Cherryrock Capital has already made significant investments, backing companies like Vitable Inc., which received $7 million, and Coactive Systems Inc., which secured $10 million.

The fund was established during a challenging venture capital landscape, taking nearly two years to finalize due to a general decline in investment focus on diversity, equity, and inclusion initiatives.

As the Managing Partner, Brown-Philpot emphasizes the firm’s commitment to supporting diverse entrepreneurs through Series A and B funding, particularly in sectors like digital health, fintech, and enterprise SaaS.

Spring Point, a social investment firm, initially supported Cherryrock's fundraising efforts, believing in Brown-Philpot's ability to attract deals for founders.

Key limited partners include major firms like Goldman Sachs Asset Management and JP Morgan Asset Management, alongside individual investors such as Mellody Hobson and Sheryl Sandberg, making this one of the largest debut funds led by Black women.

Brown-Philpot remains committed to building a long-term institution that supports diverse entrepreneurs, despite recent political changes that have impacted DEI efforts.

The fund targets companies with early product market fit and potential for substantial revenue growth, specifically those led by diverse entrepreneurs.

Cherryrock Capital, founded by former TaskRabbit CEO Stacy Brown-Philpot, has successfully closed its inaugural fund at $172 million, attracting notable investors such as JPMorgan, Goldman Sachs, and Melinda French Gates’ Pivotal Ventures.

Brown-Philpot brings a wealth of experience from her previous roles at Alphabet and Google, as well as her involvement on various corporate boards.

The firm aims to address the trend of founders being over-mentored yet underfunded by providing both mentorship and capital.

JPMorgan invested $10 million in Cherryrock through its Project Spark initiative, which aims to support diverse fund managers, while Goldman Sachs also contributed through its asset management unit.

The fund's launch comes at a time when diversity initiatives face political and legal scrutiny, making Cherryrock's mission even more significant.