NFDG is an AI-focused venture capital fund led by Nat Friedman, former CEO of GitHub, and Daniel Gross, formerly a partner at Y Combinator. The $1.1 billion fund, launched in 2023, invests in AI-native startups from seed through growth stages and also operates an AI grant program providing funding and Azure cloud credits.
31% of their portfolio is in AI. Deal activity increased 71% year-over-year (12 deals in the last 12 months). Average disclosed round size is $107.1M (across 24 rounds with reported amounts).
Portfolio
21
Fund Size
$1.1B
Top Stage
Series B
Last 12 Mo
10
Team
HD
Hersh Desai
Investor
LB
Lenny Bogdonoff
Investor
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
26 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Granola | Series C | $125M | Mar 2026 |
 Adranos | Series C | — | Mar 2026 |
 JuiceBox | Series B | $80M | Mar 2026 |
 Shellworks | Series A | $15M | Mar 2026 |
 MatX | Series C | — | Feb 2026 |
 Basis | Series A | $100M | Feb 2026 |
 ElevenLabs | Unknown | $500M | Feb 2026 |
 Function Health | Series B | $298M | Nov 2025 |
 Method Security | Seed | $26M | Nov 2025 |
| Method Security | Series A | $26M | Nov 2025 |
 Medallion | Series C | $43M | Aug 2025 |
 Artificial Intelligence Underwriting Company | Seed | $15M | Jul 2025 |
 Traversal | Seed | $48M | Jun 2025 |
| Traversal | Series A | $48M | Jun 2025 |
| Granola | Series B | $43M | May 2025 |
 Ivo | Series A | $16M | Feb 2025 |
| ElevenLabs | Series C | $250M | Jan 2025 |
 Grid Status | Seed | $8M | Aug 2024 |
| ElevenLabs | Series D | $500M | Aug 2024 |
| KKlarity | Unknown | $70M | Jan 2024 |
 Medallion | Series B | $30M | Jan 2021 |
 Medra | Series A | $52M | — |
 XBOW | Series B | $120M | — |
| XXBOW | Series B | $120M | — |
 Pulse AI | Seed | $3.9M | — |
Page 1 of 2
Top Co-Investors
Sequoia Capital11 shared
Spark Capital5 shared
Lightspeed Venture Partners4 shared
BroadLight Capital3 shared
General Catalyst3 shared
Iconiq Capital, LLC3 shared
Valor Equity Partners3 shared
SV Angel3 shared
Smash Capital3 shared
GV3 shared
Y Combinator3 shared
Kleiner Perkins3 shared
DFJ Growth3 shared
Altimeter Capital Management, LP3 shared
Andreessen Horowitz3 shared
Endeavor2 shared
BOND2 shared
AMP Coalition2 shared
Evantic2 shared
Acrew Capital2 shared
Last updated: 8 September 2026