# Flex Capital Flex Capital is a Venture Capital based in San Francisco, United States. ## Overview - **Organization type:** Venture Capital - **Headquarters:** San Francisco, United States - **Region:** North America - **Address:** San Francisco, CA, United States - **Founded:** 2018 - **Assets under management:** Undisclosed - **Website:** www.flexcapital.com - **LinkedIn:** https://www.linkedin.com/company/flex-capital ## Regulatory record - **CRD number:** 299843 - **SEC file number:** 802-114647 - **Registration status:** Registered - **Reports private funds:** Yes - **IAPD record:** https://adviserinfo.sec.gov/firm/summary/299843 ## About Flex Capital is run by the founding CEOs of LiveRamp, BrightRoll, Lemonaid Health, SafeGraph, and Pipedream. The firm backs exceptional founders at the earliest stages and stays in their corner for the journey. It invests at Seed with first checks from $500K to $2M and provides capital from operators who have built and led category-defining companies. ## Sectors - Enterprise Software - Digital Health - AI/ML - FinTech ## People - Auren Hoffman — Co-Founder & General Partner - Paul Johnson — Co-Founder & General Partner - Tod Sacerdoti — Co-Founder & General Partner ## Questions ### Who runs investment decisions at Flex Capital? Decisions are made by the three General Partners: Auren Hoffman, Paul Johnson, and Tod Sacerdoti. Each was a founding CEO of a category-defining company before joining Flex. The firm states that every pitch is reviewed by a partner, and additional investment support comes from Rajal Patel, who joined in 2022 and has led investments in Perplexity, Mercury, and Tailscale. ### How does Flex Capital source deal flow? Flex sources through a multi-layered operator network rather than through a traditional institutional funnel. Its 300-plus Limited Partners are predominantly founders and CEOs who contribute deal flow, while its internal network includes over 240 portfolio founders, 100 venture partners, and 600 angel investors. The firm also builds internal sourcing agents managed by investor Rajal Patel. ### Does Flex Capital take board seats? Flex’s default posture is not to take board seats unless the founder requests it. This is paired with a policy of pledging voting shares back to founders, a governance term designed to keep control with the operating team. The structure is intended to minimize legal and administrative burden on portfolio companies. ### What is Flex Capital's follow-on reserve strategy? The firm maintains significant reserves for follow-on investments through Series A, B, and beyond. When portfolio companies raise later rounds, Flex actively participates and offers direct introductions to its network of tier-1 venture capital firms and LPs to support scaling capital requirements. ### How is Flex Capital's partnership different from a traditional VC partnership? Every General Partner at Flex was previously a founding CEO who built, scaled, and exited a company: Auren Hoffman (LiveRamp), Paul Johnson (Lemonaid Health), and Tod Sacerdoti (BrightRoll, Pipedream). The firm operates with a founder-centric governance model that pledges voting shares back to portfolio company founders and provides direct GP access for hands-on operating advice rather than advisory-board oversight. ### What are some of Flex Capital's known portfolio companies? The firm's disclosed and signaled investments include Perplexity, Mercury, CodeRabbit, Tailscale, Datavant, and several others from its Fund I and Fund II portfolios. Rajal Patel manages these relationships and has publicly confirmed his role in multiple investments. The website lists 240-plus portfolio founders, though a complete public portfolio roster has not been published. ## Related profiles - [Fleur Capital](https://altss.com/profile/fleur-capital) - [Flexcap Ventures](https://altss.com/profile/flexcap-ventures) --- Last updated: 2026-08-11T15:06:49.768Z Canonical page: https://altss.com/profile/flex-capital Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology