Cleo Capital

Cleo Capital is a venture capital company that focuses on making investments in early-stage and expanding start-up businesses.

ActiveVenture Capital

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Updated: Feb 17, 2026 ·

Financial History

Total Raised

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Valuation

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Investments Made

Date	Company	Round	Lead Investor(s)	Co-Investor(s)
Jan 1, 2025	Render	$80.0M Series C	—	01 Advisors, 24Haymarket, A Capital, Accel, Addition, AI4ALL, Andreessen Horowitz, Bessemer Venture Partners, Coatue, DST Global, Felicis Ventures, Flex Capital, Founders Fund, General Catalyst, Greycroft, Jigsaw VC, Lightspeed India Partners, MZ, Shailendra Singh, Preston-Werner Ventures, Shield Capital, South Park Commons, Todd and Rahul's Angel Fund, Trajectory Ventures, Vera Equity, Y Combinator, Allison Pickens (Allison Pickens Ventures), Augusto Marietti, Ben Tossell, Christopher Golda, Kevin Weil, Marc Benioff, Marissa Mayer, Scott Belsky, Stacy Brown-Philpot, William Hockey
Jul 1, 2024	ReciMe	$1.0M Seed	—	01 Advisors, BDC Venture Capital, DST Global, Founders Fund, FTX Ventures, iNovia Capital, Lightbank, Penny Jar Capital, Marc Benioff, Mike Lee, Neha Narkhede, Peter Kern
Mar 1, 2024	Harness Wealth	$17.0M Series A	—	01 Advisors, DST Global, Founders Fund, Marissa Mayer
Feb 1, 2024	Clarity	$16.0M Seed	—	Angular Ventures, Bessemer Venture Partners, Blu Venture Investors, Breakthrough Energy Ventures, Buckhill Capital, Cyberstarts VC, Dellin Investments, Felicis Ventures, Fifth Wall, Fusion VC, Innovation Endeavors, INT3, ManchesterStory Group, Pareto Holdings, Recursive Ventures, True Global Ventures, Walden Catalyst Ventures, YL Ventures, Bradley Horowitz, George Kurtz, Mark Cuban, Nitay Joffe, Oliver Friedrichs, Yair Weinberger
Sep 1, 2023	Hodl AI	$1.0M Seed	—	Astia, Broadway Angels, Contour Venture Partners, Hustle Fund, Innovation Endeavors, Inspired Capital, Rethink Impact, SciFi VC, The Perkins Fund, Ulu Ventures, Ann Berry, Fanny Surjana, Venus Williams
Sep 1, 2023	Mill	$70.0M Series C	—	Breakthrough Energy Ventures, Buckhill Capital, CRV, Fifth Wall, Initialized Capital, Jude Gomila Rolling Fund, Kindred Ventures, Sequoia Capital, Y Combinator, Ameet Patel, Amit Agarwal, Bradley Horowitz, Guy Podjarny
Jun 1, 2023	Collectibles.com	$5.0M Seed	—	01 Advisors, Blockchange Ventures, DST Global, Earlybird Venture Capital, Founders Fund, La Famiglia, Multicoin Capital, Marc Benioff, Marissa Mayer
May 1, 2023	HiNOTE	$2.0M Seed	—	01 Advisors, 10100, 2048 Ventures, 7percent Ventures, 8VC, AME Cloud Ventures, Andreessen Horowitz, Anorak Ventures, Bain Capital Ventures, Bam Ventures, Better Tomorrow Ventures, Blackbird Ventures Australia, BoxGroup, Breakthrough Energy Ventures, Buckhill Capital, Bullpen Capital, Conversion Capital, Cupule Ventures, Daffy, Kevin Ding, DST Global, Endure Capital, Felicis Ventures, Fifth Wall, First Round Capital, FJ Labs, Forum Ventures, Foundation Capital, Founders Fund, FPV Fund, General Catalyst, Gutter Capital, Hardware Club, JetBlue Technology Ventures, Long Journey Ventures, NKM Capital, Primitive Ventures, QED Investors, Quiet Capital, Ravelin Capital, Saga, Seven Seven Six, Sherpalo Ventures, Sound Ventures, Henry Fertik, Susa Ventures, The Hit Forge, The House Fund, Village Global, Winklevoss Capital, Y Combinator, Bradley Horowitz, Gianni Martire, Joshua Reeves, Lily Sarafan, Marc Benioff, Mikhail Seregine, Rashaun Williams, Russell Cook, Scott Banister, Scott Belsky, Shane Neman, Steve Chen, Zak Kukoff
