TFX Capital
Technology Focus Areas (Top 4): Enterprise SAAS; Infrastructure; FinTech; Aerospace
Series: Seed, Series A
Location: Charlotte, NC
TFX Capital: Complete History and Impact
The Service-Driven Story
TFX Capital (Task Force X Capital) has a pretty focused mission that sets it apart in the venture world. Founded in 2015 by Brandon Shelton, a U.S. Army veteran, and based in the Charlotte/Fort Mill area spanning North Carolina and South Carolina, TFX exclusively backs early-stage B2B technology startups led by former military and national security leaders.
The firm operates with what they call a "service-driven" ethos, built on the belief that high-performing veteran entrepreneurs possess the tenacity and leadership skills needed to build successful businesses. Their mantra is simple but powerful: "DO HARD THINGS" – and they've maintained a disciplined "no drift" investment thesis since launch.
Building the Fund Portfolio
TFX operates as what's known as an emerging fund manager, with relatively modest but growing fund sizes:
Fund I (2015-2017): ~$2.7 Million Their debut fund proved the concept that veteran-led startups could deliver returns while solving important problems.
Fund II (2018): ~$5 Million Nearly double the first fund, showing growth and investor confidence in their approach.
Fund II Plus (2020): ~$700K A small sidecar fund to provide additional capital for promising opportunities.
Fund III (2022-2023): Targeting ~$10 Million Their current fund represents continued growth, with total assets under management estimated in the low tens of millions.
While these numbers might seem small compared to Silicon Valley mega-funds, TFX's focused approach allows them to be highly selective and hands-on with their investments.
Investment Parameters TFX typically writes initial checks ranging from $250K to $750K, usually around $500K per company, with the ability to go up to $1M for the right deals. They reserve additional capital for follow-on investments and focus exclusively on pre-Series A (seed stage) companies.
Their investment criteria are crystal clear: U.S.-based startups (preferring East Coast/Southeast) led by former military or intelligence community veterans, targeting B2B technology in sectors like cybersecurity, defense tech, healthcare, fintech, and risk/intelligence. They look for "pre-revenue, post-product" companies – those with working products and some pilot customers or pipeline.
What they don't invest in is equally clear: consumer apps, academic spinoffs without experienced operators, pure government contracting plays, and any startup without a veteran in the founding team.
The Leadership Team
Brandon Shelton – Founder & Managing Partner Brandon founded TFX in 2015 and embodies the firm's service-first philosophy. He's a U.S. Army veteran (Infantry/Intelligence officer, Ranger-qualified) with over 20 years of combined military, finance, and consulting experience. He earned his B.S. at University of Richmond and MBA at Duke's Fuqua School.
Under his leadership, TFX has remained laser-focused on veteran-led startups, leveraging Brandon's blend of Wall Street and service experience to bridge the gap between veteran entrepreneurs and venture capital. He emphasizes relentless support and credits the firm's success to the strength of its people and community.
Brandon stays active in industry groups like the NVCA and Impact Capital Managers, plus veteran support organizations including Veterans Bridge Home and StreetShares Foundation.
Kevin Eckert – Partner Kevin joined TFX in 2018, bringing over two decades of finance and operations experience as a former U.S. Marine Corps officer. Before TFX, he worked at Stephens Inc. and General Electric. He holds a BA from University of Chicago and MBA from Duke Fuqua.
At TFX, Kevin has been a key deal-maker and public advocate for veteran entrepreneurship. He authored a compelling column in 2021 making the business case for investing in veteran-led startups and regularly represents TFX on industry panels.
The Extended Network TFX has built what they call their "Task Force" model – assembling teams of advisors and experts around each startup. This network includes over 50 advisors and more than 2,500 supporters who provide mentorship, industry connections, and operational playbooks.
In 2022, TFX added Venture Partner Brent Blake, a veteran investment professional, along with four new Strategic Advisors including notable VCs like Rob Ackerman (Founders' Equity Partners) and Matt Bigge (Crosslink Capital).
The firm also engages several specialized Venture Partners:
Rob Bair (retired Navy, cybersecurity expert)
Matt Abrams (technologist focused on healthcare and AI)
TJ White (former Commander of U.S. Fleet Cyber Command)
Cindi Basenspiler (talent/HR expert, Army veteran)
This veteran-led team creates unique credibility and reach in both the military community and startup world.
Making Their Voice Heard
Despite being a smaller fund, TFX punches above its weight in media and community engagement.
Thought Leadership TFX regularly publishes content through their "TFX News" section and contributes to external outlets. Kevin Eckert authored a notable WRAL TechWire column arguing that supporting veteran-led startups is a "proven investment strategy," highlighting their strong leadership and execution skills.
Brandon has shared insights on technology and innovation shaped by his 22 years of post-9/11 experience, often educating investors and the public on why veterans make exceptional entrepreneurs.
