Msd Capital

ActiveVenture Capital

Updated: Dec 5, 2025 ·

Financial History

Total Raised

N/A

Valuation

N/A

Investments Made

Date	Company	Round	Lead Investor(s)	Co-Investor(s)
Aug 1, 2025	Tahoe Therapeutics	$30.0M Series A	—	Amplify Partners, Cisco Investments, Eclipse Ventures, Felicis Ventures, First Round Capital, Founder Collective, General Catalyst, Harmonix Fund, M12, Meritech Capital Partners, Montage Ventures, Next47, Yousuf Khan, Wing Venture Capital, Ayman AlAbdallah, Mike Vernal
May 1, 2025	Pixee	$15.0M Seed	—	Amplify Partners, Decibel Partners, Dell Technologies Capital, Mayfield, Walden International, Wing Venture Capital
Mar 1, 2025	Auxia	$24.0M Series A	—	Base Ventures, Battery Ventures, B Capital Group, H.I.G. Capital, Insight Partners, Indranil Guha, Ridge Ventures, Sapphire Ventures, Venrock
Mar 1, 2025	Town	$18.0M Seed	—	Abstract Ventures, Kevin Hartz, Andreessen Horowitz, Balderton Capital, byFounders, C2 Investment, Catapult Capital, Coelius Capital, Creandum, Flex Capital, Force Over Mass Capital, Framework Ventures, Goat Capital, Greylock, Hummingbird Ventures, Jetstream, La Famiglia, Operator Collective, Pantera Capital, Paradigm, Quiet Capital, RTP Global, Seed Club Ventures, Sweater Ventures, True Ventures, Uncork Capital, Vibe Capital, Y Combinator, Aaron Levie, Adam D'Angelo, Arash Ferdowsi, Balaji Srinivasan, Charlie Cheever, Charlie Songhurst, Christian Reber, Christina Cacioppo, Dharmesh Shah, Dylan Field, Errol Damelin, Frederic Kerrest, Fredrik Hjelm, George Kurtz, Ilya Golubovich, Immad Akhund, Jawed Karim, Job Van Der Voort, John Collison, Julia Hartz, Kirill Makharinsky, Mark Cuban, Melissa Tan, Michael Staton, Roger Dickey, Stefan Lindeberg, Stewart Butterfield, Tobias Lutke, William Hockey
Mar 1, 2025	Asteroid	$500K Seed	—	Balderton Capital, Catapult Capital, Coelius Capital, Flex Capital, Force Over Mass Capital, Goat Capital, Quiet Capital, Uncork Capital, Vibe Capital, Y Combinator, Errol Damelin, Ilya Golubovich, Immad Akhund, Kirill Makharinsky, Michael Staton, Roger Dickey
Jan 1, 2025	Enki	$3.0M Seed	—	Balderton Capital, Catapult Capital, Coelius Capital, Flex Capital, Force Over Mass Capital, Goat Capital, Quiet Capital, Uncork Capital, Vibe Capital, Y Combinator, Errol Damelin, Ilya Golubovich, Immad Akhund, Juha Paananen, Kirill Makharinsky, Michael Staton, Roger Dickey
Apr 1, 2024	SiMa.ai	$70.0M Series B	—	AI Fund, Amplify Partners, Conviction Partners, Dell Technologies Capital, Eclipse Ventures, First Round Capital, Mayfield, Carmen Chang, Walden International, Wing Venture Capital, Bernard Arnault, Drew Houston, Dylan Field
Apr 1, 2024	NeuBird	$22.0M Seed	—	Amplify Partners, Dell Technologies Capital, Mayfield, Walden International, Wing Venture Capital
Mar 1, 2024	Taalas	$37.0M Series A	—	Afore Capital, Alpine Ventures, Balderton Capital, Catapult Capital, Coelius Capital, Eclipse Ventures, Flex Capital, Force Over Mass Capital, Goat Capital, Quiet Capital, Uncork Capital, Vibe Capital, Y Combinator, Errol Damelin, Ilya Golubovich, Immad Akhund, Kirill Makharinsky, Michael Staton, Roger Dickey
