Zeal Capital Partners has announced the close of its $82 million Zeal Fund II, a milestone that brings the Washington, D.C.-based firm’s total assets under management to $186 million across three funds. The raise more than triples Zeal’s AUM in just five years, signaling growing confidence in its Inclusive Investing™ approach and category-specific strategy.

Founded by Nasir Qadree, Zeal focuses on early-stage investments at the intersection of fintech, healthcare, and the future of learning and work sectors Qadree describes as “critical systems” and “urgent market opportunities.” Zeal’s investment thesis is rooted in a belief that tackling systemic challenges like access to healthcare, financial inclusion, and workforce development can produce both strong returns and scalable impact.

The new fund expands Zeal’s base of institutional investors, with LPs including Citi Impact Fund, MassMutual, Wells Fargo, M&T Bank, Zaffre Investments, and Spelman College. Nearly 80% of Zeal’s Fund I backers, such as Capricorn Investment Group and Hampton University, returned for Fund II—a testament to the firm's performance and mission alignment.

Zeal Fund II will target 25 early-stage companies over four years, with initial investments ranging from $1 million to $2.3 million and board participation when appropriate. Half of the fund is reserved for follow-on rounds, reinforcing Zeal’s commitment to long-term support.

To date, the fund has backed five companies, including Seven Starling (maternal mental health), Debbie (behavioral-based fintech), and Rising Team (leadership development). These investments reflect Zeal’s thesis that innovation in financial services, healthcare delivery, and workforce development will drive the next decade of GDP growth and social progress.

“Our growth reflects not just capital raised but a platform maturing in step with the industries we serve,” said Qadree. “We’re here to scale enduring companies that align profit with purpose.”

With Fund II, Zeal is doubling down on its mission to support visionary founders while proving that financial performance and inclusive innovation are not just compatible, but mutually reinforcing.

Doji, a new AI-powered fashion tech startup, has raised $14 million in seed funding to enhance its virtual try-on platform using lifelike digital avatars. The round was led by Thrive Capital, with participation from Seven Seven Six and several angel investors.

A New Interface for Personalized Shopping

Co-founded in 2024 by Dorian Dargan and Jim Winkens, Doji allows users to generate realistic, full-body avatars from selfies and body photos. These AI-generated avatars enable users to visualize how different outfits would look on their likeness, whether browsing directly within the app or pasting in links from outside fashion retailers.

The founders bring high-level experience from Apple, Meta, DeepMind, and Google, aiming to reshape how shoppers engage with fashion online.

Designed for Creativity and Custom Fit

Now available in more than 80 countries through invite-only access, Doji’s platform uses diffusion models to render clothing with photo-realistic accuracy. While the app does not yet simulate fit or fabric behavior, that functionality is on the product roadmap, along with features like in-app purchasing.

Doji isn’t just about utility; it’s about helping users express personal style. The app encourages outfit experimentation, letting people engage with fashion in a way that’s visual, exploratory, and intuitive.

Investors Back a More Personalized Future

The $14 million round signals strong investor conviction in AI-native consumer platforms. Thrive Capital and Alexis Ohanian’s Seven Seven Six see Doji as a potential category leader in the growing intersection of AI and digital retail.

With the new capital, Doji plans to grow its engineering, product, and operations teams while improving avatar realism, processing time, and UX.

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As of April 2025, we are living through overlapping emergencies. 

According to Oxfam, the wealthiest 1% burned through their entire annual carbon budget in just 10 days.

These aren’t distant projections—they’re real-time alarms. 

And yet, as ESG frameworks buckle under greenwashing scandals and hollow metrics, investors face a pivotal question:

How do we measure impact when the stakes are existential?

The ESG Reckoning: When “Doing Less Harm” Isn’t Enough

The Illusion of Progress
A 2024 study by Stanford University revealed that 70% of ESG-labeled funds still invest in companies linked to fossil fuel expansion, prison labor, or gender pay gaps exceeding 25%. The problem isn’t just flawed metrics—it’s a failure to address root causes.

The 2025 Imperative
Regulators and activists are demanding radical transparency. The EU’s Corporate Sustainability Reporting Directive now requires firms to disclose how their operations exacerbate social inequities, rather than just reduce emissions.

Why It Matters
Investors can no longer hide behind vague commitments. Tools and frameworks—like the Social Justice Investment Criteria created by Adasina Social Capital, an asset management firm focusing on social justice investing—are emerging to help audit portfolios for ties to harmful practices such as voter suppression, predatory lending, and migrant detention centers.

“We’re not here to tweak the edges of injustice—we’re here to dismantle the systems that sustain it,” says Danielle Burns, Managing Director at Adasina Social Capital. “At Adasina, our investment strategy is grounded in the lived realities of those most impacted. That means addressing racial, gender, economic, and climate injustice not in isolation, but at their intersections—because that’s where real change happens.”

