INDEPENDENT ASSESSMENT
JJ Fliegelman Funds, LP is a verifiable multi-series venture fund structure associated with JJ Fliegelman, the WayUp co-founder and former Y Combinator Visiting Group Partner. SEC records show a recurring series of Delaware venture capital funds using names such as S23, F24, W25, QP-W25, S25, F25, W26, S26, AN-1104 Fund I and, most recently, VO-0813 Fund I. Many of these vehicles use Fund GP, LLC as general partner and Belltower Fund Group, Ltd. as agent of the GP, with the same Seattle/Lynnwood administrative infrastructure appearing repeatedly.
The newest reviewed vehicle is VO-0813 Fund I, a series of JJ Fliegelman Funds, LP. It filed Form D on September 14, 2026 as a Delaware venture capital fund relying on Rule 506(b) and Section 3(c)(1). The filing reports a $95,500 offering that was fully sold, with $0 remaining. The first sale occurred September 10, 2026. The fund uses 2006 196th Street SW, Suite 114, Lynnwood, Washington 98036, the same administrative address that appears across numerous recent JJ Fliegelman Funds series.
The broader 2026 filing history is more significant than the $95,500 size of this one vehicle. S26, another series of JJ Fliegelman Funds, filed on September 1, 2026 with a $1.5 million offering and $930,398 sold. W26 previously reported a fully subscribed $1.613513 million offering in an April 2026 amendment. AN-1104 Fund I reported a $148,406 fully subscribed offering to 36 investors. These separate funds should not be added mechanically and described as JJ Fliegelman Funds AUM; each is a distinct legal series or vehicle with its own investor base and investment mandate.
The strongest public explanation for the broader strategy comes from the Y Combinator / AngelList Demo Day Fund ecosystem. AngelList's Meridian platform currently identifies JJ Fliegelman as one of the independent Demo Day Fund managers and describes him as a former YC Visiting Partner and W15 founder. JJ has also publicly described his Demo Day Funds as vehicles providing one-check exposure to selected companies from individual Y Combinator batches. This makes the recurring S24, W25, S25, W26 and S26 naming convention particularly meaningful: these fund names closely track Y Combinator summer and winter batches rather than representing arbitrary fund vintages.
JJ FLIEGELMAN, WAYUP AND Y COMBINATOR OPERATING HISTORY
JJ Fliegelman has a much stronger public operating history than the administrative Form D records alone reveal.
Y Combinator officially identified him in 2022 as a Visiting Group Partner and described him as co-founder and CTO of WayUp, a Y Combinator W15 company. YC stated that WayUp had raised approximately $40 million and had become a large recruiting platform serving millions of users.
Before becoming an investor, Fliegelman built WayUp with Liz Wessel after previously working at McKinsey. WayUp began as Campus Job and participated in Y Combinator's Winter 2015 batch. The founder experience is directly relevant to his current investment positioning because his Demo Day Funds focus on very early-stage YC companies and therefore rely heavily on founder evaluation, product judgment and access to competitive seed rounds.
Fliegelman also became involved with First Harmonic, an early-stage venture firm founded by former Y Combinator Continuity Fund leader Ali Rowghani. Public venture databases identify Fliegelman as a Partner at First Harmonic and note his prior YC Visiting Group Partner role. That activity provides additional evidence of a continuing institutional venture-capital career beyond independently administered JJ Fliegelman Funds.
Importantly, First Harmonic should not automatically be treated as the legal manager of JJ Fliegelman Funds. The Form D filings do not identify First Harmonic as GP or adviser. It is relevant to Fliegelman's broader professional background, not evidence that the two fund families share assets or economics.
YC DEMO DAY FUNDS AND BATCH-BASED STRATEGY
AngelList's current Meridian Demo Day Fund platform specifically features JJ Fliegelman alongside other YC founders and former partners. It states that each Demo Day Fund is independently run by a YC alum or former partner and allows an investor to obtain exposure to companies from a particular YC batch through one fund commitment.
JJ's own public promotion of the S24 Demo Day Fund said the prior year's vehicle had reached the applicable SEC investor limit and stopped accepting additional LPs. He described the strategy as investing in high-quality founders from the YC batch and gaining access to competitive deals.
