Cherryrock Capital Secures $172M Fund from Top Investors to Empower Diverse Founders

Cherryrock Capital Secures $172M Fund from Top Investors to Empower Diverse Founders

Cherryrock Capital, the venture firm founded by former TaskRabbit CEO Stacy Brown-Philpot, has successfully closed its $172 million Fund I, marking a significant milestone in the venture capital landscape. This announcement comes amidst a challenging fundraising environment for many firms.

Key Details About Cherryrock Capital’s Fund I

The closure of Fund I was officially announced on Wednesday, although Brown-Philpot revealed to Bloomberg that the fund actually closed its capital commitments back in January. Notably, Cherryrock has attracted a prestigious lineup of limited partners, including:

  • JPMorgan
  • Goldman Sachs
  • MassMutual
  • Melinda French Gates’ Pivotal Ventures
  • Reid Hoffman
  • Mellody Hobson
  • Sheryl Sandberg

Focus on Diverse Founders

Despite launching in 2023 during a particularly tough period for venture fundraising, Brown-Philpot emphasized that it took nearly two years to close Fund I. The fund aims to concentrate on companies in the Series A and B stages, specifically targeting investments in diverse founders. In her blog post announcing the fund, she highlighted the lack of firms dedicated to leading investments in later stages for these founders.

Investment Strategy and Early Backing

So far, Cherryrock Capital has made initial investments in two promising companies. The firm co-led the Series B funding round for Coactive AI, an artificial intelligence company, alongside Emerson Collective. Other notable investors in this round included a16z and Bessemer Venture Partners.

Additionally, Cherryrock invested in the Series A round for Vitable, a health tech company from Y Combinator, collaborating with Citi Impact Fund and First Round Capital.

Stacy Brown-Philpot’s Accomplishments

Stacy Brown-Philpot is a highly accomplished executive with a rich background in technology and venture capital. Before founding Cherryrock, she held significant roles at Alphabet and Google. Furthermore, she serves on the boards of various companies, including StockX and HP. Brown-Philpot is also a founding member of the Open Opportunity Fund, a $100 million initiative by SoftBank aimed at supporting diverse entrepreneurs.

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In conclusion, Cherryrock Capital’s commitment to fostering diversity in the venture capital space is both timely and crucial, particularly as discussions around diversity initiatives continue to evolve in today’s political climate. For more insights into venture capital trends, visit our venture capital resource page.

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