Thematic Investing: Beyond “Sustainability” to Survival

The Rise of Specificity
Morningstar reports that thematic impact funds—focused on issues like climate migration or Indigenous rights—now outperform broad ESG indices by 9% annually. The message is clear: granularity drives both returns and relevance.

The 2025 Landscape
Climate-related disasters are now displacing over 20 million people each year, according to the UN and Oxfam, driven by floods, wildfires, and extreme storms. Meanwhile, racial wealth gaps in the U.S. have erased four decades of progress.

These aren’t siloed issues—they’re interconnected crises demanding intersectional strategies.

“Extractive agriculture – a subset of industrial agriculture –is a prime example of how profit has been prioritized over people and the planet for generations,” says Kevin O’Neal Smith, Impact Strategist at Adasina Social Capital. “Through Adasina’s latest investor mobilization campaign – focusing on the harmful effects of Extractive Agriculture – we’re shining a light on the harm baked into our food systems and demanding that capital flow toward practices rooted in equity, sustainability, and community self-determination.”

To learn more about Adasina's Extractive Agriculture investor mobilization campaign, read and share the Extractive Agriculture Issue Brief

Why It Matters
Thematic funds force investors to confront trade-offs. For example, a “clean energy” fund that excludes Indigenous-led solar initiatives risks perpetuating the same inequities it claims to solve.

Measurable Outcomes: The New Litmus Test

The End of Intentions
According to the Global Impact Investing Network, 82% of institutional investors now require third-party verification of impact claims—a 200% spike since 2020. Stakeholders want proof, not promises.

The 2025 Standard
Impact reports in 2025 will need to answer uncomfortable questions:

• How many tons of carbon were reduced in frontline communities?
  

• Did gender-lens investments actually close pay gaps, or just fund women CEOs?

Why It Matters
Tools like the Just Transition Scorecard—developed by the World Benchmarking Alliance to evaluate how companies integrate social equity into their climate plans—are emerging to grade investments in worker protections, community consent, and equitable profit-sharing.

The era of self-reported metrics is over.

2025 Demands Courage, Not Comfort

The clock is ticking, but the financial world remains addicted to incrementalism. 

In 2025, investors must choose: Will they fund tweaks to a broken system, or back bold strategies that redistribute power and repair harm?

The answer will determine whether impact investing becomes a footnote in history—or the catalyst that reshapes it.

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Symphonic Capital, a new early-stage venture capital firm founded by Sydney Thomas, announced the close of its $13.5 million debut fund aimed at advancing equity in healthcare and financial services.

The fund will invest in startups led by founders working to close access gaps for underserved and overlooked communities. Symphonic Capital targets companies at the earliest stages—those with a minimum viable product and valuations under $10 million—particularly those located outside traditional tech hubs such as San Francisco and New York.

“We’re excited to announce the launch of our first fund and deeply honored to have the backing of an incredible group of like-minded partners,” Thomas said in a statement. “We believe in the vision we’re building at Symphonic and look forward to putting our thesis to work: investing in founders committed to creating a more equitable future for all.”

As part of the launch, Shruti Shah joined the firm as a partner. Shah, an entrepreneur and operator, will help lead investments and portfolio support across healthcare and financial technology sectors.

“Our first fund prioritizes companies addressing inequities in healthcare and financial services because we recognize the opportunity to create outsized impact in communities that have long been overlooked and underserved,” Shah said.

Before launching Symphonic Capital in 2022, Thomas was the first hire at Precursor Ventures, where she led investments into companies including Teal Health, Guava, and Mira. The new fund marks her transition to leading her own firm with a focused investment thesis centered on inclusion and long-term value creation.

Symphonic Capital joins a small but growing group of Black-led venture firms working to diversify the flow of capital in the startup ecosystem. The firm plans to make initial investments in 20 to 25 companies from the debut fund.

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Growth Warrior Capital, the operator-led venture firm founded by tech executive Promise Phelon, has closed its inaugural fund with $26 million to invest in early-stage artificial intelligence startups focused on enterprise productivity.

The fund targets what Phelon calls “dangerous founders”—entrepreneurs building scalable companies at the intersection of enterprise software and AI. Growth Warrior has already deployed more than half of the fund into companies including Barometer, an AI platform for assessing brand safety in audio advertising, and ForceMetrics, which provides decision-support tools to law enforcement agencies.

“I launched Growth Warrior Capital with a belief: bringing operator chops and an efficient approach to growth and scale to the early stage would be interesting,” Phelon said in a statement posted to LinkedIn. “Add to that a thesis centered on Enterprise Productivity multiplied times AI — Dangerous Founders building scalable companies would lead the next wave of innovation. Not someday—now.”

Investors in the fund include Ho Nam and Han Kim of Altos Ventures, Brad Feld and Seth Levine of Foundry Group, Amazon’s Catalytic Capital, Bessemer Venture Partners, Bank of America, and Pivotal Ventures, the investment firm launched by Melinda French Gates.