Media Coverage The firm gets regular coverage in veteran entrepreneurship and venture capital stories. Crunchbase News profiled TFX in a Veterans Day roundup as a notable VC firm focused on veteran founders. Team members speak at industry events, including the Military Veteran Startup Conference and other veteran-focused venture forums.
Annual Veteran Startup Showcase Through their affiliated Service First Foundation, TFX hosts an annual Veteran Startup Showcase in Charlotte, NC. Now in its 9th year, this pitch competition highlights early-stage veteran-led startups, with winners receiving grants (often $50,000).
The showcases attract media coverage and demonstrate TFX's commitment to building the veteran entrepreneur ecosystem. Many participating companies later join TFX's portfolio or network.
Portfolio Success Stories
Since 2015, TFX has built a portfolio of over 20 early-stage companies, backing more than 50 veteran founders. As of early 2022, TFX reported 11 active portfolio companies, 3 exits, and zero complete failures – an impressive track record.
Major Exits and Success Stories
Sayari Perhaps TFX's biggest success, this Washington, DC-based data intelligence platform was co-founded by former national security officials. TFX invested at seed stage and helped the company land pilot customers through their defense network. In April 2024, TPG Growth closed a $235 million strategic investment in Sayari – effectively an exit event that provided significant returns for early investors like TFX.
LeakSignal A cloud cybersecurity startup founded by NSA and cybersecurity industry veterans. TFX backed them in 2023, and in early 2025, LeakSignal was acquired by F5 Networks. This quick turnaround (about 2 years from investment to exit) shows TFX's ability to identify cutting-edge cyber startups and help them reach strategic outcomes.
Stabilitas A SaaS platform for enterprise risk and threat intelligence co-founded by veterans. In 2020, Stabilitas was acquired by MeridianLink (NYSE: MLNK), a public fintech software company, providing another positive exit for TFX.
Spiffy An on-demand car care and fleet management startup that TFX participated in at seed stage. In 2023, Spiffy was acquired by OnSolve, an emergency communications firm backed by Veritas Capital.
Growing Portfolio Companies
Tidal Cyber A Maryland-based cybersecurity company building threat-informed defense platforms. In September 2025, Tidal raised a $10M Series A, validating TFX's early support and network connections.
Portal Space Systems An aerospace startup developing maneuverable small satellites. In 2025, Portal raised $17.5M in Series A funding to expand their "Supernova" spacecraft program.
Marani Health A Minneapolis-based digital health startup focused on maternal fetal monitoring. They closed a $7.6M seed round in 2023, adding strategic investors including health systems.
The TFX Difference
What sets TFX apart isn't just their veteran focus – it's their hands-on "Task Force" approach to supporting companies.
Active Support Model TFX frequently takes board or observer seats and provides one-on-one coaching to founders, drawing on military leadership principles for startup execution. Through their TFX Advisors network, startups get access to experienced mentors in specific fields.
Network Effects TFX leverages relationships with larger VCs, corporates, and government agencies to open doors for partnerships and contracts. Their involvement in networks like the Defense Investors Network helps portfolio companies gain visibility and attract outside investment.
Community Building The firm fosters a community where veteran founders can tap into each other for advice and even business opportunities. Their Service First Foundation amplifies this through events and grants to promising veteran-led ideas.
Operational Playbooks TFX provides operational guidance to help founders navigate common startup challenges like sales pipelines, product-market fit, and hiring early teams.
Impact and Results
TFX's track record demonstrates that their core premise – that the best entrepreneurs often come from those who have served – is yielding results. Multiple portfolio companies have achieved significant exits or scale-ups, from major acquisitions by F5 Networks and TPG's investment to IPO-track growth stories.
What's particularly notable is that many of these wins advance technologies in national security, cybersecurity, and healthcare, creating broader societal impact beyond just investor returns.
The firm's approach of "partnering with resilient, mission-driven leaders to do hard things" has created a new generation of veteran-led innovators in the U.S. startup landscape. Their portfolio companies don't just succeed financially – they tackle important problems that make the nation stronger and more secure.
Looking Forward
TFX Capital has carved out a unique and important niche in the venture ecosystem. With their disciplined focus, experienced team, and proven track record, they've shown that veteran-led startups can deliver both strong returns and meaningful impact.
As they continue expanding with Fund III and new team members, TFX remains committed to their founding thesis. By maintaining their service-driven ethos and hands-on support model, they're not just funding companies – they're cultivating a community of veteran entrepreneurs who are solving some of society's hardest problems.
The firm's history demonstrates that sometimes the most effective approach isn't about raising the biggest funds or chasing the hottest trends. Instead, it's about finding extraordinary people with the right combination of skills, experience, and determination, then giving them the resources and support they need to succeed.
