DFS Lab
Writing and research from DFS on African tech, digital financial services, AI, and emerging market investing.
In the firm's own words, from its website.
12 additional team members, 3 additional co-investors and affiliates, 13 additional investments, funds and LPs, 11 events, 1 verified contact (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.
What matters now
- 1 companynew in 12 months
1 new company in the last 12 months. Latest round Checker round ($8M round) on 19 May 2026.
A firm writing cheques this quarter is one a founder can pitch now.
People to know
View all people- Partner, Head of Entrepreneur SupportWhy: Partner: part of the investment decisionNo route on file yet
- DirectorWhy: Named with investment responsibilityNo route on file yet
- MemberWhy: Named with investment responsibilityNo route on file yet
Relationship network
38 connected entities1 observed roundrounds 2026
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.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.
- Sponsor
- Company
- 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 DFS Lab: 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 DFS Lab
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
1 company on record, 1 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.| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Checker | Funding round | participant | unknown | $8.0M | unknown | May 19, 2026 | Fact Press release |
Stated thesis versus observed behaviour
- Sectors
- ai, fintech, consumer, hardware, industrial
- Stages
- seed
- Geography
- africa, asia, emerging markets, southeast
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Team
15 current, 0 departed
Decision makers
- Joseph Benson-Aruna · Partner, Head of Entrepreneur SupportWhy this person: Partner: part of the investment decision; 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.- Member
- Partner, Head of Entrepreneur Support
- Director
Contacts
1 firm phone on record, each with its source. Values open with the complete profile.
Funds and LPs
16 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.| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Cybernetic Commerce Fund I, a Series of Dfs Lab Digital Economy Fund, LLC | SPV or co-invest vehicle | 2025 form d first sale | Newly closed | unknown | unknown | $1.1M of $1.1M | Oct 30, 2025 |
| DFS Lab Stellar Africa Fund I, a Series of Dfs Lab Digital Economy Fund, LLC | SPV or co-invest vehicle | 2022 form d first sale | Active deployment | $1.8M Mar 19, 2026 | 1 | $2.0M of $2.0M | Mar 1, 2023 |
| Frontier Commerce Fund IV, a Series of Dfs Lab Digital Economy Fund, LLC | SPV or co-invest vehicle | 2022 form d first sale | Active deployment | $750,000 Mar 19, 2026 | 5 | $750,000 of $750,000 | Sep 30, 2022 |
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
6 co-investors · on 1 other DFX graph
Co-investors
- 2026-05-191 shared deal · one time
- 2026-05-191 shared deal · one time
- 2026-05-191 shared deal · one time
Compare portfolios with SNZ Capital, Airtm, ComplyAdvantage or any firm. Co-investors across the market
Across DFX and the capital chainon 1 other DFX graph ShowHide
- The same institution is held on Private Equity, matched by identifier. See which records
DFS Lab is the same institution as 1 record in Private Equity.
The joined record opens with the product, beside every other relationship on this page.
Checking your plan…
Evidence and history
16 dated events, 58 observations from 3 sources
Timeline
- Mar 19, 2026DFS Lab Cybernetic Commerce Fund I, a Series of Dfs Lab Digital Economy Fund, LLC first reported on Form ADV by DFS Lab (Venture Capital Fund), GAV $1,040,000Fund first reported on Form ADVFundsInferenceDFS Lab Cybernetic Commerce Fund I, a Series of Dfs Lab Digital Economy Fund, LLCForm ADV
- Mar 19, 2026DFS Lab Stellar Africa Fund II, a Series of Dfs Lab Digital Economy Fund, LLC first reported on Form ADV by DFS Lab (Venture Capital Fund), GAV $5,000,000Fund first reported on Form ADVFundsInferenceDFS Lab Stellar Africa Fund II, a Series of Dfs Lab Digital Economy Fund, LLCForm ADV
- Mar 8, 2023Frontier Commerce Fund IV, a Series of Dfs Lab Digital Economy Fund, LLC first reported on Form ADV by DFS Lab (Venture Capital Fund), GAV $750,000Fund first reported on Form ADVFundsFactFrontier Commerce Fund IV, a Series of Dfs Lab Digital Economy Fund, LLCForm ADV
- Mar 8, 2023DFS Lab Ando Investment Spv II, a Series of Dfs Lab Spv Master 2, LLC first reported on Form ADV by DFS Lab (Venture Capital Fund), GAV $53,001Fund first reported on Form ADVFundsFactDFS Lab Ando Investment Spv II, a Series of Dfs Lab Spv Master 2, LLCForm ADV
- Mar 8, 2023DFS Lab Sabi Investment Spv, a Series of Dfs Lab Spv Master 2, LLC first reported on Form ADV by DFS Lab (Venture Capital Fund), GAV $47,000Fund first reported on Form ADVFundsFactDFS Lab Sabi Investment Spv, a Series of Dfs Lab Spv Master 2, LLCForm ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 19, 2026 · 15 private fundsShowHide