Phelon, who previously served as CEO of TapInfluence, said the firm is not only writing checks, but also working closely with founders on growth strategy and operations.

Barometer CEO Tamara Zubatiy credited Phelon with helping the company transition from survival to scale. “Promise helped reshape our strategy, gave us tools to lead, and has been instrumental to our growth,” she said. Barometer has reported 300% quarter-over-quarter growth since GWC’s investment.

Growth Warrior’s second fund is expected to target AI innovations in industrial sectors such as logistics, energy, and manufacturing — industries where labor costs are high and automation is gaining traction.

The firm is based in San Francisco and focuses on early-stage software and AI companies transforming how enterprise work gets done.

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Two Yale juniors, Nathaneo Johnson and Sean Hargrow, have raised $3.1 million to launch Series, an AI-powered social networking platform.

The pre-seed funding round was led by Parable, a venture fund founded by former Andreessen Horowitz investor Anne Lee Skates, with participation from Pear VC, DGB.VC, Radicle Impact, and angel investors such as Reddit CEO Steve Huffman and GPTZero founder Edward Tian.

Reimagining Social Networking

Series aims to change the way people connect online by using AI agents—called "AI Friends"—to facilitate introductions based on mutual value. The platform operates within iMessage and focuses on creating meaningful connections rather than relying on traditional metrics like likes or followers.

Nathaneo Johnson described the concept as “AI that acts like a well-connected friend in your pocket.” The platform is designed to streamline introductions, making them more personalized and mutually beneficial for users.

Rapid Fundraising Success

The startup’s fundraising efforts gained traction after Johnson posted a LinkedIn trailer about Series. The post generated significant interest within entrepreneurial circles, prompting the founders to travel to Silicon Valley to meet potential investors. Within two weeks, they secured funding for their venture.

Targeting Student Entrepreneurs

Series is initially focused on college students and requires users to sign up with a .edu email address. This approach creates a trusted environment where students can connect with peers and mentors through their AI Friends. Early users have highlighted the platform’s ability to foster productive connections in academic and professional settings.

Rich Zou, a Northeastern University student who uses Series for hackathons, noted that the AI-driven introductions felt seamless and personalized.

Expansion Plans

The founders plan to scale Series beyond college campuses into other sectors such as professional networking, dating, education, and healthcare. Johnson emphasized the broader vision for the platform: “Our aspiration is to establish Series as the primary operating system for warm introductions across all aspects of life.”

Positioning in the Market

Series enters a competitive market dominated by established social media platforms but differentiates itself by prioritizing trust and meaningful interactions over vanity metrics. By leveraging AI technology to create curated connections, the company aims to address gaps in existing networking tools.

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LYS Beauty, the clean cosmetics brand founded by beauty industry veteran Tisha Thompson, has raised $15 million in Series A funding to support its next phase of growth, according to a regulatory filing with the U.S. Securities and Exchange Commission.

The round was led by San Francisco-based private equity firm Encore Consumer Capital, which has previously invested in brands such as Supergoop! and Tarte Cosmetics.

Launched in 2021, LYS — short for “Love Yourself” — became the first Black-owned clean makeup brand to launch at Sephora. The brand’s line of skin-first, vegan, and cruelty-free products has since expanded into every Sephora location in the U.S., Canada, and Australia, and is preparing for a relaunch in the U.K.

The new capital will fund out-of-home marketing campaigns, inventory expansion, and additional staffing ahead of the brand’s launch into 892 Sephora at Kohl’s locations on April 8.

Since its debut, LYS Beauty has marked several notable achievements. In addition to securing national and international retail distribution, the brand was named a finalist in the Glossy Beauty Awards for Best Use of TikTok, underscoring its digital marketing savvy and strong consumer engagement. The company has grown its team to 20 employees and expects to add 10 to 15 more by the end of 2025.

The raise highlights increasing investor interest in multicultural and founder-led beauty brands amid continued consumer demand for inclusive and clean beauty products.

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Rivy (formerly Payhippo), a Nigeria-based fintech focused on accelerating access to clean energy across Africa, has secured $4 million in pre-Series A funding to expand its platform and operations.

The company, founded in 2021, combines financial technology and climate solutions to help individuals and small businesses access clean energy products such as solar home systems and clean cookstoves. Through its platform, customers can access flexible, pay-as-you-go financing to overcome the upfront costs that often limit the adoption of sustainable energy solutions.

The funding round was backed by a mix of institutional investors and angel backers with experience in climate tech, inclusive finance, and African markets. According to the company, the capital will be used to improve its technology infrastructure, grow its presence in key markets including Nigeria, Ghana, and Kenya, and deepen partnerships with energy providers and local financial institutions.

Rivy’s platform is designed to serve underserved and off-grid communities where energy access and financial inclusion are limited. The company leverages alternative data and digital credit scoring to underwrite customers who may not have access to traditional banking services.

