Cherryrock Capital, founded by Stacy Brown-Philpot, closed its $172 million Fund I, with major backers such as JPMorgan and Goldman Sachs. Announced on Wednesday, the fund had officially closed in January after a rigorous two-year fundraising process amid a tough venture environment. Cherryrock primarily targets Series A and B investments, emphasizing support for diverse founders. Despite challenges and scrutiny regarding diversity initiatives today, the firm has already invested in promising startups like Coactive AI and Vitable, continuing Brown-Philpot’s commitment to empowering underrepresented entrepreneurs.
The firm launched in 2023 during what was a challenging period for fundraising in the venture industry. As a result, Brown-Philpot said it took about two years for the firm to close Fund I.
Cherryrock has already backed two companies: co-leading the Series B of the AI company Coactive AI alongside Emerson Collective. Other investors included a16z and Bessemer.
Fund I seeks to focus on companies at the Series A and B stages, with Brown-Philpot noting in her announcement blog post that there are few firms focused on leading later-staged investments for diverse founders.
Brown-Philpot is extremely accomplished. She previously worked at Alphabet and Google and serves on the board of various companies including StockX and HP.
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