Spider Capital
Spider Capital is a San Francisco seed-stage venture capital firm that backs enterprise cloud and SaaS software, not water. Its entire water footprint is a single bet: Klir, the software platform for water utilities. As of 2026 that is one water company across two rounds, earning a One-Off water rating.
Compiled by Antoine Walter, (don't) Waste Water, from official filings and direct intelligence in Leviathan.
The take
Spider Capital is the odd name out in a water directory. Spider Capital is a seed-stage enterprise software fund from San Francisco, founded in 2015 by Michael Neril, and its day job is backing cloud and software-as-a-service (SaaS) startups across the US, Canada, and Israel. Water is not the thesis. It shows up exactly once.
Spider Capital's one water company is Klir, a software platform that helps water utilities manage sampling, lab results, fieldwork, and compliance from a single place, what its backers like to call the operating system of water. Spider Capital came in early, at the seed stage, alongside Bowery Capital and SaaS Ventures, and stayed in for the follow-on round a year later. For a fund that lives in enterprise software, a utility-software company was a natural extension of the thesis, not a swerve into pipes and pumps.
Spider Capital earns a One-Off rating in my water tracking, and that label is the honest one. A newcomer investor scanning for a water specialist should read Spider Capital as a software generalist that wrote one water cheque it happened to like, not as a fund assembling a water portfolio. The people who really know water here are Klir's founders, not a water partner on the masthead.
Spider Capital has since sharpened its pitch toward applied artificial intelligence in enterprise software, which is where its next cheques are pointed. Whether any of them land back in water is an open question; for now, Klir is the whole story, and it is a good one for the water utilities that waited a long time for software built for them.
Water Commitment Score
Compiled from official filings, third-party records, and direct intelligence from investors and founders, in Leviathan · recomputed monthly · as of Jun 2026.
How they invest
Portfolio · 1 water companies
Invests alongside
Highlighted = profiled on (don't) Waste Water.
Frequently asked
- What does Spider Capital invest in?
- Spider Capital invests in seed-stage enterprise software, cloud, and software-as-a-service (SaaS) startups across the US, Canada, and Israel, and increasingly in applied AI. It is a generalist technology fund, not a water specialist; water accounts for a single company in its portfolio.
- Does Spider Capital invest in water?
- Spider Capital has made one water investment: Klir, a software platform for water utilities. (don't) Waste Water rates its overall water commitment One-Off, the lowest tier, because that single seed-stage bet is the firm's entire water footprint to date.
- Who runs Spider Capital?
- Spider Capital was founded in 2015 by Michael Neril, its Managing Partner, who earlier ran Maynard Webb's seed vehicle, the Webb Investment Network. Minsoo Chi, who joined in 2018 as the firm's first investment professional, is the other partner on the investment team.
- Where is Spider Capital based?
- Spider Capital is headquartered in San Francisco, California, and focuses on companies in the United States, Canada, and Israel. The firm manages roughly $200M and writes seed-stage cheques, typically leading or co-leading the first institutional round in enterprise software companies.
- Is Spider Capital a water fund?
- No. Spider Capital is a San Francisco enterprise-software seed fund, not a dedicated water investor. Its presence in water comes entirely from Klir, the water-utility software company it backed at seed. Investors seeking a water-focused fund should treat Spider Capital as a one-off participant.