M25
M25 is an early-stage venture firm based in Chicago, investing solely in companies headquartered in the Midwest.
In the firm's own words, from its website.
14 additional team members, 2 additional co-investors and affiliates, 13 additional investments, funds and LPs, 15 events, 4 verified contacts (3 professional url, 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.
Nothing material in the last 180 days.
People to know
View all people- Founding PartnerWhy: Founder of the firmProfile
- PartnerWhy: Partner: part of the investment decisionNo route on file yet
- MemberWhy: Named with investment responsibilityNo route on file yet
Relationship network
37 connected entities6 observed rounds2 repeat counterparties3 dated rounds shown here, 2024 to 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 M25: 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 M25
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Investing
5 companies on record, 0 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 |
|---|---|---|---|---|---|---|---|
| Midwest Startups | portfolio listing | unknown | unknown | unknown | unknown | Oct 1, 2026 | Fact Firm website |
| Continuum Technologies, Inc | Form D equity offering | unknown · board | Victor James Gutwein (strongly supported) | $7.2M form d sold | unknown | Mar 9, 2026 | Inference Form D |
| Pavewise, Inc. | Form D equity offering | unknown · board | Mike Asem (strongly supported) | $50,000 form d sold | unknown | Jan 10, 2025 | Inference Form D |
Stated thesis versus observed behaviour
- 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
- venture capital
Team
18 current, 0 departed
Decision makers
- Mike Asem · Founding PartnerWhy this person: Founder of the firm; Named with investment responsibilityLinkedIn or profile link on file (firm website), confirmed 2026-10-01, confidence 90%
- Abhinaya Konduru · PartnerWhy 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. 1 with a route on file. 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.- Founding Partner · 4 deals attributed
- Member · 2 deals attributed
- Partner
Contacts
1 firm phone, 3 professional url on record, each with its source. Values open with the complete profile.
Funds and LPs
14 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 |
|---|---|---|---|---|---|---|---|
| M25 Group Endurance Isfh Fund LLC | Fund | 2024 adv first reported | Early deployment | $200,000 Mar 31, 2026 | 1 | unknown | unknown |
| M25 Fund IV, L.P. | Fund | 2022 form d first sale | Active deployment | $33.4M Mar 31, 2026 | 43 | $28.2M of $50.0M | Dec 10, 2024 |
| M25 Fund Iv-A, L.P. | Feeder or parallel | 2022 form d first sale | Active deployment | $5.0M Mar 31, 2026 | 21 | $4.4M of $10.0M | Dec 10, 2024 |
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
1 co-investors
Co-investors
- 2026-03-091 shared deal · one time
Evidence and history
20 dated events, 73 observations from 3 sources
Timeline
- seen on or beforeSep 24, 2026M25: SYNDICATE_PLATFORM -> MULTI_STAGE_VC (both early and growth/opportunity families, reported GAV $131M)Classification changedClassificationInference
- seen on or beforeSep 15, 2026M25: MULTI_STAGE_VC -> SYNDICATE_PLATFORM (name or self-description says syndicate platform)Classification changedClassificationInference
- May 7, 2024M25 Group Endurance Isfh Fund LLC first reported on Form ADV by M25 (Venture Capital Fund), GAV $300,000
- Mar 6, 2023M25 Mvmnt Spv LLC first reported on Form ADV by M25 (Venture Capital Fund), GAV $750,000
- Mar 6, 2023M25 Fund IV, L.P. first reported on Form ADV by M25 (Venture Capital Fund), GAV $21,590,200
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed Mar 31, 2026 · 11 private fundsShowHide
- Headquarters
- Chicago, ILadviserinfo.sec.gov
- Office address
- unknownadviserinfo.sec.gov
- Business phone
- unknownadviserinfo.sec.gov
- Website
- m25vc.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, adviser total
- $128Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- L. Douglas Drury Revocable Trust (Member), owns under 5%; Three Vines Holdings LLC (Member), owns 25% to 50%; Longest Road Ventures LLC (Member), owns 25% to 50%
Classification history
Classification history
Every classification this record has carried3 on recordShowHide
- Sep 24, 2026Multi-stage venture firm (confirmed, 95%)Both early and growth/opportunity families, reported GAV $131M
- Sep 15, 2026Syndicate platform (confirmed, 95%)Name or self-description says syndicate platform
- Sep 12, 2026Multi-stage venture firm (confirmed, 95%)Both early and growth/opportunity families, reported GAV $81M
Evidence
Every observation behind this profile, with its source, date and class
| Fact | Value | Effective | Class | Source |
|---|---|---|---|---|
| Why admitted | VC exemption, VC funds reported | Mar 31, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC exemption claimed | Venture capital fund adviser | May 7, 2024 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | Mar 31, 2026 | Fact | Form ADV |
| SEC adviser type | Exempt reporting adviser | May 7, 2024 | Fact | Form ADV |
| First Form ADV filing | 2019-07-08 | Mar 31, 2026 | Fact | Form ADV |
