Cherryrock Capital raises new $172M fund from all-star investors to back diverse founders

Cherryrock Capital, founded by ex-TaskRabbit CEO Stacy Brown-Philpot, announced Wednesday the closing of its $172 million Fund I with an all-star limited partner list that includes JPMorgan, Goldman Sachs, MassMutual, Melinda French Gates’ Pivotal Ventures, Reid Hoffman, Mellody Hobson, and Sheryl Sandberg. 

Brown-Philpot told Bloomberg that the fund actually closed in January. 

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, she told the outlet. 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. 

Cherryrock did not immediately respond to our request for comment. 

The fund’s thesis comes during a time when diversity initiatives, programs, and focuses are under political and legal fire. 

So far, Cherryrock has backed two companies. It co-led the Series B of the AI company Coactive AI alongside Emerson Collective. Other investors included a16z and Bessemer. Cherryrock also invested in the Series A round for the YC health company Vitable, alongside Citi Impact Fund and First Round Capital.   Brown-Philpot is extremely accomplished. She previously worked at Alphabet and Google and serves on the board of various companies, including StockX and HP. She was also a founding member of the Open Opportunity Fund, which is SoftBank’s $100 million vehicle for backing diverse founders.