Nov 1, 2023	Puzzle Financial	$30.0M Series A	—	A Capital, ARCH Venture Partners, Founders' Co-op, F-Prime Capital Partners, FTX Ventures, General Catalyst, Lux Capital, Mubadala, Section 32, Threshold Ventures, XYZ Venture Capital, Y Combinator, Arash Ferdowsi, Balaji Srinivasan, Eoghan McCabe, Karim Atiyeh, Ronny Conway, Scott Belsky
Sep 1, 2023	Morphoses	$2.0M Seed	—	A Capital, Double Prime LLP, Section 32, Threshold Ventures, Mik Attisani, Ronny Conway
Apr 1, 2023	Xclaim	$7.0M Series A	—	2150, Breakthrough Energy Ventures, ClimacticVC, Eclipse Ventures, Felicis Ventures, First Round Capital, Founder Collective, General Catalyst, Meritech Capital Partners, Next47, Planeteer Capital, Prelude Ventures, Salesforce Ventures, Samsung Ventures, The Westly Group, Mike Vernal, Ramez Naam, Yoav Lurie
Apr 1, 2023	Cybersyn	$63.0M Series A	—	Eclipse Ventures, Felicis Ventures, First Round Capital, Founder Collective, General Catalyst, Meritech Capital Partners, Next47
Jan 1, 2023	Forward Networks	$50.0M Series D	—	A Capital, CRV, DFJ, Founders Fund, Harrison Metal, Heavybit, H.I.G. Capital, Innovation Endeavors, Intel Capital, IVP, Kleiner Perkins, Lightspeed Venture Partners, M12, Owl Rock Capital Partners, Sapphire Ventures, Scale Venture Partners, Section 32, Techstars, Threshold Ventures, Top Tier Capital Partners, Adam Wiggins, Chris Murphy, Chuck Eesley, Eric Ries, Hiten Shah, Kevin Lin, Nate Mitchell, Ronny Conway, Sebastien Borget
Dec 1, 2022	Tahoe Therapeutics	$12.0M Seed	—	Cisco Investments, Eclipse Ventures, Felicis Ventures, First Round Capital, Founder Collective, General Catalyst, M12, Meritech Capital Partners, Next47, Yousuf Khan, Wing Venture Capital, Mike Vernal
Dec 1, 2022	Runway	$50.0M Series C	—	11, Accel, Addition, AirAngels, Amplify Partners, Andreessen Horowitz, Avalon Ventures, Benchmark, Bond, C2 Investment, Coinbase Ventures, Contrary Capital, Cornerstone Venture Partners, Costanoa Ventures, Craft Ventures, Dimension Capital, Eclipse Ventures, Jenny Fielding, Scott Hartley, Felicis Ventures, First Round Capital, Foundation Capital, Founder Collective, Founders Fund, General Catalyst, Greenoaks Capital, Haun Ventures, ICONIQ Capital, In-Q-Tel, Jetstream, Khosla Ventures, LGF, Long Journey Ventures, Meritech Capital Partners, Moonfire Ventures, Next47, Next Play Ventures, Operator Collective, Otherwise Fund, Pace Capital, Paradox Capital, Predictive VC, Primer Sazze Partners, Primetime Partners, SciFi VC, Sequoia Capital, Seven Seven Six, The Hit Forge, Theory Ventures, Vertex Ventures, Weekend Fund, Work-Bench, XStarPartners, XYZ Venture Capital, Y Combinator, Adam Gross, Allison Pickens (Allison Pickens Ventures), Ameet Patel, Anna Yuan, Ben Silbermann, Bradley Horowitz, David Mytton, Gokul Rajaram, Guillaume Lestrade, Guillermo Rauch, Guy Podjarny, Jim Young, Julie Zhuo, Liu Jiang, Mike Vernal, Neha Narkhede, Oleg Rogynskyy, Omar El-Ayat, Sam Altman, Scott Belsky, Tim Kendall, Tim Sadler, Tobias Lutke, Tony Xu, Young Song
