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Cherryrock Capital raises new $172M fund from all-star investors to back diversefounders
Cherryrock Capital has raised a $172M Fund I, founded by ex-TaskRabbit CEO Stacy Brown-Philpot, to invest in diverse founders, backing Series A and B stages. Investors include JPMorgan and Goldman Sachs. The fund closed after a two-year effort amidst a challenging fundraising landscape and is part of ongoing diversity initiatives facing scrutiny.
Key points
- Cherryrock Capital raised $172 million for Fund I.
- The fund was founded by Stacy Brown-Philpot, ex-CEO of TaskRabbit.
- Major investors include JPMorgan, Goldman Sachs, and Melinda French Gates’ Pivotal Ventures.
- The fund focuses on Series A and B round investments, particularly for diverse founders.
- Fundraising took about two years due to a difficult venture capital environment.
- Two companies already received funding: Coactive AI and Vitable.
Why it matters
- The fund's establishment aligns with an increasing focus on diversity in venture capital, especially amidst political and legal challenges.
- In 2025, the tech industry trends include the rise of AI and health tech, sectors Cherryrock is currently investing in.
- This funding highlights the growing importance of backing diverse founders in an environment where funding is often harder to secure.
The successful closing of Cherryrock Capital's $172M fund marks a significant step in diversifying venture capital investments, particularly in a landscape challenged by scrutiny of diversity programs.