This history provides useful context for several SEC fund names:
S23 — likely associated with Summer 2023 F24 — a separate 2024 vehicle S24 / QP-S24 — Summer 2024-related structures W25 / QP-W25 — Winter 2025 S25 — Summer 2025 F25 — separate 2025 fund W26 — Winter 2026 S26 — Summer 2026.
Not every coded vehicle can be assigned to a YC batch with certainty solely from its name. AN-1104 Fund I and VO-0813 Fund I, for example, do not publicly explain their underlying investments. These should therefore be treated as separate venture/SPV-style series unless the private offering documents identify the portfolio company or strategy.
2026 FUND SERIES AND FUNDRAISING EVIDENCE
W26, a series of JJ Fliegelman Funds, LP, provides one of the clearest examples of scale.
A March 13, 2026 filing reported:
MINIMUM: $1,250.
An April 14 amendment increased the reported total offering and total sold to:
$1,613,513 AMOUNT REMAINING: $0.
The vehicle was therefore fully subscribed at the amended amount.
S26, a series of JJ Fliegelman Funds, LP, filed on September 1, 2026:
REMAINING: $569,602
This appears consistent with a newly raising summer-batch-style venture vehicle, although the Form D itself does not name individual YC portfolio companies.
AN-1104 Fund I is another useful example because the SEC filing contains unusually detailed economics:
REMAINING: $0 MINIMUM: $1,000 RULE: 506(b)
The filing also estimates $7,000 of proceeds for a one-time and annual administrative fee paid to the fund administrator and/or affiliates over the life of the fund.
VO-0813 Fund I, the most recent reviewed September filing, is smaller:
REMAINING: $0 FILED: September 14, 2026.
The important conclusion is not that one of these numbers represents firm AUM. JJ Fliegelman Funds is structured as a series of individual venture vehicles, and each Form D reflects one offering.
BELLTOWER FUND GROUP, FUND GP LLC AND ADMINISTRATIVE INFRASTRUCTURE
Many JJ Fliegelman Funds filings identify two entities repeatedly:
Fund GP, LLC and Belltower Fund Group, Ltd.
Fund GP, LLC is generally identified as the General Partner of the issuer.
Belltower Fund Group, Ltd. is generally described explicitly as Agent of the General Partner.
This role distinction is important.
Belltower should not be presented as the venture investment manager merely because it appears as a related person on Form D.
Its repeated Seattle/Lynnwood address and use across many series are consistent with fund administration, entity-management and GP-agent infrastructure.
The investment identity is JJ Fliegelman Funds.
The fund administration / GP-agent infrastructure is associated with Belltower.
The legal GP is generally Fund GP, LLC.
Abraham Wilson frequently appears as the authorized officer signing on behalf of the agent of the GP.
That administrative architecture is common across AngelList-style or platform-administered venture funds, where the named investment lead can manage portfolio selection while specialized service entities handle legal formation, subscriptions, tax reporting and fund administration.
WEBSITE / PLATFORM PENETRATION
There does not appear to be a large standalone institutional website branded specifically as "JJ Fliegelman Funds."
That is not the same as saying the investment strategy has no online operating evidence.
The strongest public platform evidence is AngelList / Meridian's Demo Day Funds page, which directly lists JJ Fliegelman among its fund managers.
The strongest independent founder evidence is Y Combinator, which directly confirms JJ's WayUp founder history and Visiting Group Partner role.
The strongest regulatory evidence is the recurring SEC Form D series under the legal name JJ Fliegelman Funds, LP.
The relevant online entity chain is therefore:
JJ Fliegelman → WayUp co-founder / YC W15 founder → former YC Visiting Group Partner → AngelList / Meridian Demo Day Fund manager → JJ Fliegelman Funds, LP series → Fund GP, LLC → Belltower Fund Group administrative infrastructure.
This is more accurate than forcing a dedicated fund website where none appears to be necessary for the operating model.
PORTFOLIO AND EXTERNAL INVESTMENT EVIDENCE
Independent venture databases also show JJ Fliegelman actively investing outside the generic fund filings.
