Cherryrock Assets, began by ex-TaskRabbit chief govt officer Stacy Brown-Philpot, announced Wednesday the closing of its $172 million Fund I with an all-star restricted companion itemizing that consists of JPMorgan, Goldman Sachs, MassMutual, Melinda French Gates’ Pivotal Ventures, Reid Hoffman, Mellody Hobson, and Sheryl Sandberg.
Brown-Philpot knowledgeable Bloomberg that the fund actually closed in January.
The corporate launched in 2023 all through what was a tricky period for fundraising within the endeavor market. Due to this, Brown-Philpot claimed it took round 2 years for the corporate to close Fund I, she knowledgeable {the electrical} outlet. Fund I appears for to focus on enterprise on the Assortment A and B phases, with Brown-Philpot conserving in thoughts in her information article that there are couple of firms focused on main later-staged monetary investments for diverse homeowners.
Cherryrock didn’t straight away react to our ask for comment.
The fund’s thesis comes all through a time when selection campaigns, applications, and concentrates are below political and lawful fireplace.
A lot, Cherryrock has really presently backed 2 enterprise: co-leading the Assortment B of the AI agency Coactive AI together with Emerson Collective. Numerous different capitalists consisted of a16z and Bessemer. Cherryrock likewise purchased the Assortment A spherical for the YC well being and wellness agency Vitable, together with Citi Impact Fund and Preliminary Assets.
Brown-Philpot may be very achieved. She previously operated at Alphabet and Google and provides on the board of various enterprise consisting of StockX and HP. She was likewise a beginning participant of the Opportunity Fund, which is Softbank’s $100 million automotive for backing different homeowners.