Oct 1, 2022	Ciro	$4.0M Seed	—	500 Global, Craft Ventures, CRV, Curious Capital, Jenny Fielding, Scott Hartley, Founders Fund, Point Nine Capital, sequel, Sinai Ventures, SV Angel, UpHonest Capital, Vine Ventures LP, Weekend Fund, Y Combinator, Brendan O'Driscoll, Daniel Graf, Ed Baker, Eric Wu, Ron Pragides, Tom Blomfield
Aug 1, 2022	Vori	$10.0M Series A	—	500 Global, Curious Capital, Electric Capital, Jenny Fielding, Scott Hartley, Founders Fund, Greylock, Lightspeed Venture Partners, Point Nine Capital, sequel, Sequoia Capital, Sinai Ventures, SV Angel, UpHonest Capital, Vine Ventures LP, Weekend Fund, Brendan O'Driscoll, Daniel Graf, Ed Baker, Eric Wu, Scott Belsky
Jul 1, 2022	Sortera Technologies	$10.0M Series B	—	Breakthrough Energy Ventures, Buckhill Capital, Fifth Wall, Bradley Horowitz
May 1, 2022	HowGood	$13.0M Series B	—	Astia, BoxGroup, Broadway Angels, Contour Venture Partners, FirstMark Capital, First Round Capital, General Catalyst, Hustle Fund, Innovation Endeavors, Inspired Capital, Montauk Ventures, Rethink Impact, SciFi VC, Seven Seven Six, SignalFire, Sinai Ventures, Marco DeMeireles, The Perkins Fund, Torch Capital, Tusk Venture Partners, Ulu Ventures, Vine Ventures LP, Y Combinator, Ann Berry, Fanny Surjana, Karim Atiyeh, Scott Belsky, Venus Williams
May 1, 2022	Rinsed	$12.0M Series A	—	500 Global, Curious Capital, Jenny Fielding, Scott Hartley, Founders Fund, Point Nine Capital, sequel, Sinai Ventures, SV Angel, UpHonest Capital, Vine Ventures LP, Weekend Fund, Brendan O'Driscoll, Daniel Graf, Ed Baker, Eric Wu, Ron Pragides
Apr 1, 2022	Ellevest	$53.0M Series B	—	Amity Ventures, Astia, TJ Nahigian, Broadway Angels, Canvas Ventures, Contour Venture Partners, Cultiv8 Funds Management, Flucas Ventures, Greylock, Hustle Fund, Innovation Endeavors, Inspired Capital, Olima Ventures, Pareto Holdings, Piva Capital, Rethink Impact, SciFi VC, SparkLabs Group, The Perkins Fund, Ulu Ventures, Ann Berry, Fanny Surjana, Jake Zeller, Jen Rubio Butterfield, Jonathan Swanson, Michael Stoppelman, Ryan Tedder, Stewart Butterfield, Venus Williams
Jan 1, 2022	Landscape	$1.0M Seed	—	500 Global, Curious Capital, Jenny Fielding, Scott Hartley, Founders Fund, Point Nine Capital, sequel, Sinai Ventures, SV Angel, UpHonest Capital, Vine Ventures LP, Weekend Fund, Brendan O'Driscoll, Daniel Graf, Ed Baker, Eric Wu, Ron Pragides
Nov 1, 2021	Sortera Technologies	$10.0M Series A	—	Breakthrough Energy Ventures, Buckhill Capital, Fifth Wall, Bradley Horowitz
Sep 1, 2021	Yavin	$1.0M Seed	—	500 Global, Acequia Capital, Curious Capital, Jenny Fielding, Scott Hartley, Founders Fund, Kima Ventures, OpenCapital.vc, Point Nine Capital, #SecretFund, sequel, Sinai Ventures, Stride VC, SV Angel, UpHonest Capital, Vine Ventures LP, Weekend Fund, Adrien Miniatti, Amirhossein Malekzadeh, Andrew Nutter, Antoine Martin, Brendan O'Driscoll, Daniel Graf, Ed Baker, Eric Wu, Guillaume Luccisano, Jean-David Blanc, Jérôme Le Feuvre, Niklas Jansen, Ron Pragides
