Refactor Capital is a seed-stage hard-tech venture firm based in Burlingame, California, founded in 2016 by solo capitalist Zal Bilimoria. Refactor is a one-employee firm: Bilimoria is the sole decision-maker, which he presents as a feature — founders get rapid decisions and a direct, one-on-one relationship with the person who wrote the cheque, rather than a partnership committee.

Thesis

Refactor backs founders 'refactoring the real world' — rebuilding large, inefficient industries with science and technology. Its focus is hard problems that matter: bioengineering, climate, computing and human health, pursued with patient capital and technical conviction rather than a hunt for quick software-style returns.

Sectors and stages

The firm invests in seed-stage hard tech across the United States, spanning biotechnology, climate tech, energy, aerospace, nuclear, defence, advanced manufacturing, critical materials and health. Its portfolio runs from satellite and nuclear companies to therapeutics, fertility and industrial biology.

Fund size and cheque size

Refactor manages $300 million across five funds, and invests $1 million to $2 million in seed-stage hard-tech startups. Its fourth fund, Refactor Fund 4, closed at $50 million in June 2024 to invest in bio, climate and hard-tech startups.

Portfolio

Named portfolio companies include Solugen, manufacturing chemicals using biology; Astranis, micro-geostationary satellites; BioRender, software for communicating science; PathAI, intelligent pathology; and Curative, health testing and care. Refactor says it has invested in more than 100 companies, including four unicorns to date.

Partners and programmes

The firm is run solely by founding partner Zal Bilimoria, previously a partner at Andreessen Horowitz, where he helped launch the firm's first Bio Fund in 2015. Before venture capital he spent a decade launching products at Google, Netflix, LinkedIn and Microsoft, and he offers founders services including chief financial officer support, communications training and mental fitness programmes.

How to apply for funding from Refactor Capital

Founders can pitch Refactor through the submission form on refactor.com, where the firm invites seed-stage hard-tech founders to make their case directly to Bilimoria. The site promises a first-call relationship: if you work with Refactor, Bilimoria wants to be the first call a founder makes, and the firm's address is 330 Primrose Road, Suite 201, Burlingame, California. A direct, well-prepared approach beats a cold blast.

Why it matters for founders

For seed-stage hard-tech founders, Refactor offers something rare: a single, experienced decision-maker who answers quickly and stays close. Its $1–2 million cheques suit capital-efficient science-led teams, and its solo model means the diligence conversation is with the person who actually decides. That focus also means fit matters: Refactor is not a generalist seed fund, and founders outside bio, climate and hard tech will find a faster yes elsewhere.