Oct 1, 2022	HoyTrabajas	$5.0M Seed	—	99 Startups, ALLVP, Alpha4 ventures, Balderton Capital, Canaan Partners, Catapult Capital, Coatue, Coelius Capital, FasterCapital, Flex Capital, Force Over Mass Capital, Global Founders Capital, Goat Capital, Latitud, Liquid 2 Ventures, monashees, MYASIAVC PTE LTD, Hans Tung, Picus Capital, Pioneer Fund, Quiet Capital, Silence, Soma Capital, Torch Capital, Uncork Capital, Vibe Capital, Xochi Ventures, Y Combinator, Anna Yuan, Ariel Lambrecht, David Vélez, Errol Damelin, Ilya Golubovich, Immad Akhund, Justin Mateen, Karim Atiyeh, Kevin Lin, Kirill Makharinsky, Manolo Atala, Michael Levinthal, Michael Staton, Mik Attisani, Nicky Goulimis, Oliver Jung, Paul Graham, Philippe Teixeira da Mota, Ricardo Weder, Sahin Boydas, Sergio Furio
Oct 1, 2022	SiMa.ai	$37.0M Series B	—	AI Fund, Amplify Partners, Bread and Butter Ventures, Conviction Partners, Dell Technologies Capital, Eclipse Ventures, Felicis Ventures, First Round Capital, Founder Collective, General Catalyst, High Alpha, Hyde Park Venture Partners, Kleiner Perkins, Matchstick Ventures, Mayfield, Meritech Capital Partners, Carmen Chang, Next47, RRE Ventures, Walden International, Wing Venture Capital, Anne Wojcicki, Bernard Arnault, Drew Houston, Dylan Field, Mike Vernal
Oct 1, 2022	Xembly	$15.0M Series A	—	Balderton Capital, Battery Ventures, Catapult Capital, Coelius Capital, Flex Capital, Force Over Mass Capital, Goat Capital, Lightspeed Venture Partners, Norwest Venture Partners, Quiet Capital, Uncork Capital, Vibe Capital, Y Combinator, Errol Damelin, Ilya Golubovich, Immad Akhund, Kirill Makharinsky, Michael Staton, Roger Dickey
Sep 1, 2022	Verkada	$210.0M Series D	—	Abstract Ventures, Accel, Alumni Ventures, Amino Capital, Andreessen Horowitz, Balderton Capital, Bling Capital, C2 Investment, Catapult Capital, Coelius Capital, Kevin Ding, Jenny Fielding, Scott Hartley, Felicis Ventures, First Round Capital, Flexcap, Flex Capital, Force Over Mass Capital, Founders Fund, Goat Capital, Greenoaks Capital, Helium-3 Ventures, Jigsaw VC, Kleiner Perkins, Menlo Ventures, Meritech Capital Partners, Next47, Primitive Ventures, Quiet Capital, Saga, Summit Partners, Systemiq Capital, Target Partners, Tribe Capital, Uncork Capital, UpHonest Capital, Vibe Capital, Y Combinator, Elad Gil, Errol Damelin, Ilya Golubovich, Immad Akhund, Kirill Makharinsky, Matt Bellamy, Michael Staton, Roger Dickey, Samvit Ramadurgam, Sohail Prasad, Sue Xu
Sep 1, 2022	tray.io	$40.0M Series C	—	Accel, Bain Capital Ventures, CRV, James Hardiman, Matt Ocko, Eclipse Ventures, Felicis Ventures, First Round Capital, Founder Collective, General Catalyst, Global Founders Capital, Greenoaks Capital, Index Ventures, La Famiglia, Lightspeed Venture Partners, Luv Ventures, Meritech Capital Partners, Next47, Northzone, Notable Capital, Picus Capital, Redpoint Ventures, Sapphire Ventures, True Ventures, Uncorrelated Ventures, Anselm Bauer, Benjamin Guenther, Gokul Rajaram, Max-Josef Meier, Mike Vernal, Sebastian Schuon
