Cherryrock Capital, a venture capital firm founded by former TaskRabbit CEO Stacy Brown-Philpot, has announced the closing of its inaugural fund, Fund I, with a total value of $172 million. The fund's impressive list of limited partners includes JPMorgan, Goldman Sachs, MassMutual, Melinda French Gates' Pivotal Ventures, Reid Hoffman, Mellody Hobson, and Sheryl Sandberg.

In an interview with Bloomberg, Brown-Philpot revealed that the fund actually closed in January, marking the culmination of a two-year fundraising effort that began in 2023, a challenging period for venture capital fundraising. Despite the difficulties, Cherryrock's successful close is a testament to the firm's vision and the confidence of its high-profile backers.

Cherryrock Capital's Fund I is focused on investing in companies at the Series A and B stages, with a particular emphasis on supporting diverse founders. Brown-Philpot has noted that there are few firms leading later-staged investments for underrepresented founders, highlighting the need for more targeted support in this area.

The fund's thesis is particularly noteworthy given the current political and legal climate, which has seen diversity initiatives and programs come under fire. Despite these challenges, Cherryrock Capital remains committed to its mission of promoting greater diversity and inclusion in the venture capital industry.

Cherryrock has already made its mark with two significant investments. The firm co-led the Series B round of AI company Coactive AI alongside Emerson Collective, with other investors including a16z and Bessemer. Additionally, Cherryrock invested in the Series A round of YC health company Vitable, alongside Citi Impact Fund and First Round Capital.

Brown-Philpot's impressive track record and experience make her a highly respected figure in the venture capital industry. Prior to founding Cherryrock Capital, she worked at Alphabet and Google, and serves on the boards of several companies, including StockX and HP. She was also a founding member of the Opportunity Fund, Softbank's $100 million vehicle for backing diverse founders.

The successful close of Fund I marks an important milestone for Cherryrock Capital, and its impact is likely to be felt across the venture capital industry. As the firm continues to invest in and support diverse founders, it is poised to play a significant role in shaping the future of entrepreneurship and innovation.