Overlap Closes First Fund

Overlap Holdings has held a final close of its first fund, Overlap Holdings Flagship Fund 1 LP (OHF1), with $33 million of capital.

Overlap invests exclusively in early-stage – seed through Series B – startups developing emerging technologies in the energy, life sciences, materials science, space, robotics, and semiconductor sectors. OHF1 is structured to offer both equity investments and introductions to non-dilutive funding sources, such as structured debt. The firm was founded by Justin Stevens, a former senior partner at Apollo Global Management.

OHF1 has already invested in 11 companies, including Impulse Space, which specializes in in-space transportation and orbital maneuvering systems; Hadrian, an advanced manufacturing company focused on automated precision machining for aerospace and defense; Integrated Biosciences, which applies synthetic biology and AI-driven drug discovery to develop novel therapeutics; Anthro Energy, a developer of high-performance lithium-ion battery technology; and Mendaera, a medical robotics company working to improve procedural precision and efficiency in healthcare.

Overlap Holdings aims to expand its portfolio to 30–35 companies, strategically selecting investments that align with its focus on capital-intensive, frontier technology sectors.

“The mission of Overlap Holdings is to refocus venture on solving world-scale problems,” said Mr. Stevens. “Too often, frontier tech founders struggle not because they lack great ideas but because they lack access to the right type of capital, at the right time. The strategy for funding a startup’s entire capital journey is as important as the technology it creates.”

Overlap Holdings’ leadership team includes Rob Morelli, chief operating officer and a former UBS debt desk executive and startup founder, and Gauri Jaswal, an associate previously with Conscience VC, focusing on frontier technology investments.

“Overlap Holdings is not a typical venture capital firm,” said Mr. Morelli. “While most firms focus on engineering or operations, we bring 30-plus years of financial structuring expertise to this capital-intensive ecosystem. Whether funding a robotics breakthrough or securing a debt partner for a next-gen space company, we work tirelessly with founders to make their financing journeys easier.”

Founded in 2022, Overlap Holdings is headquartered in New York City.