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§ Venture Capital · USA
A generalist venture capital firm investing in early-stage software companies with diverse founders in overlooked markets.
Cleo Capital is a generalist early-stage venture capital firm based in Santa Monica, California, that invests in software startups with the potential to become multi-billion dollar enterprises. The firm primarily targets Delaware C corporations operating across diverse technology sectors, including the creator economy, financial technology, consumer products, artificial intelligence, and decentralized enterprise. Operating with $20 million in total funds raised to date, the firm typically writes initial investment checks ranging from $100,000 to $1 million. Across its 21 total investments, the fund has built a portfolio featuring recognizable companies such as Ellevest, Hill House Home, FalconX, and Kobold Metals. The organization specifically focuses on backing diverse founding teams in historically overlooked markets and is currently developing a specialized accelerator program designed for early-stage cybersecurity startups. Cleo Capital was founded in 2018 by Sarah Kunst.
Key people at Cleo Capital.
Cleo Capital is a venture capital firm dedicated to empowering early-stage startups, with a strong emphasis on underrepresented founders—particularly women-led teams. Founded in 2018 by Sarah Kunst, Cleo Capital invests primarily in Delaware C-corps building software-driven companies with the potential to scale into billion-dollar enterprises. The firm’s investment philosophy centers on backing founders at the earliest stages, typically with check sizes ranging from $100,000 to $1 million. Cleo Capital’s core thesis areas include the future of income, complicated consumer markets, and decentralized enterprise, spanning sectors such as fintech, consumer tech, life sciences, and business services.
Cleo Capital has played a significant role in diversifying the startup ecosystem by supporting more than 40 companies and raising over $100 million in capital. Its portfolio includes notable startups like Ellevest, Hill House Home, Falconx, Planet Forward, and Kobold Metals. By focusing on founders who are often overlooked by traditional venture capital, Cleo Capital has helped drive innovation and create long-term value across a range of industries.
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Cleo Capital was founded in 2018 by Sarah Kunst, a seasoned entrepreneur and investor recognized for her leadership in tech and venture capital. Kunst’s background includes roles as a senior advisor at Bumble (where she helped shape their corporate venture arm), board service at the Michigan State University Foundation endowment, and contributions to publications like Marie Claire. Her experience and advocacy for diversity in tech led her to launch Cleo Capital with a mission to support underrepresented founders and disrupt the traditional VC landscape.
Since its inception, Cleo Capital has evolved from a boutique fund into a recognized force in early-stage investing, expanding its network and influence while maintaining its commitment to founder-first support and inclusive growth.
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Cleo Capital is riding the wave of increased demand for diversity and inclusion in venture capital and tech. As the industry grapples with persistent gaps in funding for women and minority founders, Cleo Capital’s model offers a blueprint for how VC can be more equitable and impactful. The firm’s focus on early-stage, software-driven companies positions it at the forefront of innovation in fintech, consumer tech, and decentralized technologies—sectors that are reshaping how people work, earn, and interact.
By championing underrepresented founders and investing in emerging trends, Cleo Capital is helping to shape a more inclusive and dynamic startup ecosystem. Its influence extends beyond capital, as it actively mentors the next generation of investors and entrepreneurs.
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Cleo Capital is poised to continue expanding its impact as the demand for diverse, founder-first venture capital grows. The firm’s unique blend of sector focus, inclusive investing, and operational support positions it to back the next wave of breakout startups. As trends like decentralized finance, remote work, and personalized consumer experiences accelerate, Cleo Capital’s thesis areas will remain highly relevant.
Looking ahead, Cleo Capital is likely to deepen its scout network, broaden its portfolio, and further amplify its voice in shaping a more equitable tech ecosystem. Its journey reflects a broader shift in venture capital—one where diversity, innovation, and long-term value creation go hand in hand. As Dr. Maya Angelou’s quote on Cleo’s site suggests, “Amazing awaits...” and Cleo Capital is helping make it happen.
Key people at Cleo Capital.
Cleo Capital has more than 26 tracked investments across 25 companies. The latest tracked deal is $7.0M Seed in Plug in April 2025.
