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 / Haystack Management Company, LLC
Haystack Management Company, LLC
Haystack VC partners with innovative software and tech startups. We invest $500K-$2M in initial rounds, leading or participating. Discover how our decade of experience can fuel your startup
venture manager, reported GAV $383M across 17 vehicles
Importance
40
elevated
Active deployment
44
elevated
Emerging
0
low
Completeness
75
high
Freshness
100
high
Research priority
16
moderate
Identity and regulatory footprint
- Headquarters
- San Francisco, CAadviserinfo.sec.gov
- Office address
- 548 MARKET STREET, PMB 75231, San Francisco, CA, 94104-5401adviserinfo.sec.gov
- Business phone
- 415-868-5024adviserinfo.sec.gov
- Website
- HTTP://WWW.HAYSTACK.VC
- 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 13, 2026
- Private funds reported
- 17 (17 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $671Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- Semil Shah Revocable Living Trust, Dated January 20, 2017 (Member), E
- business phone
- 415-868-5024adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
5 observed deals
Stated (the firm’s website)
- Sectors
- ai, space, defense, data infrastructure, industrial
- Stages
- early
- Geography
- global
- Check size
- $1.0M to $3.0M stated by the firm
- Self-described
- venture capital
“We typically invest $1M to $3M in initial rounds and can lead or participate.”
Observed (from deals on record)
Stage at participation
seed 100%
Stage at first entry
seed 100%
Sectors
unknown 100%
lead rate 100%follow-on rate 0%new logos, 12 months 5
Funds and vehicles
17 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Haystack Ventures VIII, L.P. | Fund | 2025 form d first sale | Fundraising | unknown | unknown | $79.2M of $85.0M | Jun 12, 2025 |
| HMC Needles III, L.P. | Fund | 2025 form d first sale | Newly closed | unknown | unknown | $19.8M of $19.8M | Jun 12, 2025 |
| Haystack Ventures VII, L.P. | Fund | 2023 form d first sale | Active deployment | $9.0M Mar 7, 2024 | 26 | $75.0M of $75.0M | Jun 26, 2023 |
| HMC Needles II, LP | Fund | 2023 form d first sale | Active deployment | $8.0M Mar 7, 2024 | 24 | $16.1M of $25.0M | Jan 13, 2025 |
| Needle 2023-1, LLC | Fund | 2023 name year | Active deployment | $5.0M Mar 7, 2024 | 1 | $5.0M of $5.0M | Jun 26, 2023 |
| Haystack Ventures VI, L.P. | Fund | 2022 adv first reported | Active deployment | $35.5M Mar 7, 2024 | 25 | $0 of $50.0M | Apr 12, 2021 |
| Needle 2021-1, LLC | Fund | 2021 name year | Mature | $53.8M Mar 7, 2024 | 4 | $35.0M of $35.0M | Jul 2, 2021 |
| HMC Needles I, L.P. | Fund | 2021 form d first sale | Mature | $24.4M Mar 7, 2024 | 56 | $24.0M of $25.0M | Jan 13, 2025 |
| Needle 2021-2, LLC | Fund | 2021 name year | Mature | $22.6M Mar 7, 2024 | 8 | $22.6M of $22.6M | Dec 30, 2021 |
| Needle 644, LLC | Fund | 2021 adv first reported | Mature | $4.4M Mar 7, 2024 | 2 | unknown | unknown |
| Needle 2020-1, LLC | Fund | 2020 name year | Mature | $28.6M Mar 7, 2024 | 1 | unknown | unknown |
| Haystack Ventures V, L.P. | Fund | 2018 form d first sale | Harvest | $114M Mar 7, 2024 | 84 | $50.0M of $50.0M | Jul 5, 2019 |
| Haystack Ventures IV, L.P. | Fund | unknown | Unknown | $69.6M Mar 7, 2024 | 62 | $0 of $25.0M | Mar 30, 2017 |
| Haystack Fund Iii-A, LP | Feeder or parallel | unknown | Unknown | $4.6M Mar 7, 2024 | 35 | unknown | unknown |
| Haystack Fund II, LLC | Fund | unknown | Unknown | $1.7M Mar 7, 2024 | 53 | unknown | unknown |
| Haystack Fund III, LP | Fund | unknown | Unknown | $1.7M Mar 7, 2024 | 30 | unknown | unknown |
| Haystack Fund I, LLC | Fund | unknown | Unknown | $352,920 Mar 7, 2024 | 33 | 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
2 current, 0 departed
Semil Shah
Board or advisoryTrustee · since Jan 1, 2017
Investments on record
5 edges, 5 companies, 0 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| Enigma | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
| Flint | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
| ROSE | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
| Super | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
| alphaXiv | Seed Round · Seed | lead | unknown | $7.0M | unknown | Nov 19, 2025 | Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS) |