The investment comes amid growing interest in technology-driven solutions that address both climate and financial challenges in emerging markets. More than 600 million people in sub-Saharan Africa lack access to electricity, according to the International Energy Agency, and traditional lending models have struggled to scale clean energy adoption in low-income areas.

Rivy said it plans to raise a full Series A round within the next 12 to 18 months to support further expansion.

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Adasina Social Capital is a financial services firm that connects investors with social justice movements by integrating racial, gender, economic, and climate justice into public market investment strategies.

In this interview, I speak with Roberto Thornton, Adasina’s Managing Director of Investments and Impact, about how the firm is reshaping the role of capital in creating systemic change. Rob shares how Adasina builds public equity portfolios that reflect the priorities of social justice movements and mobilizes investors to push for large-scale impact beyond financial returns.

🔑 Key Insights:

• Why Adasina Exists: Traditional and even ESG investing often stop at surface-level impact. Adasina goes deeper—addressing the root causes of injustice and partnering directly with movement leaders to guide investment strategy.

• Social Justice-Aligned Returns: Rob explains the firm’s philosophy that financial returns and social impact are not mutually exclusive—and why redefining "return" is key to long-term sustainability.

• Who’s at the Table Matters: Adasina’s team reflects the communities it serves: 88% are women and gender-expansive, 53% are BIPOC, and 47% are LGBTQ+. 

• Investor Mobilization for Policy Change
  Through campaigns in partnership with social justice organizations, Adasina has influenced corporate practices and even federal policy—like helping to end forced arbitration for sexual harassment.

• Call to Investors: “Your economic power can advance justice—don’t let it sit on the sidelines.”

Quote to Remember:

🎧 Listen to the Full Interview
Don't miss this insightful conversation about how money, when aligned with justice, can be a tool for real, systemic change.

Adasina Social Capital - Roberto Thornton

Campus, an accredited two-year college focused on delivering affordable, debt-free degrees, has raised $46 million in a Series B funding round, the company announced Thursday.

The round was led by General Catalyst, with participation from returning investors including Founders Fund, Bloomberg Beta, and Sam Altman. The latest investment brings Campus’s total funding to over $100 million, following previous rounds led by Altman, Jason Citron, and Founders Fund.

Founded by entrepreneur Tade Oyerinde, Campus offers associate degrees through a combination of online instruction and in-person learning hubs, focusing on career-aligned education. Tuition is set at approximately $7,000 per year, significantly lower than the national average.

"It's really simple—in America we should have elite education for everyone—everyone should be able to learn from the top professors in the country, develop useful skills, and then go on to use those skills to create a great life for themselves," said Oyerinde, Campus founder and chancellor. "And this should all be possible without going into debt—that's what we're building here at Campus."

Campus plans to use the new funding to expand its academic offerings, grow its faculty network, and enhance student support services. The company aims to establish additional physical learning sites in major cities across the U.S., broadening its reach to provide more students with access to affordable education.

The funding comes at a time when public skepticism toward the cost and value of traditional four-year degrees is mounting. According to the Federal Reserve, Americans collectively hold over $1.7 trillion in student loan debt.

By focusing on low-cost, high-quality education, Campus positions itself as part of a broader wave of education reform aimed at closing the opportunity gap and rethinking how students enter the workforce.

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Equator, an Africa-focused venture capital firm, has closed a $55 million fund aimed at bringing more private capital to climate tech startups in sub-Saharan Africa.

The fund will target early-stage companies working in sectors such as energy, agriculture, and mobility, with plans to invest in 15 to 18 startups. Equator will provide seed investments ranging from $750,000 to $1 million and Series A funding of up to $2 million.

Nijhad Jamal, Equator's founder and managing partner, emphasized the importance of investing in commercially viable solutions that address real problems in the region.

"We are needed more than ever to invest in technology and scalable ventures tackling fundamental climate challenges," Jamal said.

The fund's backers include development finance institutions such as the International Finance Corporation, British International Investment, and Proparco, as well as private foundations like the Shell Foundation.

Africa accounts for less than 3% of global energy-related CO2 emissions but faces some of the harshest climate impacts. Equator aims to support startups that can reduce carbon emissions and build climate resilience while driving inclusive economic growth across sub-Saharan Africa.

The firm has already invested in several companies, including Roam, an electric motorcycle manufacturer, and SunCulture, a provider of solar-powered irrigation systems.

Equator's fund comes at a crucial time for African startups, as the continent received a small fraction of total global equity funding. The climate tech sector, however, has shown promise, surpassing fintech as Africa's top investment sector in recent months.

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Lenkie, a UK-based fintech startup specializing in cash flow management, has raised £49 million in funding to scale its platform and enhance financial tools for small and medium-sized enterprises (SMEs).

The latest round, which includes both equity and debt financing, highlights increasing investor interest in alternative financing solutions for businesses.