Aug 1, 2022	Ready Player Me	$56.0M Series B	—	Andreessen Horowitz, Balderton Capital, Catapult Capital, Coelius Capital, Crowberry Capital, Flex Capital, Force Over Mass Capital, GAMEGROOVE Capital, Geek Ventures, Goat Capital, iNovia Capital, Jude Gomila Rolling Fund, Maki.vc, Northside Ventures, Play Ventures, Preston-Werner Ventures, Presto Ventures, Quiet Capital, Spring Capital, Sunset Ventures, Uncork Capital, Vibe Capital, Weekend Fund, Y Combinator, Anton Gauffin, Artur Sychov, Brian Corrigan, Ed Baker, Errol Damelin, Hubert Thieblot, Ilya Golubovich, Immad Akhund, Jacob De Geer, Kaarel Kotkas, Kevin Hart, Kevin Lin, Kirill Makharinsky, Mark Cuban, Michael Staton, Omid Ashtari, Peter Vesterbacka, Riccardo Zacconi, Roger Dickey, Sebastian Knutsson, Sebastien Borget
Jul 1, 2022	OneSignal	$50.0M Series C	—	Axilor Ventures, Balderton Capital, Catapult Capital, Coatue, Coelius Capital, Flex Capital, Force Over Mass Capital, Goat Capital, March Capital, MassMutual Ventures, Hilarie Koplow-McAdams, Scott Sandell, Prosperity7 Ventures, Quiet Capital, SignalFire, Stata Venture Partners, Uncork Capital, Vibe Capital, Y Combinator, Errol Damelin, Garrett Koehn, Ilya Golubovich, Immad Akhund, Kirill Makharinsky, Michael Staton, Mo El-Bibany, Roger Dickey
Mar 1, 2022	Linktree	$110.0M Series B	—	20VC, 2xN, Kevin Hartz, Airtree Ventures, Base Ventures, Battery Ventures, B Capital Group, Coatue, Costanoa Ventures, Craft Ventures, Creandum, Electric Capital, Equal Ventures, Flexcap, foobar.vc, Founder Collective, Frst, Goat Capital, Gumi Cryptos Capital, Haun Ventures, H.I.G. Capital, Hyde Park Venture Partners, Incisive Ventures, Index Ventures, Insight Partners, J-Impact, Jungle Ventures, Kima Ventures, Lightbank, LocalGlobe, Owl Ventures, Paradigm, Point Nine Capital, Powerhouse Ventures, Preface Ventures, Indranil Guha, Sapphire Ventures, Scalar Capital, Seven Seven Six, Sound Ventures, Square Peg Capital, StartHer, The Hit Forge, Thirty Five Ventures, Union Square Ventures, Venrock, Y Combinator, Andrew Steinwold, Ashish Agrawal, Balaji Srinivasan, Ben Silbermann, Chris Schagen, Christian Woolfenden, Dylan Field, Hugo Burge, Julian Wright, Justin David Blau, Kunal Shah, Mark Cuban, Regan Bozman, Sahil Lavingia, Scott Belsky, Tim Ferriss
Feb 1, 2022	Starburst	$250.0M Series D	—	10100, 2048 Ventures, 7percent Ventures, 8VC, Accel, Alkeon Capital, AME Cloud Ventures, Andreessen Horowitz, Anorak Ventures, Bam Ventures, Base Ventures, Battery Ventures, B Capital Group, Benchmark, Better Tomorrow Ventures, BoxGroup, Bullpen Capital, Coatue, Comal Ventures, Kevin Ding, Dragoneer Investment Group, DST Global, DVx Ventures, Felicis Ventures, First Round Capital, FJ Labs, Flex Capital, Foundation Capital, Founders Fund, FPV Fund, Geek Ventures, Hanabi Capital, Hardware Club, H.I.G. Capital, Insight Partners, Long Journey Ventures, NKM Capital, Primitive Ventures, Quiet Capital, Indranil Guha, Saga, Sapphire Ventures, Sequoia Capital, Seven Seven Six, Sherpalo Ventures, Sound Ventures, Storm Ventures, Henry Fertik, Susa Ventures, The House Fund, Venrock, Y Combinator, Anshu Sharma, Charles Zedlewski, Eric Chernoff, Gianni Martire, Joshua Reeves, Mikhail Seregine, Rashaun Williams, Russell Cook, Scott Banister, Scott Belsky, Shane Neman, Shay Banon, Travis May

