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.
Deal activity increased 57% year-over-year (11 deals in the last 12 months). Average disclosed round size is $140.6M (across 34 rounds with reported amounts).
Portfolio
32
Fund Size
$1.1B
Top Stage
Seed
Last 12 Mo
11
Team
HD
Hersh Desai
Investor
LB
Lenny Bogdonoff
Investor
Portfolio Breakdown
Stage Distribution
Sector Distribution
Investment Activity
DealsAvg Round Size
Portfolio
39 investments
| Company | Round | Amount | Date |
|---|---|---|---|
 Granola | Series C | $125M | Mar 2026 |
| AAdranos | 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 Inc | Unknown | $500M | Feb 2026 |
 Newlimit | Series C | $435M | Jan 2026 |
| EEleven Labs, Inc. | Series D | — | Jan 2026 |
 Medra | Series A | $52M | Dec 2025 |
 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 |
 Portola | Series A | — | 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 Inc | Series C | $250M | Jan 2025 |
 Creatify | Series A | $15.5M | Jan 2025 |
| EEleven Labs, Inc. | Series C | $100M | Jan 2025 |
 SSI | Unknown | $1B | Sep 2024 |
 Grid Status | Seed | $8M | Aug 2024 |
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Top Co-Investors
Sequoia Capital15 shared
Andreessen Horowitz8 shared
Lightspeed Venture Partners7 shared
Spark Capital7 shared
Y Combinator7 shared
Valor Equity Partners6 shared
BroadLight Capital5 shared
Iconiq Capital, LLC5 shared
BOND5 shared
AMP Coalition5 shared
Evantic5 shared
Smash Capital5 shared
SV Angel4 shared
GV4 shared
Kleiner Perkins4 shared
General Catalyst3 shared
Deutsche Telekom3 shared
Washington Harbour Partners3 shared
DFJ Growth3 shared
Last updated: 20 October 2026