Founded in 2021 by Sanjeev Jeyakumar and Nnaemeka Obodoekwe, Lenkie provides SMEs with access to flexible financing by paying suppliers directly at the start of transactions. The company has already facilitated over £70 million in funding for underserved businesses and supported payments to 2,000 suppliers across 40 countries.

"SMEs are the backbone of the economy, yet access to fast and flexible financing remains a challenge," said Jeyakumar. "By using data and technology, we can build trust in seconds and provide capital when it’s most impactful. Our transaction-based funding model aligns with how modern businesses operate and grow."

Lenkie’s model moves beyond traditional lending by offering transaction-based financing instead of fixed-term loans. This approach ensures businesses receive the right amount of funding based on their real-time needs, improving efficiency and reducing financial strain.

With this funding, Lenkie plans to expand its footprint across the UK and explore opportunities in new markets. The company is also investing in AI-driven analytics to enhance its predictive financial tools, helping businesses anticipate and mitigate cash flow challenges before they arise.

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Dubai-based fintech startup MANSA has secured $10 million in funding to expand its stablecoin-based cross-border payment solutions, amid rapid growth in blockchain-powered payment systems and increased adoption of stablecoins in emerging markets.

Investment Details

The $10 million funding package consists of a $3 million pre-seed investment led by Tether, the issuer of the world's largest stablecoin USDT, and co-led by Polymorphic Capital. Octerra Capital, Faculty Group, and Trive Digital also participated in the round. An additional $7 million in liquidity funding came from institutional investors, including corporate entities and quantitative funds.

Company Overview & Growth

MANSA, co-founded by Mouloukou Sanoh and Nkiru Uwaje in August 2024, has shown significant traction since its launch. The company has processed over $27 million in transaction volume on-chain, with nearly $11 million in January alone, representing a 574% growth from August 2024 to January 2025. Through partnerships with major payment companies across Africa, Asia, and South America, MANSA specializes in providing liquidity solutions for cross-border payments using stablecoins.

Strategic Plans

"Securing $10 million in pre-seed and liquidity funding marks a significant milestone in our mission to transform the way money moves," said Mouloukou Sanoh, CEO and Co-Founder of MANSA. The company plans to use the funds to:

• Expand market presence in Latin America and Southeast Asia

• Develop customized liquidity solutions

• Scale existing infrastructure

Industry Support

Paolo Ardoino, CEO of Tether, endorsed MANSA's approach: "By leveraging USDT for real-time settlements and instant payouts, MANSA is solving critical pain points for payment companies operating in emerging markets. We are proud to collaborate with MANSA and support their efforts to reshape global payment infrastructure."

Sebastian Cheek, Head of Investment at TRIVE Digital, added, "MANSA addresses a fundamental liquidity challenge in cross-border payments, leveraging stablecoins to create more efficient and accessible financial rails."

Market Context & Future Outlook

The funding comes at a pivotal time for the stablecoin industry, which processed over $15.6 trillion in annualized transaction value in 2024, surpassing traditional payment processors like Visa and Mastercard. MANSA's solution particularly targets emerging markets facing unstable local currencies and limited access to U.S. dollars.

As regulatory scrutiny of cross-border payments increases, MANSA's blockchain-based infrastructure positions it to play a crucial role in modernizing global payment systems. The company's growth reflects the broader normalization of blockchain technology in mainstream finance, marking a transformative period for international transactions.

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Stacy Brown-Philpot, former CEO of TaskRabbit, has launched Cherryrock Capital, raising $172 million for a venture fund focused on supporting underrepresented founders, particularly those from Black and Latinx backgrounds.

Cherryrock Capital, named after Brown-Philpot's childhood nickname "Cherry Pie," is positioned as the first Black woman-founded, multi-hundred-million-dollar venture firm focused on Black and Latine founders. The fund provides Series A and B financing to technology companies, aiming to address a critical gap in the venture capital landscape.

"We're on a mission to change the face of wealth creation and build an enduring institution," Brown-Philpot said. "We are looking for founders who have the courage to be audacious in their vision, accountable to their goals, and authentic to who they are."

The firm targets a unique niche in the venture capital ecosystem. While many early-stage investors focus on pre-seed and seed rounds with small checks, Cherryrock Capital concentrates on Series A and B rounds for underinvested founders.

The firm has already begun making investments. Their portfolio includes Coactive AI, a multimodal AI company, where they co-led a Series B round with Emerson Collective. They also led a Series A round for Vitable Health, a YC company providing affordable primary care-driven health plans to businesses with hourly workers.

The fund has attracted investments from financial institutions including JPMorgan Chase & Co., Goldman Sachs Group Inc., and Massachusetts Mutual Life Insurance Co. Notable individual backers include LinkedIn co-founder Reid Hoffman and former Meta Platforms Inc. chief operating officer Sheryl Sandberg.