CB Insights currently tracks more than 20 investments associated with Fliegelman and reports recent participation in companies including Liquid Compute and QFEX during 2026.
This provides useful external evidence that Fliegelman remains actively involved in seed-stage venture investing.
However, those investments should not automatically be assigned to VO-0813, S26, W26 or another specific JJ Fliegelman Fund series.
A person can invest personally, through a Demo Day Fund, through First Harmonic, through an SPV or through another vehicle.
For FilingDossier, the correct approach is:
verify Fliegelman's broader venture activity
but only connect a specific portfolio company to a specific legal fund when fund documents, company financing announcements or another authoritative source establish that relationship.
VENTURE STRATEGY, ACCESS AND POWER-LAW RISK
YC Demo Day Fund investing is fundamentally a high-risk early-stage venture strategy.
The attraction is access.
Highly competitive YC seed rounds can be difficult for individual investors to enter, particularly once a company attracts established venture firms and well-known angels.
A batch fund can provide diversified exposure to multiple startups with one commitment.
The trade-off is that investors delegate company selection to the fund lead.
Very early-stage venture returns are also highly skewed.
Many portfolio companies may fail or return less than invested capital.
A small number of exceptional companies can account for most aggregate returns.
That means investors should not evaluate a Demo Day Fund only by the number of startups it owns.
More relevant metrics include:
net TVPI net IRR DPI write-off rate follow-on financing rate percentage of value represented by the largest company and realized exit proceeds.
Current AngelList Meridian materials publish historical return data for Demo Day Funds by YC batch, but those batch-wide historical metrics should not be attributed specifically to JJ Fliegelman's individual funds unless the platform explicitly provides manager-specific performance.
FEE AND ADMINISTRATIVE ECONOMICS
The AN-1104 filing provides useful evidence that administrative costs can be meaningful for small venture vehicles.
Its $7,000 estimated administrator/affiliate payment represents approximately 4.7% of the $148,406 offering amount if considered against the full offering.
That does not mean every JJ Fliegelman fund charges 4.7%.
Different vehicles can have different one-time formation expenses, annual administration costs, AngelList/Belltower platform charges, management fees or carried interest.
Smaller SPVs are particularly sensitive to fixed costs because legal and tax expenses are spread across less invested capital.
Investors should therefore examine net capital deployed rather than only gross subscription amount.
A $100,000 fund that pays several thousand dollars in lifetime administration costs begins with less capital available for portfolio investments.
Management carry is another key question.
Demo Day Funds and syndicate-style structures commonly compensate the investment lead through carried interest rather than only a conventional management fee.
The current percentage should be verified from each fund's subscription documents instead of inferred from another AngelList fund.
FINAL CONCLUSION
JJ Fliegelman Funds has a strong identity and fund-history verification profile.
The fund family has repeated SEC filings extending from at least 2023 through September 2026.
The legal vehicles are structured as separate series of JJ Fliegelman Funds, LP.
Recent examples include:
W26 S26 AN-1104 Fund I VO-0813 Fund I.
The newest reviewed filing, VO-0813 Fund I, reported a $95,500 offering that was fully sold by September 14, 2026.
S26 separately reported $930,398 sold against a $1.5 million offering.
W26 reached $1.613513 million fully sold in an April 2026 amendment.
These are separate vehicles.
They should not be combined into a single AUM number.
The public sponsor identity is also unusually easy to corroborate.
Y Combinator confirms JJ Fliegelman as the co-founder and former CTO of WayUp and a former YC Visiting Group Partner.
AngelList's Meridian platform currently lists him as an independent Demo Day Fund manager.
His public promotion of prior YC batch funds is consistent with the recurring S/W fund naming structure found in SEC filings.
The main diligence questions are therefore not whether JJ Fliegelman exists or whether the funds have SEC filings.
They are portfolio-specific:
which startups are held by each series
what valuation was paid
how much of subscription capital reaches portfolio investments after expenses
what carry applies
how follow-on rights are allocated
and how much historical value has actually been realized in cash.
SEC SNAPSHOT
FUND FAMILY: JJ Fliegelman Funds, LP | STRUCTURE: multiple Delaware series / venture capital vehicles.
