# Refactor Capital

Refactor Capital is a Private Equity based in Burlingame, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Burlingame, United States
- **Region:** North America
- **Address:** Burlingame, CA, United States
- **Founded:** 2015
- **Assets under management:** $300M (per firm website, 2025)
- **Website:** refactor.com
- **LinkedIn:** https://www.linkedin.com/company/refactor-capital

## Regulatory record

- **CRD number:** 308137
- **SEC file number:** 802-127607
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/308137

## About

Refactor Capital is a seed-stage venture capital firm investing $1–2M in hard tech startups across the US. Founded in 2015 as one of a16z's first spinouts, the firm backs founders refactoring the real world with a focus on atoms, not bits. The firm is led by solo GP Zal Bilimoria from its office in Burlingame, California.

## Sectors

- Hard Tech
- Seed Stage

## People

- Zal Bilimoria — Solo GP

## Questions

### Who runs investment decisions at Refactor Capital?

Zal Bilimoria is the solo GP and makes every investment decision. There is no investment committee. All pitch submissions go directly to his inbox, and he personally writes every check from the $300 million he oversees across five funds.

### Does Refactor participate in fund commitments or only direct deals?

Refactor makes direct investments only. There is no fund-of-funds activity. Bilimoria takes board seats or close advisory roles with the seed-stage companies he backs.

### Which sectors does Refactor explicitly avoid?

Bilimoria exclusively backs companies built on atoms, not bits — physical products like molecules, machines, and materials. He explicitly avoids pure software, consumer apps, and enterprise SaaS unless they are integral to a hard tech stack.

### What was the thesis behind Refactor's investment in Hexium?

Bilimoria co-led the 2024 Seed because the company's laser-based isotope separation was domestic, modular, and addressed the HALEU bottleneck for advanced reactors and lithium-6 shortages for fusion. The underlying AVLIS technology had been proven decades ago and shelved, not disproven, and the market need was structural rather than speculative (per firm website, 2025).

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Last updated: 2026-07-10T10:51:55.000Z

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