Brown-Philpot brings over 20 years of experience in the technology industry to Cherryrock Capital. She co-founded the firm with Saydeah Howard, and together with their team, they bring more than 60 years of operating, board, and investing experience to build a different kind of venture firm.

Cherryrock Capital aims to help emerging technology startups scale from $1 million to $100 million through operational excellence, CEO coaching, and talent support. The firm typically invests between $6-10 million per deal and is actively exploring opportunities in the future of work and fintech spaces.

This new venture represents a significant step in addressing the funding gap for underrepresented founders in the tech industry, potentially reshaping the landscape of wealth creation in the startup ecosystem.

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Ulu Ventures, a top seed-stage Silicon Valley firm, is the largest Latina-led fund in the U.S. and focuses on high-growth, market-leading information technology and internet companies.

Ulu raised $208M for Fund IV, an increase of more than fifty percent over Fund III’s $138M. This latest fund also doubles Ulu’s assets under management to over $400M AUM.

Institutional Investors Backing Fund IV

Ulu's institutional investors comprise a wide array of LPs. Twelve foundations, including the John D. and Catherine T. MacArthur Foundation, Ford Foundation, CalWellness Foundation, and Marguerite Casey Foundation, invested in Fund IV. A Southern California public pension is a repeat investor along with many other Ulu LPs.

Fund-of-funds like GCM Grosvenor, as well as leading Black- and women-led firms such as Fairview Capital and Illumen Capital extend the investor pool. Family offices are well-represented, including Pivotal Ventures, Verdis Investments, Gingerbread Capital, and Hunt Holdings. Two higher-education endowments, including one from a Boston-based college, participated.

The investor base is enriched by corporate and financial institutions, notably Citi Impact Fund, MassMutual through its First Fund Initiative, venture firm Motley Fool Ventures, and mission-based investors such as Mercy Investment Services.

A Data-Driven Investment Approach

“The caliber of institutional investors supporting Fund IV is exceptional. We are honored that they recognize Ulu’s disciplined data-driven investment thesis reduces cognitive bias while driving returns. We’ve been funding teams that bring together entrepreneurs with varied backgrounds, expertise, and life experiences for more than 15 years and they’ve proven to be highly successful,” said CEO, Co-founder, and Managing Director Miriam Rivera.

“We remain confident in Ulu Ventures’ ability to access top-tier deal flow and deliver strong returns for investors,” said Jessica Holsey, Managing Director, GCM Grosvenor, an investor in two of Ulu’s funds, including Fund IV.

A Track Record of Success

Ulu has ten unicorns in its portfolio, including Guild Education, BetterUp, Figure, Provenance, ZUM, Homelight, and Everlaw. Exited companies include SoFi (traded on NASDAQ), Krux (sold to Salesforce), and Palantir. Palantir is traded on NASDAQ and joined the S&P 500 in October 2024.

Ulu Ventures’ latest fund underscores its continued growth and impact in the venture capital ecosystem. As one of the most prominent Latina-led firms in the U.S., its disciplined approach and impressive portfolio demonstrate the power of diverse leadership in driving innovation and returns.

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o15 Capital Partners, an alternative investment firm focused on providing growth capital to undercapitalized companies and communities, announced the closing of its inaugural fund at approximately $370 million. Including capital raised for related co-investment vehicles, the total reached nearly $400 million.

The fund, o15 Emerging America Credit Opportunities Fund LP, has received strong backing from a broad group of institutional investors, including public and corporate pensions, foundations, banks, and family offices.

"There is a growing, untapped opportunity today to invest in tremendous American lower-middle-market businesses – the true engine of our economy – that are underserved by the capital markets," said Colin Meadows, co-founder and managing partner. "Private credit strategies remain a crucial source of business financing, and by looking where other market participants are not, we are able to source compelling, proprietary deal flow while creating stronger local economies and more equitable communities."

Founded in 2022 by Meadows, Kenneth Saffold and Brian Morris, o15 invests in private credit and equity in the healthcare, education and business services sectors. These industries play a key role in under-resourced communities and align with the firm’s experience in impact-driven investments.

o15’s investment strategy includes flexible financing solutions tailored to companies' business plans. "o15’s flexible mandate enables us to act as a one-stop capital provider and deliver creative financing solutions," said Saffold. "We also leverage our extensive networks to bring strategic and operational expertise to ensure the entrepreneurs with whom we partner have the resources they need to scale and succeed."

Headquartered in Atlanta, o15 benefits from deep relationships within the corporate and civic communities in the Southeastern U.S., which provides a competitive advantage in identifying and supporting high-potential businesses.

To date, o15 has deployed over 20% of the fund’s commitments, supporting more than 1,200 jobs across four portfolio companies.

"We launched o15 because we knew that generating attractive investment returns while also supporting underserved entrepreneurs, communities and businesses are not mutually exclusive," said Morris. "The close of our inaugural fund is validation of that belief."

o15 Capital Partners is an SBIC-licensed investment firm prioritizing companies led, owned, operated or managed by women and members of historically undercapitalized ethnic minority groups. The firm focuses on investing across the capital structure and in businesses that provide products or services benefiting those communities.

