Sandalphon Capital is a Chicago, IL–based micro venture capital firm focused on early-stage investments across Pre-Seed, Seed, and Series A rounds. It aims to partner with founders on technology-enabled business models in sectors like B2B SaaS, FinTech, InsurTech, PropTech, GovTech, Digital Health, and Marketplaces while often serving the Midwest and underserved U.S. markets.

Pre-Seed: Early institutional capital — often around $100K–$250K.
Seed: Core stage participation — typically $500K–$1M.
Series A: Participates in Series A rounds usually in the $1M–$2M range and can deploy larger amounts via LP co-investment.

Typical Check Size: Ranges from $100K up to ~$2M depending on stage and co-investor participation.
Equity Taken: Sandalphon Capital does not publicly disclose a specific ownership target on its website, and like most early-stage venture funds the percentage varies by round structure and valuation.
Industry-aligned founder expectations:
• Pre-Seed/Seed: For checks from ~$100K–$1M on typical early seed valuations, founders might expect minority stakes in the range of ~3%–12% at initial close when Sandalphon or the syndicate helps lead/co-lead — subject to negotiation.
• Series A: On larger checks ($1M+), institutional investors often take ~8%–15% at Series A depending on valuation and term dynamics.
Because Sandalphon is often a lead or major co-investor, its collective participation typically results in a meaningful but non-controlling minority position, tailored deal-by-deal rather than a fixed rule (consistent with general VC practice).
Equity Structure: Standard early institutional terms (priced preferred equity and SAFEs/convertibles consistent with market norms).
Governance: Material minority stakes often justify board observer rights or board seats when aligned with founders and co-investors (typical for institutional leads).

Submission Method: Founders can submit through Sandalphon’s online forms for Pre-Seed or Seed/Series A evaluation. 
Warm Intros: Introductions via ecosystem contacts or co-investors are typical for many institutional VC engagements, though direct submissions are accepted.

Sector Focus: Digital transformation themes — Digital Health, Healthcare IT, InsurTech, FinTech, PropTech / Real Estate Tech, GovTech, IoT/Hardware with recurring revenue, B2B SaaS, and Marketplaces.
 Geography: U.S.-based companies, with emphasis on Midwest and underserved markets (though not restricted to that region). 
Stage: Pre-Seed through Series A. 
Team: Founders with strong execution ability, domain expertise, and scalable vision.

Initial Intake: Review of deck, traction, and team alignment with the fund’s thesis.
 Partner Evaluation: Deep dive on product/market fit and go-to-market plan.
 Due Diligence: Standard diligence on market, tech, financials, and competitive landscape.
 Term Structuring: Negotiation of valuation and governance aligned with early institutional norms.

Strategic Capital: Seed and early institutional capital from experienced early-stage investors. 
 Network & Support: Positioning with a VC that often leads/co-leads rounds and can syndicate with other institutional partners. 
 Follow-On Support: Participation in later rounds facilitated by co-investors and network ties.