Sep 13, 2026 | Fact | |
| Venture funds reported | 4 | Mar 31, 2026 | Fact | Form ADV |
| Venture funds reported | 4 | Mar 31, 2026 | Fact | Form ADV |
| Venture funds reported | 2 | Mar 28, 2024 | Fact | Form ADV |
| Website | Mar 28, 2024 | Fact | Form ADV | |
| Site title | Sep 16, 2026 | Fact | ||
| Site title | Sep 13, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersInstitutional venture firm, confirmedShowHide
Importance
21
moderate
Active deployment
0
low
Emerging
0
low
Freshness
100
high
Institutional venture firmSEC exempt reporting adviser
Venture manager, reported GAV $240M across 3 vehicles
The inputs behind each score
- importance
- gav: 0.42 · funds: 0.25 · people: 0.16 · investments: 0 · co investors: 0
- active deployment
- investments 12m: 0 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 0 · latest investment at: not scored
- emerging manager
- fund count: 3 · reported gav: $240M · first adv filing: 2019-01-02 · years since first filing: 7.7
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Record history
3 dated events on the change ledger, latest event first
- Organization classification changed2026-09-24
- Organization classification changed2026-09-13
- Adviser's first ADV filing2019-01-02source 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.