Aug 1, 2021	Flat.mx	$20.0M Series A	—	500 Startups, 500 Global, 50 Partners, 9Yards Capital, Anthemis Group, Curious Capital, eFounders, Jenny Fielding, Scott Hartley, Founders Fund, HV Capital, Inspiration VC, Iterative, P101, Picus Capital, Point Nine Capital, Rumbo Ventures, sequel, Sinai Ventures, Speedy Packets Inc., SV Angel, UpHonest Capital, Vine Ventures LP, Vorwerk Ventures, Weekend Fund, Alex Rigopulos, Blake Van Leer, Brendan O'Driscoll, Daniel Graf, Didier Valet, Ed Baker, Giorgio Riccò, Guillaume Lestrade, Maximilian Tayenthal, Raffael Johnen, Richard Melmon, Robert Lopez, Ron Pragides, Thibaud Elziere
Jul 1, 2021	Collectibles.com	$500K Seed	—	01 Advisors, DST Global, Founders Fund, Marc Benioff, Marissa Mayer
Jun 1, 2021	Harness Wealth	$15.0M Series A	—	01 Advisors, American Family Ventures, Bain Capital Ventures, Distributed Ventures, Drive Capital, DST Global, Founders Fund, Lux Capital, Sinai Ventures, Marco DeMeireles, Vine Ventures LP, Marc Benioff, Marissa Mayer, Umang Dua
May 1, 2021	AtoB	$25.0M Series A	—	1984 Ventures, Acequia Capital, Addition, Album VC, Aleph VC, Alt Capital, Andreessen Horowitz, Astia, Awesome Ventures, Broadway Angels, Contour Venture Partners, Contrary Capital, CRV, Earl Grey Capital, Emergence Capital, Fifth Wall, Founders Fund, General Catalyst, Greylock, GSV Acceleration, Hustle Fund, Innovation Endeavors, Insight Partners, Inspired Capital, Jetstream, Kleiner Perkins, Koch Fund, LAUNCH, LGF, M13, Maven Ventures, Moving Capital, Hans Tung, Not Boring Capital, Owl Ventures, Pioneer Fund, Redpoint Ventures, Resolute Ventures, Rethink Impact, Revolution, Saga, SciFi VC, Sequoia Capital, SNR, Sound Ventures, Team8, The Hit Forge, The Perkins Fund, Ulu Ventures, Version One Ventures, Vibe Capital, Vouch Insurance, Aaron Levie, Adam Gross, Akshay Kothari, Ann Berry, Balaji Srinivasan, Bill Tai, Curtis Chambers, Efi Cohen, Fanny Surjana, Gokul Rajaram, Grant Miller, Immad Akhund, Jason Gardner, Kevin Stumpf, Louis Beryl, Marc Benioff, Max Mullen, Oleg Rogynskyy, Parker Conrad, Ryan Chan, Ryan Rzepecki, Sam Altman, Scott Belsky, Tom McInerney, Venus Williams
Feb 1, 2021	HowGood	$6.0M Series A	—	Astia, BoxGroup, Broadway Angels, Contour Venture Partners, FirstMark Capital, First Round Capital, General Catalyst, Hustle Fund, Innovation Endeavors, Inspired Capital, Montauk Ventures, Rethink Impact, SciFi VC, Seven Seven Six, SignalFire, Sinai Ventures, Marco DeMeireles, The Perkins Fund, Torch Capital, Tusk Venture Partners, Ulu Ventures, Vine Ventures LP, Y Combinator, Ann Berry, Fanny Surjana, Karim Atiyeh, Scott Belsky, Venus Williams
Jan 1, 2021	Darwin Homes	$15.0M Series A	—	Abstract Ventures, Kevin Hartz, AirAngels, Alt Capital, Alumni Ventures, Amity Ventures, Banana Capital, TJ Nahigian, Camber Creek, Canvas Ventures, Earl Grey Capital, Founders Fund, Jude Gomila Rolling Fund, Kearny Jackson, Menlo Ventures, Meritech Capital Partners, Mischief Venture Capital, Offline Ventures, Olima Ventures, Pioneer Fund, Piva Capital, Revolution, Stripe, TQ Ventures, YLEM, Dan Wright, David Petersen, Eric Ries, