# Rebel Fund

Rebel Fund is a Private Equity based in San Francisco, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** San Francisco, United States
- **Region:** North America
- **Address:** San Francisco, United States
- **Founded:** 2019
- **Assets under management:** Undisclosed
- **Website:** rebelfund.vc
- **LinkedIn:** https://www.linkedin.com/company/rebel-fund

## Regulatory record

- **Reports private funds:** No

## About

Rebel Fund is a venture capital firm backed by Y Combinator alumni partners. They have made 280 investments, including a Seed VC investment in Minimal AI on March 17, 2026. Rebel Fund has facilitated 6 portfolio exits, with Krave Mart exiting on March 11, 2026.

## Sectors

- AI/ML
- Enterprise Software
- Digital Health
- FinTech
- InsurTech
- ClimateTech
- Robotics & Automation
- Mobility & Transportation

## People

- Jared Heyman — Rebel Leadership
- Justin Hilliard — Rebel Leadership
- Luis Fortuño — Rebel Leadership
- Alexandra Espinal — Rebel Leadership
- Steve Huffman — Rebel Partner
- Daniel Kan — Rebel Partner
- Max Mullen — Rebel Partner
- Trip Adler — Rebel Partner
- Jonathan Hirsch — Rebel Partner
- Sebastian Mejia — Rebel Partner
- Dan Siroker — Rebel Partner

## Questions

### What is Rebel Fund's investment strategy?

Rebel Fund invests exclusively in seed-stage startups from Y Combinator, aiming to select roughly the top 10% of each batch. The firm builds a highly diversified portfolio, having backed over 250 YC companies since 2018, and uses a proprietary machine-learning algorithm called Rebel Theorem 4.0 to screen and validate potential investments before Demo Day.

### Who makes investment decisions at Rebel Fund?

The firm is led by Jared Heyman, Justin Hilliard, Luis Fortuño, and Alexandra Espinal, who are named as Rebel Leadership. They are supported by a group of investing partners who are accomplished Y Combinator alumni, including Steve Huffman of Reddit, Daniel Kan of Cruise, and Max Mullen of Instacart. The firm does not publicly delineate the precise investment committee structure.

### How does Rebel Fund source its proprietary deal flow?

Deal flow is sourced directly from Y Combinator batches, where the firm's partners, themselves alumni, have what the firm describes as unique access. Rebel Thesis 4.0, the firm's machine-learning model, is trained on a proprietary database of YC startups and outcomes to identify the most promising companies before the official Demo Day.

### What types of companies does Rebel Fund explicitly avoid?

Rebel Fund does not invest outside of Y Combinator. The firm's website explicitly states it only invests in YC-backed startups and will not respond to unsolicited investment offers from companies outside the accelerator program.

### How is Rebel Fund's performance measured against standard venture benchmarks?

The firm publishes extensive data-driven analysis on the returns of a YC startup index, citing a 176% annualized return in one study, and discusses portfolio return profiles as 'top-decile.' However, Rebel Fund does not disclose its own current net IRR, TVPI, or DPI figures publicly.

## Related profiles

- [Rebel Financial](https://altss.com/profile/rebel-financial)
- [Rebellion Ventures](https://altss.com/profile/rebellion-ventures)

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Last updated: 2026-06-03T20:00:00.000Z

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