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.
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Firms / M••
M••
M25 is an early-stage venture firm based in Chicago, investing solely in companies headquartered in the Midwest.
name or self-description says syndicate platform
Importance
36
elevated
Active deployment
33
moderate
Emerging
0
low
Completeness
75
high
Freshness
98
high
Research priority
13
low
Identity and regulatory footprint
- Headquarters
- Chicago, ILadviserinfo.sec.gov
- Office address
- 415 NORTH LASALLE DRIVE, #500, Chicago, IL, 60654adviserinfo.sec.gov
- Business phone
- 219-819-2002adviserinfo.sec.gov
- Website
- m••••.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
- 11 (11 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $128Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- L•••••• R••• V••••••• L•• (Member), C; H•• V••••••• L•• (Member), NA; L• D•••••• D•••• R•••••••• T•••• (Member), NA; S•••••• V••••••• 6••• L•• (Member), NA; T•••• V•••• H••••••• L•• (Member), C
- business phone
- 219-819-2002adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
2 observed deals
Stated (the firm’s website)
- Sectors
- enterprise software, healthcare, logistics, industrial, gaming
- Stages
- pre seed, seed, series b, early
- Geography
- chicago, colorado, midwest, new york, pittsburgh
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- syndicate platform
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 2
Funds and vehicles
14 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| M•• G•••• E•••••••• I••• F••• L•• | Fund | 2024 adv first reported | Early deployment | $300,000 May 7, 2024 | 1 | unknown | unknown |
| M•• F••• I•• L••• | Fund | 2022 form d first sale | Active deployment | $26.5M May 7, 2024 | 35 | $28.2M of $50.0M | Dec 10, 2024 |
| M•• F••• I•••• L••• | Feeder or parallel | 2022 form d first sale | Active deployment | $4.4M May 7, 2024 | 20 | $4.4M of $10.0M | Dec 10, 2024 |
| M•• M•••• S•• L•• | SPV or co-invest vehicle | 2022 form d first sale | Active deployment | $750,000 May 7, 2024 | 10 | $165,000 of $785,000 | Apr 5, 2022 |
| M•• L••• a• S••••• o• M•• S•• L•• | SPV or co-invest vehicle | 2022 adv first reported | Active deployment | $300,000 May 7, 2024 | 9 | unknown | unknown |
| M•• B•••••• a• S••••• o• M•• S•• L•• | SPV or co-invest vehicle | 2021 form d first sale | Mature | $650,000 May 7, 2024 | 9 | $669,673 of $669,673 | Nov 5, 2021 |
| M•• M••••• a• S••••• o• M•• S•• L•• | SPV or co-invest vehicle | 2021 form d first sale | Mature | $510,000 May 7, 2024 | 10 | $470,000 of $470,000 | Dec 28, 2021 |
| M•• S••••••••• S•• 3• L•• | SPV or co-invest vehicle | 2020 adv first reported | Mature | $2.4M May 7, 2024 | 13 | unknown | unknown |
| M•• F••• I••• L••• | Fund | 2019 form d first sale | Mature | $31.8M May 7, 2024 | 85 | $16.6M of $30.0M | Apr 22, 2020 |
| 2••• M•• G•••• F••• 2• L•• | Fund | 2016 name year | Harvest | $11.0M May 7, 2024 | 54 | $11.0M of $25.0M | Apr 17, 2017 |
| 2••• M•• G•••• F••• 1• L•• | Fund | 2015 name year | Harvest | $1.0M May 7, 2024 | 7 | unknown | unknown |
| M•• S••••••••• S•• 2• L•• | SPV or co-invest vehicle | unknown | Unknown | $500,000 May 7, 2024 | 20 | unknown | unknown |
| M•• S••••••••• S•• L•• | SPV or co-invest vehicle | unknown | Unknown | $400,000 May 7, 2024 | 6 | unknown | unknown |
| M•• O••••••••• F••• L• L•• | Opportunity fund | unknown | Unknown | $350,000 May 7, 2024 | 4 | 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
18 current, 0 departed
L••••• D•••••• D••••
Board or advisoryTrustee · since Dec 1, 1993
M••• A•••
Managing partnerFounding Partner
V••••• G••••••
Managing partnerManaging Partner
A••••••• K••••••
PartnerPartner
A••••• J••••• G••••••
PartnerMember · since Nov 1, 2008
B•••• G••••••
PartnerMember · since Dec 1, 2005
D••••• M•••••• A•••
PartnerMember · since Nov 1, 2019
E••••• R•••• A•••
PartnerMember · since Nov 1, 2019
R•••••• a• G••••••
PartnerMember · since Apr 1, 2018
S••••• R••••• G••••••
PartnerMember · since Nov 1, 2008
V••••• J•••• G••••••
PartnerMember · since Apr 1, 2018
A•••••• T•••••••
Platform and operationsDirector of Operations
R••• B•••••••
Platform and operationsPlatform Associate
B•••• P•••••
Venture partnerVenture Partner
G•• F•••••••
Venture partnerVenture Partner
J••••••• P•••
Venture partnerVenture Partner
R••• C•••
Venture partnerVenture Partner
T•• S••••
Venture partnerVenture Partner
Investments on record
2 edges, 2 companies, 0 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| J•• B•••• | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
| M•••••• S••••••• | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
“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
1 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
19 dated events
- Sep 15, 2026M25: MULTI_STAGE_VC -> SYNDICATE_PLATFORM (name or self-description says syndicate platform)Classification changedClassificationInferenceno URL
- May 7, 2024M•• G•••• E•••••••• I••• F••• L•• first reported on Form ADV by M25 (Venture Capital Fund), GAV $300,000Fund first reported on Form ADVFundsFactM•• G•••• E•••••••• I••• F••• L••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 6, 2023M•• M•••• S•• L•• first reported on Form ADV by M25 (Venture Capital Fund), GAV $750,000Fund first reported on Form ADVFundsFactM•• M•••• S•• L••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 6, 2023M•• F••• I•• L••• first reported on Form ADV by M25 (Venture Capital Fund), GAV $21,590,200Fund first reported on Form ADVFundsFactM•• F••• I•• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 6, 2023M•• F••• I•••• L••• first reported on Form ADV by M25 (Venture Capital Fund), GAV $3,175,000Fund first reported on Form ADVFundsFactM•• F••• I•••• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Feb 28, 2022M•• M••••• a• S••••• o• M•• S•• L•• first reported on Form ADV by M25 (Venture Capital Fund), GAV $510,000Fund first reported on Form ADVFundsFactM•• M••••• a• S••••• o• M•• S•• L••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Feb 28, 2022M•• B•••••• a• S••••• o• M•• S•• L•• first reported on Form ADV by M25 (Venture Capital Fund), GAV $650,000Fund first reported on Form ADVFundsFactM•• B•••••• a• S••••• o• M•• S•• L••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Feb 28, 2022M•• L••• a• S••••• o• M•• S•• L•• first reported on Form ADV by M25 (Venture Capital Fund), GAV $300,000Fund first reported on Form ADVFundsFactM•• L••• a• S••••• o• M•• S•• L••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Feb 28, 2022D••••• M•••••• A••• (Member) no longer on Schedule A of M25
- Feb 26, 2020M•• S••••••••• S•• 3• L•• first reported on Form ADV by M25 (Venture Capital Fund), GAV $2,350,000Fund first reported on Form ADVFundsFactM•• S••••••••• S•• 3• L••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Nov 1, 2019E••••• R•••• A••• joined Schedule A of M25 as Member
- Nov 1, 2019D••••• M•••••• A••• joined Schedule A of M25 as Member
- Jul 8, 2019M•• O••••••••• F••• L• L•• first reported on Form ADV by M25 (Venture Capital Fund), GAV $100,000Fund first reported on Form ADVFundsFactM•• O••••••••• F••• L• L••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 8, 2019M25 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)
- Jul 8, 2019M•• S••••••••• S•• L•• first reported on Form ADV by M25 (Venture Capital Fund), GAV $400,000Fund first reported on Form ADVFundsFactM•• S••••••••• S•• L••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 8, 2019M•• S••••••••• S•• 2• L•• first reported on Form ADV by M25 (Venture Capital Fund), GAV $500,000Fund first reported on Form ADVFundsFactM•• S••••••••• S•• 2• L••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 8, 20192••• M•• G•••• F••• 2• L•• first reported on Form ADV by M25 (Venture Capital Fund), GAV $11,000,000Fund first reported on Form ADVFundsFact2••• M•• G•••• F••• 2• L••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 8, 2019M•• F••• I••• L••• first reported on Form ADV by M25 (Venture Capital Fund), GAV $12,125,000Fund first reported on Form ADVFundsFactM•• F••• I••• L•••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 8, 20192••• M•• G•••• F••• 1• L•• first reported on Form ADV by M25 (Venture Capital Fund), GAV $1,000,000Fund first reported on Form ADVFundsFact2••• M•• G•••• F••• 1• L••SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 15, 2026Syndicate platform (confirmed, 95%, cls-1)name or self-description says syndicate platform
- Sep 12, 2026Multi-stage venture firm (confirmed, 95%, cls-1)both early and growth/opportunity families, reported GAV $81M
Evidence
51 observations from 3 sources