Cherryrock Capital, based by ex-TaskRabbit CEO Stacy Brown-Philpot, announced Wednesday the closing of its $172 million Fund I with an all-star restricted associate checklist that features JPMorgan, Goldman Sachs, MassMutual, Melinda French Gates’ Pivotal Ventures, Reid Hoffman, Mellody Hobson, and Sheryl Sandberg.
Brown-Philpot informed Bloomberg that the fund actually closed in January.
The agency launched in 2023 throughout what was a difficult interval for fundraising within the enterprise business. Consequently, Brown-Philpot mentioned it took about two years for the agency to shut Fund I, she informed the outlet. Fund I seeks to concentrate on corporations on the Collection A and B levels, with Brown-Philpot noting in her announcement weblog submit that there are few companies centered on main later-staged investments for numerous founders.
Cherryrock didn’t instantly reply to our request for remark.
The fund’s thesis comes throughout a time when variety initiatives, packages, and focuses are underneath political and authorized hearth.
To this point, Cherryrock has already backed two corporations: co-leading the Collection B of the AI firm Coactive AI alongside Emerson Collective. Different traders included a16z and Bessemer. Cherryrock additionally invested within the Collection A spherical for the YC well being firm Vitable, alongside Citi Impression Fund and First Spherical Capital.
Brown-Philpot is extraordinarily achieved. She beforehand labored at Alphabet and Google and serves on the board of assorted corporations together with StockX and HP. She was additionally a founding member of the Alternative Fund, which is Softbank’s $100 million car for backing numerous founders.