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Kaya AI, a global construction supply chain intelligence company, has launched out of stealth with $5.3 million in pre-seed funding led by 53 Stations, Suffolk Technologies, and Soma Capital, with support from Barclays Black Formation Investments (BBFI), RXR, Mantis VC, Virta Ventures, and others.

Transforming Construction Supply Chains

Kaya AI delivers the first native AI-enabled solution interconnecting stakeholders in the construction industry. Its platform integrates with existing workflow tools to eliminate data silos, streamlining procurement from submittal to delivery. By leveraging AI, data analytics, and automation, Kaya AI reduces inefficiencies and enables faster, sustainable project delivery.

Recognized as the winner of the 2024 Construction Startup Competition’s Supply Chain category, Kaya AI is already working with major general contractors to manage billions of dollars in construction projects.

“Data centers and other mission-critical projects are at the forefront of global growth, yet their supply chains remain riddled with inefficiencies,” said Ojonimi Bako, CEO and co-founder of Kaya AI. “Our platform reduces procurement management time by 80%, ensuring seamless project execution. Backed by leading investors, we’re ready to transform these industries.”

AI-Driven Productivity

Kaya AI’s proprietary technology simplifies procurement tracking, automates workflows, and provides real-time lead time tracking to avoid delays. Its AI teammate, "Jarvis," acts as an always-on assistant, centralizing communication and delivering actionable insights. This enables teams to work smarter and achieve better outcomes with fewer resources.

A Pioneering Mission

Kaya AI aims to transform the construction industry by providing real-time insights and predictive analytics, making supply chains more efficient, transparent, and sustainable. “Seventy-five percent of the world’s infrastructure needed by 2050 hasn’t been built yet,” said Nicholas Selz, president and co-founder.

Industry Recognition and Growth

Kaya AI was among seven companies selected for Suffolk Technologies’ BOOST 4 program, an accelerator for built-world startups.

With strong investor backing and proven success, Kaya AI is poised to redefine supply chain management in data center and mission-critical sectors, addressing inefficiencies and driving sustainable growth in construction.

by Tony O. Lawson

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Founded in 2015, Blueprint Capital Advisors is an institutional asset management and advisory firm with $1.7 billion in AUA that specializes in private market strategies.

In this interview, Dwayne Warren, Vice President at Blueprint Capital Advisors, offers valuable insights into the current investment landscape.

He also delves into the challenges facing Black-led funds and highlights the key factors driving success for emerging fund managers.

🔑 Key Insights:

• Fund Differentiation: How emerging managers can stand out in a crowded fundraising environment.

• Performance Metrics: The balance between prioritizing diversity and delivering strong returns.

• Emerging Opportunities: Trends such as VC secondaries and niche investment opportunities.

• Talent Development: Building and sustaining successful fund management teams.

🎧 Ready to dive in? 

Listen to the full interview to gain strategic perspectives on fund management.

Blueprint Capital Advisors - Dwayne Warren

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Nile Capital Group is a sector-focused private equity firm specializing in GP stakes investing.

Led by Mel Lindsey, Nile Capital partners with boutique and emerging asset managers, providing both capital and operational expertise to support growth and create generational wealth.

The firm has been involved in several notable transactions, including a strategic investment in ABS Global Investments, which manages over $7 billion in assets.

In this article, we explore Nile Capital Group’s unique approach, the evolution of the GP stakes market, and the future of asset management through an insightful conversation with Lindsey.

What is GP Stakes Investing?

GP stakes investing involves acquiring equity interests in asset management firms, typically targeting their general partner (GP) operations. This strategy allows investors to benefit from the success of the asset manager while providing the firm with capital and operational support at critical inflection points.

Why Did Nile Capital Group Choose to Specialize in GP Stakes Investing?

My colleagues and I have a deep passion for the asset management industry.

The Founders at Nile worked together at Julius Bär Investment Management (JBIM) where we acquired GP stakes of small teams and exited at a significant multiple via an IPO.

Successfully investing in GP stakes is one of the most effective ways to create generational wealth relative to other private market investing. Unique opportunities include high current cash flow, potentially high MOIC relative to generalist PE Growth and Buyout Funds at exit, and low correlation to traditional PE investing.

What Qualities or Characteristics Do You Look for in Asset Management Firms?

Our underwriting process is based on our proprietary T.I.D.E.S. Framework which is an acronym for:

• Talent – Determine if a manager's performance is a result of skill or luck.

• Innovation – Does the manager have a culture of innovation?

• Diversity – Does the manager possess Information Diversity, Demographic Diversity, and avoid Value Diversity?

• Economies of Scale – To what magnitude can a manager scale their flagship product and still maintain alpha?

• Speed – How quickly does a manager proceed from idea generation to execution relative to its peers?

