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 / Listen LLC
Listen LLC
LISTEN.co / Chicago
venture manager, reported GAV $121M across 5 vehicles
Importance
21
moderate
Active deployment
60
high
Emerging
0
low
Completeness
63
high
Freshness
100
high
Research priority
19
moderate
Identity and regulatory footprint
- Headquarters
- Chicago, ILadviserinfo.sec.gov
- Office address
- 406 N SANGAMON, SUITE 201, Chicago, IL, 60642adviserinfo.sec.gov
- Business phone
- 312-622-2029adviserinfo.sec.gov
- Website
- http://www.listen.co
- 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 26, 2026
- Private funds reported
- 5 (5 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $207Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business phone
- 312-622-2029adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
no observed deals yet
Stated (the firm’s website)
- Sectors
- consumer
- Stages
- not stated or not yet read
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors: no observed deals yet
lead rate n/afollow-on rate n/anew logos, 12 months 0
Funds and vehicles
5 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Listen Ventures IV, LP | Fund | 2024 form d first sale | Fundraising | unknown | unknown | $33.8M of $75.0M | Oct 30, 2025 |
| Listen Up (a), LP | Fund | 2022 adv first reported | Active deployment | $19.9M Mar 13, 2024 | 2 | $0 of $20.0M | Sep 16, 2021 |
| Listen Up (b), LP | Fund | 2022 adv first reported | Active deployment | $9.9M Mar 13, 2024 | 10 | $0 of $10.0M | Dec 16, 2021 |
| Listen Ventures III, LP | Fund | 2020 form d first sale | Mature | $52.8M Mar 13, 2024 | 93 | $60.8M of $62.0M | Dec 9, 2021 |
| Listen Ventures II, LP | Fund | 2016 form d first sale | Harvest | $38.2M Mar 13, 2024 | 70 | $15.9M of $30.0M | May 5, 2017 |
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, 1 departed
Rick P Desai
General partnerGp · since Dec 1, 2016
Jeffrey Cantalupo
Managing partnerManaging Member · since Jan 1, 2009
1 departed (kept with end dates)
- Rick P Desai · Na · Jan 1, 2017 to Mar 25, 2020 Inference
Investments on record
0 edges, 0 companies, 0 partner-attributed
No investment on record yet. Edges arrive from the firm’s portfolio page, financing announcements, and Form D board seats.
Co-investors
0 relationships from shared deals, counted for the whole firm
No co-investor relationship yet: these are derived only from rounds and portfolio listings the graph has seen both investors on.
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
8 dated events
- Sep 15, 2026Listen LLC: MICRO_VC -> INSTITUTIONAL_VC (venture manager, reported GAV $121M across 5 vehicles)Classification changedClassificationInferenceno URL
- Mar 28, 2022Listen Up (b), LP first reported on Form ADV by Listen LLC (Venture Capital Fund), GAV $10,000,000Fund first reported on Form ADVFundsFactListen Up (b), LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 28, 2022Listen Up (a), LP first reported on Form ADV by Listen LLC (Venture Capital Fund), GAV $20,003,000Fund first reported on Form ADVFundsFactListen Up (a), LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 9, 2021Listen Ventures III, LP first reported on Form ADV by Listen LLC (Venture Capital Fund), GAV $20,825,000Fund first reported on Form ADVFundsFactListen Ventures III, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 25, 2020Rick P Desai (Na) no longer on Schedule A of Listen LLC
- Sep 1, 2018Listen Ventures II 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)
- Sep 1, 2018Listen Ventures II, LP first reported on Form ADV by Listen Ventures II (Venture Capital Fund), GAV $30,000,000Fund first reported on Form ADVFundsFactListen Ventures II, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Dec 1, 2016Rick P Desai joined Schedule A of Listen LLC as Gp
Classification history
- Sep 15, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $121M across 5 vehicles
- Sep 12, 2026Micro VC (confirmed, 95%, cls-1)venture manager, reported GAV $48.2M across 3 vehicles
- Sep 12, 2026Micro VC (confirmed, 95%, cls-1)venture manager, reported GAV $48.2M across 2 vehicles
Evidence
43 observations from 3 sources