Lobster Capital – Q1 Update

I’m pleased to share highlights from our April 2026 quarterly update. Fund I is shaping up beautifully, and there is a lot of positive momentum to report.

Fund I is Now 100% Deployed

We have completed deployment of Fund I across 41 portfolio companies, landing right on my original target of ~40 investments. The numbers tell a strong story relative to last quarter:

- 34% of the portfolio is now marked up, with a MOIC of 2.4x (up from 1.8x in Q4 2025)

- 46% of our startups are growing at 10%+ per month

- Average portfolio ARR has climbed to $5M (up from $3.5M)

- Cumulative portfolio ARR reached $120M, with the average company ARR rising from $2.5M to $3M, meaning each portfolio company has added roughly $500K of ARR on average over the quarter

Four Final Investments Closed

We rounded out the fund with four new positions: Didit (identity verification for humans and AI agents), Pocket (already marked up, note-taker for the real world), Voxel Energy (solar-powered, battery-backed data centers), and Perfectly (AI-native recruiting).

Markups and New Rounds

Several portfolio companies are raising or have just closed meaningful new rounds:

- [Confidential] just signed a Series A2 at a $140M valuation, SPV participants from just a few months ago (at a $70M valuation) have effectively doubled their money already

- [Confidential] is raising at a $250M valuation, a 10x from our $25M entry

- [Confidential] is closing a competitive Series A (I’ll likely organize an SPV for LPs who want to participate) and just announced a partnership with Dr. Phil, having already helped resolve $2.5B in consumer debt

- [Confidential] is in active Series A conversations and has a major Netflix announcement coming in May

- [Confidential] is preparing a sizable Series A for the summer

Ten Potential Fund Returners

The most exciting development is that we now have ten companies in the portfolio with credible potential to individually return the entire fund: [redacted] A few specific highlights:

- Harper closed a $47M round, has scaled to 55 employees, and is operating at intense pace

- CrustData has reached roughly $8.8M ARR

- Scanbase is at $22M ARR and expects FDA clearance before year-end

- Pocket went from $27M ARR at Demo Day (late March) to $28.5M just a few weeks later, with a major confidential tier-1 investor joining the round

- Perseus Defense is tracking toward its first live drone intercept in Q2, with demand far outpacing supply

- Voxel Energy was on track for $144–150M of ARR by end of 2027 at the time of our investment, and early signs suggest that trajectory is materializing even faster

Beyond these ten, several additional companies are performing strongly and could plausibly join the fund-returner tier.

External Recognition

Lobster Capital was featured, unprompted, in Forbes in an article titled “Venture Capital Funds That Market Like Startups Win More Deals.” We also received a generous endorsement from Garry Tan, CEO of Y Combinator: “Lobster Capital is a new up-and-coming YC fund to watch. Gabriel is exactly the kind of investor we want around our founders: helpful, insightful, aligned with their long-term success.”

Fund II

Fund II is oversubscribed on commitments, already making its first (and already marked-up) investments. For Fund I LPs interested in participating, please reach out directly. I’m making room where I can.

Thank you for your continued trust and partnership. It’s still early, but Fund I is tracking toward a very strong outcome, and I’m grateful to have each of you along for the ride.

Warm regards,

Gabriel Jarrosson

Lobster Capital

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