Cherryrock Capital, a new venture firm co-founded by former TaskRabbit CEO Stacy Brown-Philpot, has announced the closure of its $172 million Fund I. The fund focuses on investing in Series A and B rounds for companies led by underrepresented entrepreneurs. Limited partners include Goldman Sachs Asset Management, J.P. Morgan Asset Management, MassMutual, Top Tier Capital Partners, and Pivotal Ventures, as well as individuals such as Mellody Hobson, Reid Hoffman, and Sheryl Sandberg.

A Mission to Address Funding Gaps

Cherryrock Capital aims to address the stark funding deficit faced by underrepresented founders, who statistically have a higher likelihood of building billion-dollar businesses but struggle to access capital. The firm seeks to support companies that have achieved early product-market fit and are on the path to exceeding $100 million in revenue. Its focus spans high-growth industries, including digital health, enterprise SaaS, fintech, future of work, and B2B2C models.

Stacy Brown-Philpot’s Journey 

Brown-Philpot’s career began with a passion for venture capital, developed during her time at Stanford Business School. Before launching Cherryrock, she worked at Google, where she played a key role in scaling the company globally, and later became COO and CEO of TaskRabbit, leading its acquisition by IKEA. Her extensive leadership experience and board positions at HP, Nordstrom, Noom, StockX, and Joy equip her with valuable insights into both startup and corporate operations.

Investments and Strategy

Cherryrock Capital has already made its first investments, co-leading Coactive AI’s Series B round with Emerson Collective, alongside a16z and Bessemer Venture Partners. The firm also led Vitable Health’s Series A round, a YC-backed company offering affordable healthcare plans for hourly workers, with Citi Impact Fund and First Round Capital as co-investors. With plans to invest between $6 million and $10 million per company, Cherryrock Capital is actively scouting opportunities in fintech and the future of work sectors.

A New Era for Venture Capital

Launching during a challenging period for venture fundraising, Cherryrock Capital took nearly two years to close its debut fund. The firm differentiates itself by leading larger rounds for founders who have historically been overlooked by mainstream investors. With over 60 years of collective experience across investing, operations, and board leadership, Cherryrock Capital positions itself as a bold and accountable partner for high-potential entrepreneurs.

Cherryrock Capital’s $172 million fund signals a shift toward greater diversity and inclusion in venture capital. By providing capital and strategic support to underrepresented founders, the firm seeks to generate strong returns while reshaping the startup landscape. As it continues deploying its fund, Cherryrock Capital aims to set a new standard for investing in the next generation of transformative companies.