How Has the GP Stakes Market Evolved in Recent Years?

There are many more GP Stakes investors competing in the space since my team’s early days at JBIM in 2002.

Initially, most GP stakes investing was executed by Holding Companies, Insurance companies, and a few generalist PE shops. Now there are plenty of dedicated GP Stakes-focused firms executing deals ranging from seed capital to large buyouts.

I believe the next trend in GP stakes investing could be dedicated GP Stakes secondary funds.

How Do You See AI Transforming the Asset Management Industry?

I think AI could be useful in short-term trading strategies, but not so effective at long-term equity investing. It could also be useful in sifting through big macro data sets thereby doing the heavy lifting before and in conjunction with human intuitive analysis.

Can You Elaborate on the Three Types of Diversity in Nile’s Investment Process?

Information Diversity relates to understanding where a manager gets its information edge relative to its competitors and the rest of Wall Street. For example, does it employ natural language processing to determine the consistency (or lack thereof) of a CEO’s public statements?

Regarding Demographic Diversity, we evaluate if the GP target is comprised of team members with diverse backgrounds (i.e., Age diversity, school diversity, Ethnic Diversity, and gender diversity) to avoid group think.

Finally, Value Diversity refers to avoiding GP stake teams where the decision makers have conflicting values. For example, Warren Buffet, a legendary investor, has different values relative to Peter Lynch or George Soros. All three are phenomenal investors but they have different values of how the sausage should be made (one is a growth investor, one is a value investor, and the other is a macro investor).

Put these guys in the same room and there will be conflicts regarding resource allocations to achieve the best investment results. Hence, we believe Value Diversity is bad, whereas Information and Demographic diversity is good.

Where Do You See Nile Capital Group in Five Years?

Nile Capital Group has one single goal, leveraging our operator model to deliver superior risk-adjusted returns for our LPs. As the landscape for GP Stake investing evolves, we will continue to maintain that goal and adapt to the environment.

Kevin Moore is the founder and managing partner of Serac Ventures, an early-stage venture capital firm focused on FinTech, SaaS, and Future of Work.

In this interview, Moore discusses Serac Ventures’ investment approach, highlights emerging trends in the VC industry, and offers practical advice for founders working to build and scale successful businesses.

What inspired you to get into venture capital?

During my last year in college, I started reading about finance and investing. I grew up in a low-income family so I made it a goal before graduating to teach myself about money so I would know how to manage and invest it when I got my first job.

After graduating, I went to work as a civil engineer. But after six months in that role, I realized my real passion was in finance and investing. So, I changed careers and after six years of investing in the public markets, I developed a desire to invest earlier into companies before they went public. Hence, my career in venture capital began and I haven’t looked back since.

What is your investment strategy and why did you choose this?

We have a passion to back companies in the fintech and SaaS industries that make it easier for individuals and businesses to access financial services and improve their business operations.

We invest in these sectors because they are large and in constant demand and need innovative technology to move them forward. We primarily target companies at the seed stage.

We believe companies at this stage have made enough progress to demonstrate viability, but they still need (and want) our help to reach the next major level of success.

What are your thoughts on the current state of the VC industry for both founders and fund managers?

I think the current state of the VC industry for founders is highly competitive but in a good way. There is now more than ever a record number of founders in the market which suggests that the spirit of entrepreneurship is alive and well and accessible for all to try.

I revel in seeing founders from all different types of ethnicities, genders, backgrounds, and geographies in the market. This type of diversity is healthy for the industry and I’m optimistic this trend will continue. 

On the flip side, more founders in the market competing for a finite pool of capital makes fundraising harder and may result in founders raising less capital than they need to stay afloat. The same goes for many fund managers on their first fund seeking to prove themselves to investors accustomed to backing larger, established funds. 

We are experiencing a dearth of exits right now, but slowdowns in the venture capital industry are not unusual and are a regular part of the economic cycle. The uniqueness of the current period is the enormous capital overhang that exists against the backdrop of record founder demand. I don’t think this will last especially as investor sentiment improves heading into 2025. I hope I’m right.

What advice do you have for founders raising capital?

My advice to founders is to stretch the resources you have as far as possible and be conservative in your estimates for how long it will take to hit your company projections and/or fundraising goals.

If you do not need to raise capital, then don’t. Further to this point, I recently wrote a blog post discussing whether founders should or shouldn’t raise venture capital. If interested, you can read it here.

What are the biggest opportunities for entrepreneurs in the market today?

There are numerous sector opportunities I could comment on (AI, cybersecurity, fintech, etc.), but I think the biggest opportunity for every entrepreneur/company is to be very deliberate in building a diverse leadership team.

When a team is more diverse it benefits from diversity of thought, which in turn generates new ideas and concepts that help companies compete and reach a broader set of customers.

This sounds easy to do but it has been difficult for most companies (large and small) to execute on. Those that do stand out, at least to me.