DFX Intelligence
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Firms / S••••• C•••••• P•••••••
S••••• C•••••• P•••••••
••• Locked
venture manager, reported GAV $157M across 1 vehicles
Importance
21
moderate
Active deployment
11
low
Emerging
0
low
Completeness
75
high
Freshness
98
high
Research priority
6
low
Identity and regulatory footprint
- Headquarters
- South San Francisco, CAadviserinfo.sec.gov
- Office address
- ••• Lockedadviserinfo.sec.gov
- Business phone
- ••• Lockedadviserinfo.sec.gov
- Website
- s•••••••.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
- Apr 1, 2026
- Private funds reported
- 1 (1 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $117Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business email
- info@sprucecp.comsprucecp.compublished by the subject
- business phone
- 415-800-2039adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
3 observed deals
Stated (the firm’s website)
- Sectors
- biotech
- Stages
- not stated or not yet read
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 33%Agriculture 33%Other Health Care 33%
lead rate n/afollow-on rate n/anew logos, 12 months 3
Funds and vehicles
1 reported, 1 no longer reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| M•• C•••••• F••• I•• L••• | Fund | 2015 adv first reported | Harvest | $157M Mar 27, 2024 | 6 | unknown | unknown |
| P••• F••• | Fund | unknown | Wound down | $17.9M Mar 26, 2018 | 2 | 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
3 current, 2 departed
G••••• K••••••
Managing partnerManaging Member Of S••••• C•••••• P••••••• Llc · since Nov 1, 2013
G•••••• Y••••
Managing partnerManaging Member Of S••••• C•••••• P••••••• Llc · since Nov 1, 2013
R•••• W•••
Managing partnerManaging Member Of S••••• C•••••• P••••••• Llc · since Nov 1, 2013
2 departed (kept with end dates)
- G• S••••• B•••••• · Managing Member Of B•••••• & Company Llc · Nov 1, 1996 to Mar 25, 2019 Inference
- J••• H•••• · Shareholder Of Malaysia Capital Management Ltd. · Jul 1, 2012 to Mar 25, 2019 Inference
Investments on record
3 edges, 3 companies, 2 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| M•• | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
| I••••••• H•••••• I••• | board seat | unknown · board | R•••• W••• (strongly supported) | unknown | unknown | Jun 8, 2026 | Inference SEC EDGAR Form D data sets (quarterly) |
| P••••••• I••• | board seat | unknown · board | G••••• K•••••• (strongly supported) | unknown | unknown | Apr 7, 2026 | Inference SEC EDGAR Form D data sets (quarterly) |
“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
2 relationships from shared deals, counted for the whole firm
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
8 dated events
- Sep 12, 2026S••••• C•••••• P•••••••: MICRO_VC -> INSTITUTIONAL_VC (venture manager with no reported fund assets yet (scale unknown))Classification changedClassificationInferenceno URL
- Sep 12, 2026S••••• C•••••• P•••••••: INSTITUTIONAL_VC -> MICRO_VC (venture manager, reported GAV $0.0M across 1 vehicles)Classification changedClassificationInferenceno URL
- Mar 25, 2019J••• H•••• (Shareholder Of Malaysia Capital Management Ltd.) no longer on Schedule A of S••••• C•••••• P•••••••
- Mar 25, 2019P••• F••• no longer reported on Form ADV by S••••• C•••••• P•••••••Fund no longer reportedFundsInferenceP••• F•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2019G• S••••• B•••••• (Managing Member Of B•••••• & Company Llc) no longer on Schedule A of S••••• C•••••• P•••••••
- Mar 30, 2015Rubber Fund first reported on Form ADV by S••••• C•••••• P••••••• (Venture Capital Fund), GAV $150,000,000Fund first reported on Form ADVFundsFactM•• C•••••• F••• I•• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 26, 2014P••• F••• first reported on Form ADV by S••••• C•••••• P••••••• (Venture Capital Fund), GAV $161,488,278Fund first reported on Form ADVFundsFactP••• F•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 26, 2014S••••• C•••••• P••••••• 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)
Classification history
- Sep 15, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $157M across 1 vehicles
- Sep 13, 2026Institutional venture firm (confirmed, 70%, cls-1)venture manager with no reported fund assets yet (scale unknown)
- Sep 12, 2026Micro VC (confirmed, 95%, cls-1)venture manager, reported GAV $0.0M across 1 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 70%, cls-1)venture manager with no reported fund assets yet (scale unknown)
Evidence
54 observations from 3 sources