Cherryrock Capital, based by ex-TaskRabbit CEO Stacy Brown-Philpot, announced Wednesday the closing of its $172 million Fund I with an all-star restricted accomplice record that features JPMorgan, Goldman Sachs, MassMutual, Melinda French Gates’ Pivotal Ventures, Reid Hoffman, Mellody Hobson, and Sheryl Sandberg.
Brown-Philpot informed Bloomberg that the fund actually closed in January.
The agency launched in 2023 throughout what was a difficult interval for fundraising within the enterprise business. In consequence, Brown-Philpot mentioned it took about two years for the agency to shut Fund I, she informed the outlet. Fund I seeks to concentrate on corporations on the Sequence A and B levels, with Brown-Philpot noting in her announcement weblog publish that there are few corporations targeted on main later-staged investments for numerous founders.
Cherryrock didn’t instantly reply to our request for remark.
The fund’s thesis comes throughout a time when range initiatives, packages, and focuses are beneath political and authorized hearth.
To date, Cherryrock has already backed two corporations: co-leading the Sequence B of the AI firm Coactive AI alongside Emerson Collective. Different traders included a16z and Bessemer. Cherryrock additionally invested within the Sequence A spherical for the YC well being firm Vitable, alongside Citi Influence Fund and First Spherical Capital.
Brown-Philpot is extraordinarily completed. She beforehand labored at Alphabet and Google and serves on the board of assorted corporations together with StockX and HP. She was additionally a founding member of the Opportunity Fund, which is Softbank’s $100 million car for backing numerous founders.
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