Financial History

Total Raised

N/A

Valuation

N/A

Leadership Team

Key people at Msd Capital.

Victor Hwang

Managing Director

Leadership Team

Key people at Msd Capital.

Victor Hwang

Managing Director

Deep Dive

High-Level Overview

MSD Capital is the private investment firm managing the assets of Michael Dell, founder of Dell Technologies, and his family. The firm pursues a multi-asset investment strategy with a focus on long-term capital appreciation across private capital (including control buyouts and minority stakes), credit, growth equity in founder-led technology and healthcare companies, and real estate. Its investment philosophy emphasizes flexibility, long-term partnerships, and risk-adjusted returns, often investing alongside founders and family businesses. MSD Capital impacts the startup ecosystem primarily through its growth equity investments in high-growth, founder-led private technology companies, spanning enterprise, consumer, fintech, and healthcare sectors[1][2][3].

Origin Story

Founded in 1998 by Michael Dell, MSD Capital was established to manage and grow the Dell family’s wealth through diversified investments. Over time, it evolved from a family office into a sophisticated investment firm with multiple specialized teams focusing on public and private equities, credit, and real estate. In 2009, MSD Partners was created to allow external investors to co-invest alongside the Dell family. In 2023, MSD Partners merged with BDT & Company, forming BDT & MSD Partners, a merchant bank serving business owners and long-term investors globally[1][2][3][6].

Core Differentiators

Unique Investment Model: Flexible capital deployment across asset classes without restrictions on geography, capital structure, or transaction type, enabling pursuit of niche and long-term opportunities[7].
Network Strength: Deep relationships with founders, family businesses, and strategic partners, enhanced by the Dell family’s global business network.
Track Record: Over $17 billion in profits since inception, with investments in notable companies such as Ultimate Fighting Championship, Hayward Industries, and real estate assets like Four Seasons Maui[1][3].
Operating Support: Active involvement in portfolio companies, leveraging expertise to support growth and operational improvements.
Multi-Asset Expertise: Integrated approach spanning private equity, credit, growth equity, and real estate, allowing diversified risk and opportunity capture[1][3].

Role in the Broader Tech Landscape

MSD Capital rides the trend of long-term, founder-aligned investing in technology and healthcare sectors, where innovation and market disruption create significant growth opportunities. The timing is favorable due to increasing demand for patient capital and strategic partnerships that support scaling companies beyond early venture stages. By providing flexible capital and operational support, MSD influences the ecosystem by enabling founder-led companies to grow sustainably and compete globally. Its merger with BDT & Company expands its advisory capabilities, positioning it as a key player in merchant banking for family and founder businesses[1][2][6].

Quick Take & Future Outlook

Looking ahead, MSD Capital is likely to deepen its focus on high-growth, founder-led technology and healthcare companies while continuing to leverage its multi-asset platform to capture diverse opportunities. The firm’s influence may grow as it integrates merchant banking services through BDT & MSD Partners, offering strategic advisory alongside capital. Trends such as digital transformation, healthcare innovation, and sustainable real estate development will shape its investment priorities. MSD’s long-term, flexible capital model positions it well to adapt to evolving market dynamics and maintain its role as a trusted partner for founders and family businesses.

This outlook ties back to MSD Capital’s founding mission of preserving and growing the Dell family’s wealth through disciplined, diversified, and founder-aligned investing.

Sources