MOST RECENT REVIEWED VEHICLE: VO-0813 Fund I, a series of JJ Fliegelman Funds, LP | CIK: 0002150963 | SEC FILE: 021-597308 | FORM D FILED: September 14, 2026.
VO-0813 ADDRESS: 2006 196th Street SW, Suite 114, Lynnwood, Washington 98036 | PHONE: 206-801-6359.
VO-0813 OFFERING: $95,500 | SOLD: $95,500 | REMAINING: $0 | FIRST SALE: September 10, 2026 | EXEMPTION: Rule 506(b) | ICA: Section 3(c)(1) | FUND TYPE: Venture Capital Fund / Pooled Investment Fund.
GENERAL PARTNER: Fund GP, LLC | GP AGENT: Belltower Fund Group, Ltd.
S26: CIK 0002144139 | filed September 1, 2026 | $1.5M offering | $930,398 sold | $569,602 remaining | first sale August 28, 2026.
W26: CIK 0002105627 | April 14, 2026 amended offering | $1,613,513 offering | $1,613,513 sold | $0 remaining | $1,250 minimum.
AN-1104 FUND I: CIK 0002097832 | $148,406 offering | $148,406 sold | 36 investors | $1,000 minimum | estimated $7,000 lifetime administrator/affiliate expense.
HISTORICAL SERIES EVIDENCE: S23 | F24 | W25 | QP-W25 | S25 | F25 | W26 | S26 | AN-1104 Fund I | VO-0813 Fund I.
IMPORTANT CAPITAL DISTINCTION: Each filing represents a separate series or vehicle. Do not add the Form D offering amounts and describe the result as JJ Fliegelman Funds AUM unless consolidated fund records support that calculation.
WEBSITE / ENTITY PENETRATION
JJ FLIEGELMAN — independently confirmed through Y Combinator.
WAYUP CO-FOUNDER / FORMER CTO — Y COMBINATOR CONFIRMED.
YC W15 FOUNDER — CONFIRMED.
FORMER YC VISITING GROUP PARTNER — Y COMBINATOR AND ANGELLIST / MERIDIAN CONFIRMED.
DEMO DAY FUND MANAGER — ANGELLIST / MERIDIAN CONFIRMED.
JJ FLIEGELMAN FUNDS LP SERIES — SEC CONFIRMED.
FUND GP LLC — SEC CONFIRMED as GP across multiple recent vehicles.
BELLTOWER FUND GROUP LTD — SEC CONFIRMED as Agent of GP across multiple recent vehicles.
ABRAHAM WILSON — frequently appears as authorized officer of GP agent on fund filings.
FIRST HARMONIC PARTNER ROLE — independently supported through venture-industry sources; do not treat First Harmonic as manager of JJ Fliegelman Funds without additional documentation.
DEDICATED JJ FLIEGELMAN FUNDS CORPORATE WEBSITE — NOT CLEARLY LOCATED.
PRIMARY PUBLIC INVESTOR-FACING PLATFORM: AngelList / Meridian Demo Day Funds.
CURRENT CONSOLIDATED AUM — NOT PUBLICLY ESTABLISHED.
CURRENT AGGREGATE NET IRR — NOT PUBLICLY ESTABLISHED.
CURRENT DPI — NOT PUBLICLY DISCLOSED.
PORTFOLIO OF EACH INDIVIDUAL SERIES — GENERALLY NOT PUBLICLY DISCLOSED IN FORM D.
CORE INVESTOR QUESTIONS
Which companies does VO-0813 Fund I own | What does the VO-0813 code identify | Which startups does AN-1104 own | Is S26 specifically a YC Summer 2026 Demo Day Fund | How many S26 portfolio companies have already been funded | What share price or SAFE valuation was paid in each company | What management fee applies | What carried interest applies | What AngelList / Belltower administration expenses apply | How much subscribed capital is actually invested after lifetime administrative expenses | What are JJ Fliegelman's realized DPI and net TVPI across prior Demo Day Funds | How concentrated are older funds in their top one or three companies | How are follow-on opportunities allocated | Can a fund participate in later financing rounds | Are reserves maintained | What happens when a portfolio company fails | How are private-company holdings marked between rounds | How does JJ Fliegelman's First Harmonic role interact with deal allocation for JJ Fliegelman Funds
CORE RISKS
Early-stage startup failure | pre-revenue company risk | private valuation uncertainty | YC batch concentration | highly skewed power-law outcomes | long-duration illiquidity | follow-on dilution | limited public portfolio transparency | fund-by-fund administrative expenses | carry and platform fee drag | key-person dependence on JJ Fliegelman | deal-allocation conflicts across personal investments, Demo Day Funds and other venture roles | no guarantee of future financing | no guarantee of IPO or acquisition | individual Form D offering size is not current NAV | SEC filing does not establish investment performance.
INDEPENDENT CONCLUSION
JJ Fliegelman Funds is a genuine and repeatedly active venture-fund series with a clear connection to a well-documented Y Combinator founder and investor.
The fund family can be traced through multiple SEC filings from 2023 through 2026.
The recent vehicles repeatedly use Fund GP, LLC and Belltower Fund Group as legal and administrative infrastructure.
JJ Fliegelman's operating background can independently be verified through Y Combinator, which identifies him as WayUp's co-founder and former CTO and as a former YC Visiting Group Partner.
AngelList / Meridian independently lists him as a Demo Day Fund manager.
That makes the broader strategy substantially easier to understand:
JJ Fliegelman is selecting early-stage venture opportunities, including YC-related investments, while platform entities handle much of the underlying fund administration.
The most recent September 2026 fund filings demonstrate that the platform remains active.
VO-0813 was fully subscribed at $95,500.
S26 had reported $930,398 sold of a $1.5 million offering.
Earlier in 2026, W26 reached approximately $1.61 million fully subscribed.
These figures verify capital formation.
They do not establish investment returns.
For investors, the decisive diligence questions are now portfolio and economics rather than identity.
The relevant documents are each vehicle's portfolio schedule, subscription agreement, fee/carry schedule, administrator statement and historical net-return report.
SEC Form D confirms exempt securities offerings.
Y Combinator and AngelList corroborate JJ Fliegelman's founder and investor background.
None of those facts constitutes SEC approval of JJ Fliegelman Funds, JJ Fliegelman, Belltower Fund Group, any portfolio startup, private-company valuation or future investment performance.
PRIMARY EVIDENCE REVIEWED
U.S. Securities and Exchange Commission — VO-0813 Fund I, a series of JJ Fliegelman Funds, LP — CIK 0002150963 — Form D filed September 14, 2026 — $95.5K fully sold — Rule 506(b) — Section 3(c)(1).
U.S. Securities and Exchange Commission — S26, a series of JJ Fliegelman Funds, LP — September 1, 2026 — $1.5M offering — $930,398 sold.
U.S. Securities and Exchange Commission — W26, a series of JJ Fliegelman Funds, LP — 2026 Form D / amendment — approximately $1.6135M fully sold.
U.S. Securities and Exchange Commission — AN-1104 Fund I, a series of JJ Fliegelman Funds, LP — $148,406 fully sold — 36 investors — $1,000 minimum — $7,000 estimated administrative expense.
U.S. Securities and Exchange Commission — historical S23, F24, W25, QP-W25, S25 and F25 JJ Fliegelman Funds series.
Y Combinator — official JJ Fliegelman biography — WayUp co-founder / CTO, YC W15 founder and Visiting Group Partner.
AngelList / Meridian — Demo Day Funds — JJ Fliegelman listed as an independent Demo Day Fund manager and former YC Visiting Partner.
JJ Fliegelman public Demo Day Fund communications — historical explanation of S24 fund access and prior fund investor capacity.
Independent venture databases — current JJ Fliegelman startup-investment activity; used only as secondary evidence and not to assign individual companies to specific fund series without further documentation.
IMPORTANT FORM D NOTICE:
Form D is a notice filing for an exempt securities offering. It does not mean that the SEC approved JJ Fliegelman Funds, JJ Fliegelman, Fund GP LLC, Belltower Fund Group, any Y Combinator company, private-company valuation or future investment performance.