# Sandalphon Capital

Sandalphon Capital is a Venture Capital based in Chicago, United States.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** 330 N Wabash, 23rd Floor, Chicago, IL 60611
- **Founded:** 2016
- **Assets under management:** Undisclosed
- **Website:** www.sandalphoncapital.com
- **LinkedIn:** https://www.linkedin.com/company/sandalphon-capital

## Regulatory record

- **Reports private funds:** No

## About

Sandalphon Capital is a micro venture capital firm focused on early stage investments in the Midwest, South, and select other markets. It participates in early financing rounds, typically alongside angel investors and other early stage funds. The firm has made 66 investments, including a March 28, 2025, investment in Vant4ge, and has facilitated 3 portfolio exits, including DataStax on May 28, 2025.

## Sectors

- FinTech
- InsurTech
- PropTech
- GovTech
- Digital Health
- Enterprise Software

## People

- Jonathan Ellis — Founder & General Partner
- Nevin Ramanujan — Partner

## Questions

### Who runs investment decisions at Sandalphon Capital?

Jonathan Ellis is the Founder and General Partner and makes the investment decisions. He previously sourced and executed private investments at Macquarie’s Principal Finance Group and was an active angel investor before establishing the firm in 2016. Nevin Ramanujan is a Partner focused on healthcare IT and tech-enabled services, a mandate he built from his corporate development role at Elevance Health where he worked on acquisitions including Aspire Health and Beacon Health Options.

### How does Sandalphon Capital source its deal flow?

Sandalphon relies heavily on its deep Chicago and Midwest network, supplemented by its annual midwest.tech/connect virtual summit, which matches pre-seed to Series A startups with venture and angel investors. The firm’s LPs also bring domain expertise and referral networks across fintech, insurtech, proptech, and healthcare, creating an origination funnel outside the coastal venture hubs.

### Which sectors does Sandalphon Capital explicitly avoid?

The firm explicitly states it does not invest in crypto, life sciences, biotech, pharmaceuticals, medical devices, or advanced materials. Its focus is strictly on digital-transformation software — B2B SaaS, marketplaces, and tech-enabled services — in fintech, insurtech, proptech, digital health, and govtech.

### What is midwest.tech/connect and who runs it?

Sandalphon hosts midwest.tech/connect, a recurring virtual summit that connects pre-seed to Series A startups based in or linked to the Midwest with venture capital and angel investors. It functions as both a sourcing channel for the firm and a market-making event for the regional ecosystem.

## Related profiles

- [Sancus Ventures](https://altss.com/profile/sancus-ventures)
- [Sandberg Bernthal Venture Partners](https://altss.com/profile/sandberg-bernthal-venture-partners)

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

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