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. S ... Read full article.