- Headquarters
- Paris, Franceadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- dfslab.net
- 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 19, 2026
- Private funds reported
- 15 (15 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets, adviser total
- $10.0Madviserinfo.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 23, 2026Micro VC (confirmed, 95%)Venture manager, reported GAV $10.0M across 16 vehicles
- Sep 12, 2026Micro VC (confirmed, 95%)Venture manager, reported GAV $3.9M across 14 vehicles
- Sep 12, 2026Micro VC (confirmed, 95%)Venture manager, reported GAV $3.9M across 13 vehicles
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| SEC exemption claimed | Venture capital fund adviser | Feb 6, 2024 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 19, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Feb 6, 2024 | Fact | Form ADV |
| First Form ADV filing | 2022-06-29 | Mar 19, 2026 | Fact | Form ADV |
| First Form ADV filing | 2022-06-29 | Feb 6, 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 | 2026-03-19 | Mar 19, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-02-06 | Feb 6, 2024 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 19, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Feb 6, 2024 | Fact | Form ADV |
| Business phone | Feb 6, 2024 | Fact | Form ADV | |
| Description | Oct 1, 2026 | Fact | Firm website | |
| Description | Sep 16, 2026 | Fact | Firm website | |
| Description | Sep 14, 2026 | Fact | Firm website | |
| Headquarters | Paris, France | Feb 6, 2024 | Fact | Form ADV |
| Office address | Feb 6, 2024 | Fact | Form ADV | |
| Self-described type | Venture capital | Oct 1, 2026 | Fact | Firm website |
| Self-described type | Venture capital | Sep 16, 2026 | Fact | Firm website |
| Self-described type | Venture capital | Sep 14, 2026 | Fact | Firm website |
| Legal form | Limited Liability Company | Feb 6, 2024 | Fact | Form ADV |
| Portfolio page | Oct 1, 2026 | Fact | Firm website | |
| Portfolio page | Sep 16, 2026 | Fact | Firm website | |
| Portfolio page | Sep 14, 2026 | Fact | Firm website | |
| Private funds reported | 15 | Mar 19, 2026 | Fact | Form ADV |
| Private funds reported | 13 | Feb 6, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $10.0M | Mar 19, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $3.9M | Feb 6, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Sep 28, 2026 | Fact | Form ADV |
| Stated geography | Africa, asia, emerging markets, southeast “geography words on the home page” | Oct 1, 2026 | Fact | Firm website |
| Stated geography | Africa, asia, emerging markets, southeast “geography words on the home page” | Sep 16, 2026 | Fact | Firm website |
| Stated geography | Africa, asia, emerging markets, southeast “geography words on the home page” | Sep 14, 2026 | Fact | Firm website |
| Stated sectors | AI, fintech, consumer, hardware, industrial “sector words on the home page” | Oct 1, 2026 | Fact | Firm website |
| Stated sectors | AI, fintech, consumer, hardware, industrial “sector words on the home page” | Sep 16, 2026 | Fact | Firm website |
| Stated sectors | AI, fintech, consumer, hardware, industrial “sector words on the home page” | Sep 14, 2026 | Fact | Firm website |
| Stated stages | seed “stage words on the home page” | Oct 1, 2026 | Fact | Firm website |
| Stated stages | seed “stage words on the home page” | Sep 16, 2026 | Fact | Firm website |
| Stated stages | seed “stage words on the home page” | Sep 14, 2026 | Fact | Firm website |
| Team page | Oct 1, 2026 | Fact | Firm website | |
| Team page | Sep 16, 2026 | Fact | Firm website | |
| Team page | Sep 14, 2026 | Fact | Firm website | |
| Venture funds reported | 15 | Mar 19, 2026 | Fact | Form ADV |
| Venture funds reported | 13 | Feb 6, 2024 | Fact | Form ADV |
| Website | Feb 6, 2024 | Fact | Form ADV | |
| Website resolved domain | dfs.vc | Oct 1, 2026 | Fact | Firm website |
| Website resolved domain | dfs.vc | Sep 16, 2026 | Fact | Firm website |
| Website resolved domain | dfs.vc | Sep 14, 2026 | Fact | Firm website |
| Site title | Oct 1, 2026 | Fact | Firm website | |
| Site title | Sep 16, 2026 | Fact | Firm website | |
| Site title | Sep 14, 2026 | Fact | Firm website |
How this is scored
Scores, classification basis and filing advisersMicro VC, confirmedShowHide
Venture manager, reported GAV $10.0M across 16 vehicles
- importance
- gav: 0 · funds: 1 · people: 0.32 · investments: 0 · co investors: 0.31
- active deployment
- investments 12m: 0.13 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-05-19
- emerging manager
- fund count: 16 · reported gav: $10.0M · first adv filing: 2022-06-29 · years since first filing: 4.3
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Record history
- Merged in2026-09-13
- Adviser's first ADV filing2022-06-29source 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.