| First Form ADV filing | 2019-07-08 | May 7, 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 | 2026-03-31 | Mar 31, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2026-03-31 | Mar 31, 2026 | Fact | Form ADV |
| Latest Form ADV filing | 2024-05-07 | May 7, 2024 | Fact | Form ADV |
| SEC status | ERA - Active | Mar 31, 2026 | Fact | Form ADV |
| SEC status effective | 2019-07-08 | Mar 31, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | Mar 31, 2026 | Fact | Form ADV |
| Venture share of reported funds | 1 | May 7, 2024 | Fact | Form ADV |
| Business phone | Mar 31, 2026 | Fact | Form ADV | |
| Business phone | May 7, 2024 | Fact | Form ADV | |
| Description | Oct 1, 2026 | Fact | ||
| Description | Sep 16, 2026 | Fact | ||
| Description | Sep 15, 2026 | Fact | ||
| Headquarters | Chicago, IL | Mar 31, 2026 | Fact | Form ADV |
| Headquarters | Chicago, IL | May 7, 2024 | Fact | Form ADV |
| Office address | Mar 31, 2026 | Fact | Form ADV | |
| Office address | May 7, 2024 | Fact | Form ADV | |
| Self-described type | Venture capital | Oct 1, 2026 | Fact | |
| Self-described type | Syndicate platform | Sep 16, 2026 | Fact | |
| Self-described type | Syndicate platform | Sep 15, 2026 | Fact | |
| Legal form | Limited Liability Company | Mar 31, 2026 | Fact | Form ADV |
| Legal form | Limited Liability Company | May 7, 2024 | Fact | Form ADV |
| Portfolio page | Oct 1, 2026 | Fact | ||
| Portfolio page | Sep 16, 2026 | Fact | ||
| Portfolio page | Sep 15, 2026 | Fact | ||
| Private funds reported | 11 | Mar 31, 2026 | Fact | Form ADV |
| Private funds reported | 11 | Mar 31, 2026 | Fact | Form ADV |
| Private funds reported | 14 | May 7, 2024 | Fact | Form ADV |
| Private fund gross assets (reported) | $128M | Mar 31, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $128M | Mar 31, 2026 | Fact | Form ADV |
| Private fund gross assets (reported) | $80.8M | May 7, 2024 | Fact | Form ADV |
| Schedule a diff | sadiff-1 | Sep 27, 2026 | Fact | Form ADV |
| Stated geography | Chicago, colorado, midwest, new york, pittsburgh “geography words on the home page” | Oct 1, 2026 | Fact | |
| Stated geography | Chicago, colorado, midwest, new york, pittsburgh “geography words on the home page” | Sep 16, 2026 | Fact | |
| Stated geography | Chicago, colorado, midwest, new york, pittsburgh “geography words on the home page” | Sep 15, 2026 | Fact | |
| Stated sectors | Enterprise software, healthcare, logistics, industrial, gaming “sector words on the home page” | Oct 1, 2026 | Fact | |
| Stated sectors | Enterprise software, healthcare, logistics, industrial, gaming “sector words on the home page” | Sep 16, 2026 | Fact | |
| Stated sectors | Enterprise software, healthcare, logistics, industrial, gaming “sector words on the home page” | Sep 15, 2026 | Fact | |
| Stated stages | Pre seed, seed, series b, early “stage words on the home page” | Oct 1, 2026 | Fact | |
| Stated stages | Pre seed, seed, series b, early “stage words on the home page” | Sep 16, 2026 | Fact | |
| Stated stages | Pre seed, seed, series b, early “stage words on the home page” | Sep 15, 2026 | Fact | |
| Team page | Oct 1, 2026 | Fact | ||
| Team page | Sep 16, 2026 | Fact | ||
| Team page | Sep 15, 2026 | Fact | ||
| Venture funds reported | 11 | Mar 31, 2026 | Fact | Form ADV |
| Venture funds reported | 11 | Mar 31, 2026 | Fact | Form ADV |
| Venture funds reported | 14 | May 7, 2024 | Fact | Form ADV |
| Website | Mar 31, 2026 | Fact | Form ADV | |
| Website | May 7, 2024 | Fact | Form ADV | |
| Site title | Oct 1, 2026 | Fact | ||
| Site title | Sep 16, 2026 | Fact | ||
| Site title | Sep 15, 2026 | Fact |
How this is scored
Scores, classification basis and filing advisersMulti-stage venture firm, confirmedShowHide
Both early and growth/opportunity families, reported GAV $131M
- importance
- gav: 0.34 · funds: 1 · people: 0.6 · investments: 0.31 · co investors: 0
- active deployment
- investments 12m: 0 · fund raising 18m: 0 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: not scored
- emerging manager
- fund count: 14 · reported gav: $131M · first adv filing: 2019-07-08 · years since first filing: 7.2
Fits, record history and connections
scored matches for this investor, every identity change, every edge
Fits
- score 42.7confidence 100%Why: sector fit; geography fit; activity; analogousWatch: adjacent portfolio
- score 42.7confidence 100%Why: sector fit; geography fit; activity; analogousWatch: adjacent portfolio
- score 42.7confidence 100%Why: sector fit; geography fit; activity; analogousWatch: adjacent portfolio
+24 more scored matches
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Scored by DFX match engines from the record's observed portfolio, stage, geography and recent activity. A fit is a reason to look, not a mandate; the blockers say what the model could not confirm. Names and the evidence sentences show with the names on this page.
Record history
- Organization classification changed2026-09-24
- Organization classification changed2026-09-15
- Adviser's first ADV filing2019-07-08source 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.