Cherryrock Capital has raised $172 million to support diverse founders.

The venture capital firm, founded in 2023 by Stacy Brown-Philpot (Managing Partner) — head of Alphabet Inc.’s online sales and operations in India and board member at HP Inc., StockX, and Noom Inc. — provides Series A and B funding to underrepresented founders of software companies driving innovation, according to its website.

The VC firm, backed by a team with over 60 years of operating experience, has closed its first fund at $172 million, Bloomberg reports.

“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…Cherryrock Capital is about being the foundation of success for the next generation of entrepreneurs…We’re on a mission to change the face of wealth creation and build an enduring institution. 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,” Stacy Brown-Philpot, the former CEO of TaskRabbit, said on LinkedIn.

Investors in the raise include Goldman Sachs Group Inc., Massachusetts Mutual Life Insurance Co., LinkedIn Co-Founder Reid Hoffman, former Meta Platforms Inc. Chief Operating Officer Sheryl Sandberg, and JPMorgan Chase & Co., which committed $10 million through its Project Spark initiative, which caters to supporting diverse rising managers.

“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.

The round, which took Brown-Philpot longer to close, comes at a time when investment in diverse founders is being hindered by a shift away from prioritizing diversity, equity, and inclusion goals and initiatives.

This prompted a lawsuit against Fearless Fund by Edward Blum’s American Alliance for Equal Rights, leading to the closure of the Strivers Grant program, which previously provided $20,000 in funding to Black-woman-owned businesses, s AFROTECH™ previously reported.

“Administrations come and go,” Brown-Philpot told Bloomberg. “I’m building something for the long term.”