Stacy Brown-Philpot, former CEO of TaskRabbit and a seasoned tech executive, has successfully raised $172 million for her venture capital firm, Cherryrock Capital, to support underrepresented founders in the software industry.
Founded in 2023, Cherryrock Capital focuses on providing Series A and B funding to innovative entrepreneurs who are often overlooked in the venture capital space.
With a leadership team boasting over 60 years of operating experience, the firm aims to reshape wealth creation by investing in bold and visionary founders.
“Today, I’m thrilled to announce the launch of Cherryrock Capital, the first fund focused on investing at the Series A & B stages in underinvested entrepreneurs…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,” Brown-Philpot shared on LinkedIn.
Major Investors and Industry Support
Cherryrock Capital’s fund has drawn backing from major financial institutions and prominent investors, including:
- Goldman Sachs Group Inc.
- Massachusetts Mutual Life Insurance Co.
- JPMorgan Chase & Co., which contributed $10 million through its Project Spark initiative supporting diverse fund managers
- Reid Hoffman, LinkedIn Co-Founder
- Sheryl Sandberg, former Meta Platforms Inc. Chief Operating Officer
“She’s a brilliant woman who has incredible experience as an operator and investor,” Jamie Kramer, Chief Investment Officer and Global Head of Multi-Asset Solutions at JPMorgan Asset Management, told Bloomberg.
Navigating a Challenging VC Landscape
Brown-Philpot’s fundraising efforts come amid a challenging investment climate, where funding for diverse founders has been impacted by a shift away from diversity, equity, and inclusion (DEI) initiatives.
Recently, the Fearless Fund—a venture capital firm supporting Black women entrepreneurs—faced legal challenges from Edward Blum’s American Alliance for Equal Rights, leading to the closure of its Strivers Grant program.
Despite these setbacks, Brown-Philpot remains committed to long-term change.
“Administrations come and go,” she told Bloomberg. “I’m building something for the long term.”
