# MHS Capital

> MHS Capital is a VC fund in San Francisco backing SaaS and Software. See 60 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: San Francisco, United States
- Total investments: 60
- Last investment: Apr 2026
- Lead investor: 32%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/in/msugarman
- Website: http://www.mhscapital.com

MHS Capital is a Venture Capital fund backed by an extraordinary group of technology executives and entrepreneurs, including senior executives from every major Internet portal, and a deep roster of serial entrepreneurs building some of the leading software and Internet companies.

## Contacts

5 contacts available for MHS Capital. Shizune tracks 2 team members at MHS Capital. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/mhs-capital?utm_source=investor_profile

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| SaaS | 10 | 17% |
| Software | 10 | 17% |
| Analytics | 6 | 10% |
| B2B | 4 | 7% |
| Internet | 4 | 7% |

80 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 16 | 27% |
| Series A | 15 | 25% |
| Series B | 10 | 17% |
| Funding Round | 6 | 10% |
| Series C | 4 | 7% |

7 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| United States | 30 | 50% |
| Kenya | 1 | 2% |
| Canada | 1 | 2% |
| Finland | 1 | 2% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Mark Sugarman | Founding General Partner | 13 | https://shizune.co/investors/profile/mark-sugarman |
| Vijay Nagappan | Principal/Partner | 9 | https://shizune.co/investors/profile/vijay-nagappan |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| Schematic | Schematic allows businesses to outsource pricing and packaging with a few lines of code, enabling them to quickly launch new packaging models, take the burden off of engineering, and flexibly adjust their pricing and packaging to individual customer preferences. The platform enhances existing billing systems like Stripe by offering tools formanaging pricing, entitlements, and usage-based metering. This allows SaaS businesses to efficiently handle subscriptions, plan updates, and customer access to features without the need for extensive custom-built solutions. | $6.5M | Seed | Apr 21, 2026 |  |
| Fencer | Fencer provides an integrated security platform for software startups that unifies code-to-cloud protection, monitoring, and compliance. The platform offers static code analysis, vulnerability scanning and management, integrated SIEM, and threat detection across infrastructure and applications. Fencer automates asset inventory, SBOM creation, andarchitecture diagrams to maintain accurate security context. It connects to tools such as GitHub, AWS, 1Password, Jira, Slack, and GRC platforms to fit into existing engineering workflows. The suite also supports compliance efforts for frameworks like SOC 2, ISO 27001, HIPAA, and HITRUST. | $5.5M | Seed | Jan 13, 2026 |  |
| Seneca | Seneca is a company that develops advanced AI, robotic, and autonomous drone systems specifically designed to combat the escalating threat of wildfires. Their flagship product is an autonomous rapid response fire suppression drone system that can be controlled by a single pilot managing multiple drones carrying fire retardants. These AI-powereddrones use infrared and video technology for precise targeting, enabling rapid detection and suppression of fires and smoldering embers, often before they grow out of control. | $60M | Series A | Oct 20, 2025 |  |
| Aline | Aline develops software that digitizes legal contracts and builds smart automated workflows for contracts. | $4.5M | Seed | Jul 01, 2025 |  |
| Farmblox | Farmblox is a farm automation platform, combining a sensor ecosystem, carbon sequestration monitoring, and AI workflows – saving up to 50% in labor costs, reducing water usage, and generating new revenue streams for modern farming. Reliably monitoring remote farmland in all weather conditions, Farmblox gives farmers a simple dashboard to quicklyidentify operational issues like irrigation leaks, weather risks, or equipment failure to operate more efficiently. Farmblox allows farmers to mix and match sensors, build AI-powered automation, and manage operations from anywhere within a single, unified platform. | $2.5M | Seed | Jul 23, 2024 |  |
| Farmblox | Farmblox is a farm automation platform, combining a sensor ecosystem, carbon sequestration monitoring, and AI workflows – saving up to 50% in labor costs, reducing water usage, and generating new revenue streams for modern farming. Reliably monitoring remote farmland in all weather conditions, Farmblox gives farmers a simple dashboard to quicklyidentify operational issues like irrigation leaks, weather risks, or equipment failure to operate more efficiently. Farmblox allows farmers to mix and match sensors, build AI-powered automation, and manage operations from anywhere within a single, unified platform. | $2.5M | Pre-Seed | Jul 23, 2024 |  |
| Farmblox | Farmblox is a farm automation platform, combining a sensor ecosystem, carbon sequestration monitoring, and AI workflows – saving up to 50% in labor costs, reducing water usage, and generating new revenue streams for modern farming. Reliably monitoring remote farmland in all weather conditions, Farmblox gives farmers a simple dashboard to quicklyidentify operational issues like irrigation leaks, weather risks, or equipment failure to operate more efficiently. Farmblox allows farmers to mix and match sensors, build AI-powered automation, and manage operations from anywhere within a single, unified platform. | $2.5M | Pre-Seed | Jul 23, 2024 |  |
| Schematic | Schematic allows businesses to outsource pricing and packaging with a few lines of code, enabling them to quickly launch new packaging models, take the burden off of engineering, and flexibly adjust their pricing and packaging to individual customer preferences. The platform enhances existing billing systems like Stripe by offering tools formanaging pricing, entitlements, and usage-based metering. This allows SaaS businesses to efficiently handle subscriptions, plan updates, and customer access to features without the need for extensive custom-built solutions. | $3.5M | Seed | May 23, 2024 |  |
| Xano | Xano offers a web development platform with revenue-sharing capabilities built into its core. Through its patent-pending data requirement framework, it lowers the barrier of entry for those looking for an easy-to-use development platform without the restrictions and rigidness of competing solutions. The company is driven by a mission to becomethe preferred choice in development platforms for creating, scaling, and managing web properties. Xano was founded in 2014 and is headquartered in Woodland Hills, California. | $10M | Series A | Oct 12, 2023 |  |
| KeyPlay | Keyplay provides a novel approach to account research to businesses tired of B2B waste and eager to pursue gtm excellence as buyer rigour. | $3M | Seed | Dec 07, 2022 |  |

10 of 60 investments shown.

## Co-investors
- [Bessemer Venture Partners](https://shizune.co/investors/profile/bessemer-venture-partners) — VC Fund, 5 deals together
- [Hyperplane](https://shizune.co/investors/profile/hyperplane-venture-capital) — VC Fund, 5 deals together
- [Jackson Square Ventures](https://shizune.co/investors/profile/jsv) — VC Fund, 5 deals together
- [Founders' Co-op](https://shizune.co/investors/profile/founders-co-op) — VC Fund, 4 deals together
- [Frontline Ventures](https://shizune.co/investors/profile/frontline-ventures) — VC Fund, 4 deals together
- [Mayfield Fund](https://shizune.co/investors/profile/mayfield-fund) — VC Fund, 4 deals together

## Similar investors

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- [Alumni Ventures](https://shizune.co/investors/profile/alumni-ventures-group) — VC Fund
- [Right Side Capital Management](https://shizune.co/investors/profile/right-side-capital-management) — VC Fund

## FAQ

### What does MHS Capital invest in?

MHS Capital invests primarily in SaaS, Software and Analytics startups, most often at Seed and Series A stage. Most of the 60 investments tracked by Shizune back companies in United States. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### How do I contact MHS Capital?

Public channels for MHS Capital include LinkedIn and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at MHS Capital?

The team at MHS Capital includes Mark Sugarman (Founding General Partner) and Vijay Nagappan (Principal/Partner). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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