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 / Merus Capital Management Company, LLC
Merus Capital Management Company, LLC
We empower ambitious teams building tomorrow’s industry-defining platforms.
both early and growth/opportunity families, reported GAV $323M
Importance
41
elevated
Active deployment
30
moderate
Emerging
0
low
Completeness
63
high
Freshness
100
high
Research priority
15
moderate
Identity and regulatory footprint
- Headquarters
- Menlo Park, CAadviserinfo.sec.gov
- Office address
- 1135 ALTSCHUL AVE., Menlo Park, CA, 94025adviserinfo.sec.gov
- Business phone
- 650-838-8888adviserinfo.sec.gov
- Website
- HTTP://WWW.MERUSCAP.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
- 7 (7 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $277Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business phone
- 650-838-8888adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
52 observed deals
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
unknown 100%
lead rate n/afollow-on rate n/anew logos, 12 months 52
Funds and vehicles
7 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Merus Capital IV, L.P. | Fund | 2018 form d first sale | Harvest | $84.1M Mar 29, 2024 | 31 | $63.0M | Jan 13, 2020 |
| Merus Capital Expansion Fund III LP | Fund | 2018 adv first reported | Harvest | $9.5M Mar 29, 2024 | 35 | $0 | Jan 26, 2017 |
| Merus Capital II Expansion Management, L.P. | Fund | 2016 adv first reported | Harvest | $16.5M Mar 29, 2024 | 34 | $0 | Jul 30, 2015 |
| Merus Capital III, L.P. | Fund | 2015 form d first sale | Harvest | $69.4M Mar 29, 2024 | 36 | $45.3M | Dec 29, 2015 |
| Merus Opportunity Fund - Adroll, LP | Opportunity fund | 2015 adv first reported | Harvest | $9.6M Mar 29, 2024 | 15 | $0 | Mar 25, 2014 |
| Merus Capital II, LP | Fund | 2012 form d first sale | Harvest | $33.7M Mar 29, 2024 | 31 | $17.3M | Apr 23, 2013 |
| Merus Capital I, LP | Fund | 2008 form d first sale | Harvest | $100M Mar 29, 2024 | 29 | $36.1M | May 8, 2009 |
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
6 current, 1 departed
David Rangel
General partnerGeneral Partner
Salman Ullah
General partnerGeneral Partner
Sean Dempsey
General partnerGeneral Partner
Brad Stein
Operating partnerPartner, Portfolio Operations & CFO
Salman Ullah
PartnerMember · since May 1, 2008
Sean Christian Dempsey
PartnerMember · since May 1, 2008
1 departed (kept with end dates)
- Peter Hsing · Member · May 1, 2008 to Sep 4, 2020 Inference
Investments on record
52 edges, 52 companies, 0 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
39 relationships from shared deals, counted for the whole firm
IN Venture 1 shared · one timeDeepwater Asset Management, LLC 1 shared · one timeBrick & Mortar Ventures Management, LLC 1 shared · one timeAVC Fund Management, LLC 1 shared · one timeSempervirens Ventures LLC 1 shared · one timeMatrix 1 shared · one time1984 Ventures Management, LLC 1 shared · one timeBullvc Fund Management LLC 1 shared · one timeVesey Ventures LP 1 shared · one timeVertex Ventures 1 shared · one timeArtisanal Ventures, LLC 1 shared · one timeMenlo Ventures 1 shared · one timeMighty Capital Management LLC 1 shared · one timeAurora Management LLC 1 shared · one timeBlue Bear Investment Group, LLC 1 shared · one timeHyde Park Venture Partners 1 shared · one timeViewpoint Ventures 1 shared · one timeSwan & Legend 1 shared · one timeDorm Room Fund 1 shared · one timeDCVC 1 shared · one timeFelicis Ventures 1 shared · one timeAbbaei 1 shared · one timeFuture Ventures 1 shared · one timeAzolla Management Company, LP 1 shared · one timeCRV, LLC 1 shared · one timeToloka LLC 1 shared · one timeAlleycorp Advisers, LLC 1 shared · one timeInstitutional Venture 1 shared · one timeCamber Partners Management LLC 1 shared · one timeGreatpoint Investment Management, LLC 1 shared · one timeConstruct Capital Management, LLC 1 shared · one timeMaveron LLC 1 shared · one timeRethink Capital Partners, LLC 1 shared · one timeSignalfire 1 shared · one timeMotley Fool Ventures 1 shared · one timeGlynn Capital Management, LLC 1 shared · one timeOpen Opportunity Management, LLC 1 shared · one timeHivemind Capital Partners LLC 1 shared · one time9mile Labs 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
9 dated events
- Sep 4, 2020Peter Hsing (Member) no longer on Schedule A of Merus Capital Management Company, LLC
- Mar 29, 2019Merus Capital IV, L.P. first reported on Form ADV by Merus Capital Management Company, LLC (Venture Capital Fund), GAV $59,160,283Fund first reported on Form ADVFundsFactMerus Capital IV, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 22, 2018Merus Capital Expansion Fund III LP first reported on Form ADV by Merus Capital Management Company, LLC (Venture Capital Fund), GAV $9,770,551Fund first reported on Form ADVFundsFactMerus Capital Expansion Fund III LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 9, 2017Merus Capital III, L.P. first reported on Form ADV by Merus Capital Management Company, LLC (Venture Capital Fund), GAV $16,619,998Fund first reported on Form ADVFundsFactMerus Capital III, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2016Merus Capital II Expansion Management, L.P. first reported on Form ADV by Merus Capital Management Company, LLC (Venture Capital Fund), GAV $16,499,998Fund first reported on Form ADVFundsFactMerus Capital II Expansion Management, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 5, 2015Merus Opportunity Fund - Adroll, LP first reported on Form ADV by Merus Capital Management Company, LLC (Venture Capital Fund), GAV $10,302,739Fund first reported on Form ADVFundsFactMerus Opportunity Fund - Adroll, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 14, 2013Merus Capital II, LP first reported on Form ADV by Merus Capital Management Company, LLC (Venture Capital Fund), GAV $15,966,406Fund first reported on Form ADVFundsFactMerus Capital II, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 2012Merus Capital Management Company, 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 29, 2012Merus Capital I, LP first reported on Form ADV by Merus Capital Management Company, LLC (Venture Capital Fund), GAV $68,734,492Fund first reported on Form ADVFundsFactMerus Capital I, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Multi-stage venture firm (confirmed, 95%, cls-1)both early and growth/opportunity families, reported GAV $323M
Evidence
49 observations from 3 sources