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 / Spray Management Corporation
Spray Management Corporation
Micro VCWellesley, MASEC venture capital fund adviser
venture manager, reported GAV $39.1M across 2 vehicles
Importance
9
low
Active deployment
0
low
Emerging
0
low
Completeness
38
elevated
Freshness
99
high
Research priority
3
low
Identity and regulatory footprint
- Headquarters
- Wellesley, MAadviserinfo.sec.gov
- Office address
- 396 WASHINGTON STREET, #291, Wellesley, MA, 02481adviserinfo.sec.gov
- Business phone
- 617-332-6060adviserinfo.sec.gov
- Website
- unknown
- 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
- Jun 6, 2016
- Private funds reported
- 2 (2 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $39.1Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business phone
- 617-332-6060adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
no observed deals yet
Stated (the firm’s website)
- Sectors
- not stated or not yet read
- 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: no observed deals yet
lead rate n/afollow-on rate n/anew logos, 12 months 0
Funds and vehicles
2 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Fund 2934 | Fund | unknown | Unknown | $33.2M Jun 6, 2016 | 15 | unknown | unknown |
| Fund 5815 | Fund | unknown | Unknown | $5.9M Jun 6, 2016 | 18 | unknown | unknown |
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
2 current, 0 departed
Kevin G Connors
Founder or executivePresident, Shareholder · since Oct 1, 1996
J. Daniel Cole
PartnerExecutive Officer, Shareholder · since Apr 1, 1997
Investments on record
0 edges, 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.
Co-investors
0 relationships from shared deals, counted 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.
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
4 dated events
- Sep 15, 2026Spray Management Corporation: INSTITUTIONAL_VC -> MICRO_VC (venture manager, reported GAV $39.1M across 2 vehicles)Classification changedClassificationInferenceno URL
- Mar 30, 2012Spray Management Corporation 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 30, 2012Fund 5815 first reported on Form ADV by Spray Management Corporation (Venture Capital Fund), GAV $5,134,363Fund first reported on Form ADVFundsFactFund 5815SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2012Fund 2934 first reported on Form ADV by Spray Management Corporation (Venture Capital Fund), GAV $76,602,357Fund first reported on Form ADVFundsFactFund 2934SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 15, 2026Micro VC (confirmed, 95%, cls-1)venture manager, reported GAV $39.1M across 2 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 70%, cls-1)venture manager with no reported fund assets yet (scale unknown)
Evidence
19 observations from 1 source