Cherryrock Capital, the venture firm founded by former TaskRabbit CEO Stacy Brown-Philpot, has raised $172 million for its first fund, with backing from JPMorgan, Goldman Sachs, MassMutual, Pivotal Ventures (Melinda French Gates), Reid Hoffman, Mellody Hobson, and Sheryl Sandberg.
The fund, which officially closed in January 2025, aims to provide later-stage funding to diverse founders, an area often overlooked in venture capital.
Filling the Funding Gap for Underrepresented Entrepreneurs
Cherryrock Capital will focus on Series A and B investments, addressing a critical gap where diverse founders struggle to secure follow-on capital. Brown-Philpot emphasized the lack of firms leading later-stage rounds for underrepresented founders, making Cherryrock’s approach unique.
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Early Investments in AI and Healthcare
The firm has already invested in:
- Coactive AI (Series B) – An AI company, co-led alongside Emerson Collective, with participation from Andreessen Horowitz (a16z) and Bessemer Venture Partners.
- Vitable (Series A) – A YC-backed healthcare startup, where Cherryrock joined Citi Impact Fund and First Round Capital as investors.
Championing Diversity Amid Political and Legal Challenges
Cherryrock’s launch comes at a time when diversity-focused investing is under legal and political scrutiny, making its mission even more significant. Brown-Philpot, a board member at StockX and HP, was also a founding member of SoftBank’s $100M Opportunity Fund for diverse founders, further solidifying her commitment to inclusive venture capital.
With $172 million in fresh capital, Cherryrock Capital is poised to reshape the funding landscape for diverse entrepreneurs, ensuring they receive the backing needed to scale and succeed at later stages.
