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SV Angel Co-Founder David Lee Launches New VC Firm

Mar 22, 2016

David Lee, the seed-stage venture capitalist who last year resigned from the firm he had co-founded with Ron Conway, is back with a new firm called Refactor Capital.

The nascent effort was disclosed in an SEC filing, which shows that Lee will partner with Zal Bilimoria (most recently a partner with Andreessen Horowitz) and Rick Barber (ex-chief of staff at Nuna Health). Lee and Bilimoria each are former Google employees, and the trio is seeking upwards of $50 million for their debut fund.

Lee had co-founded SV Angel with Conway back in 2007 and effectively led investment efforts beginning in 2010. But he suddenly resigned last May without much explanation.

A source familiar with Refactor says that the plan is to focus on seed-stage software startups on the West Coast, including (but not limited to) healthcare IT. The SEC document lists a Burlingame, CA headquarters, but Lee is expected to remain based in Los Angeles.

Lee declined to comment, citing SEC marketing restrictions.

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