“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
10 relationships from shared deals, counted for the whole firm
Newtopia Vc 1 shared · one timeAnthemis 1 shared · one timeBullpen Management, LLC 1 shared · one timeShrug, LLC 1 shared · one timeIndex Ventures Sa 1 shared · one timeGlynn Capital Management, LLC 1 shared · one timeGokul Rajaram 1 shared · one time · we led 1Menlo Ventures 1 shared · one time · they led 1 · we led 1Sara Hooker 1 shared · one time · we led 1Sebastian Thrun 1 shared · one time · we led 1
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
15 dated events
- Mar 7, 2024Haystack Ventures VII, L.P. first reported on Form ADV by Haystack Management Company, LLC (Venture Capital Fund), GAV $9,000,000Fund first reported on Form ADVFundsFactHaystack Ventures VII, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 7, 2024HMC Needles II, LP first reported on Form ADV by Haystack Management Company, LLC (Venture Capital Fund), GAV $7,979,427Fund first reported on Form ADVFundsFactHMC Needles II, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 7, 2024Needle 2023-1, LLC first reported on Form ADV by Haystack Management Company, LLC (Venture Capital Fund), GAV $5,000,000Fund first reported on Form ADVFundsFactNeedle 2023-1, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2022Needle 2021-2, LLC first reported on Form ADV by Haystack Management Company, LLC (Venture Capital Fund), GAV $22,610,000Fund first reported on Form ADVFundsFactNeedle 2021-2, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2022Haystack Ventures VI, L.P. first reported on Form ADV by Haystack Management Company, LLC (Venture Capital Fund), GAV $50,000,000Fund first reported on Form ADVFundsFactHaystack Ventures VI, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2022Needle 2021-1, LLC first reported on Form ADV by Haystack Management Company, LLC (Venture Capital Fund), GAV $35,000,000Fund first reported on Form ADVFundsFactNeedle 2021-1, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 11, 2021Needle 2020-1, LLC first reported on Form ADV by Haystack Management Company, LLC (Venture Capital Fund), GAV $10,000,000Fund first reported on Form ADVFundsFactNeedle 2020-1, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 11, 2021Needle 644, LLC first reported on Form ADV by Haystack Management Company, LLC (Venture Capital Fund), GAV $1,300,000Fund first reported on Form ADVFundsFactNeedle 644, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2019Haystack Ventures V, L.P. first reported on Form ADV by Haystack Management Company, LLC (Venture Capital Fund), GAV $10,000,000Fund first reported on Form ADVFundsFactHaystack Ventures V, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2018Haystack Fund III, LP first reported on Form ADV by Haystack Management Company, LLC (Venture Capital Fund), GAV $2,264,950Fund first reported on Form ADVFundsFactHaystack Fund III, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2018Haystack Fund Iii-A, LP first reported on Form ADV by Haystack Management Company, LLC (Venture Capital Fund), GAV $5,969,000Fund first reported on Form ADVFundsFactHaystack Fund Iii-A, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2018Haystack Ventures IV, L.P. first reported on Form ADV by Haystack Management Company, LLC (Venture Capital Fund), GAV $22,841,837Fund first reported on Form ADVFundsFactHaystack Ventures IV, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2018Haystack Fund I, LLC first reported on Form ADV by Haystack Management Company, LLC (Venture Capital Fund), GAV $970,000Fund first reported on Form ADVFundsFactHaystack Fund I, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 2, 2018Haystack 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)
- Apr 2, 2018Haystack Fund II, LLC first reported on Form ADV by Haystack Management Company, LLC (Venture Capital Fund), GAV $3,010,000Fund first reported on Form ADVFundsFactHaystack Fund II, LLCSEC 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 $383M across 17 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $269M across 16 vehicles
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $269M across 14 vehicles
Evidence
55 observations from 3 sources