We invest in the gap no one else will.
That’s where the returns are.
The rounds between seed and growth, entered only at or near breakeven — in companies led by founders the market overlooks. Almost no one else invests here — so we enter proven companies at rational prices, with breakeven discipline covering the downside. The gap itself is the return.
The market screens on four things. None of them is performance.
Race, gender, city, age — four screens that remove competitors without removing quality. That is what creates a mispricing, and it is the one we invest against.
100%
of our portfolio is led by founders of color and/or women
Pattern-matching starts with what a founder looks like.
78¢
revenue per $ raised, female-founded — vs 31¢ male-founded · BCG
Women raise against assumptions about ambition, not against their numbers.
85%
of our companies are headquartered outside the venture hubs
75% of U.S. VC lands in CA, NY & MA; diligence rarely travels beyond them.
48
median founder age, with 20+ years of operating experience
MIT: a 50-year-old founder is 1.8× likelier than a 30-year-old to hit top-tail growth.
Bias is the market inefficiency. Our process is how we extract the return from it.
Built for the first check, not the second.
A generation of funds was stood up to write first checks to these founders. Almost none operate at the next stage — and fewer still pair the capital with the support to get there. We tracked the field to find out how few.
38
impact funds tracked
19
disclose a stage focus
8
reach post-seed
1
pairs it with systematic support
Reinventure analysis of 38 impact funds
Years without a next round is the filter, not the damage. What is still standing found revenue on its own — and with almost no competition at this stage, we enter proven companies at rational prices.
A position no other diverse or impact fund holds.
Stage
The empty quadrant
Seed extension through Series A — the disciplined middle peers skip. They cluster at seed/pre-seed or jump to capital-heavy growth. We enter where founders are scaling and most need capital.
Proof
A record, not a pitch
Thirteen companies, an 8% realized loss rate against an estimated 30–50% industry norm, a first realized exit — a second institutional fund built on evidence, not a first-timer’s promise.
Discipline
Capital efficiency
Focused checks into companies with a real path to profitability — a returns argument that works whether you underwrite on financials or on impact.
Where venture capital clusters — and the gap we fill
By company stage. Conventional capital piles into the earliest and latest rounds; the disciplined middle is left open.
Why overlooked founders
Undervalued isn’t underqualified.
We put a premium on seasoned operators — most bring 20+ years of experience before founding — and on builders working far from the coastal venture hubs. The traits the market discounts are the ones that predict durable companies.
Maturity & experience
20+ years of operating experience before founding. Seasoned operators, not first-timers.
Resilience & adaptability
Navigating systemic obstacles builds a rare capacity to handle uncertainty and answer it with creativity.
Capital efficiency
Disciplined, profitable growth over the chase for rare unicorns — downside covered, upside intact.
The check, and everything around it.
We lead or co-lead seed extensions and bridge rounds, take a board seat, reserve to follow on, and put a founder through Co-Pilot to reach the next raise. The terms are the start of the partnership, not the end of it.
Stage
Seed extension → Series A
Round type
Extension, bridge & Series A
We look for
A path to profitability
Geography
Nationwide, beyond the hubs
Governance
Board seat, every deal
Follow-on
50% of the fund reserved
Our LPs don’t just fund the thesis. They compound it.
A global industrial leader anchored Fund II as a foundational LP — and the partnership runs on two tracks: capital to overlooked founders, and direct commercial relationships between that partner and our portfolio companies.
A global industrial leader anchoring the fund is institutional conviction in the model — proof the thesis underwrites on returns, not concession.
Beyond the check, our partners engage portfolio companies directly — as customers and commercial partners — turning capital into real revenue relationships.
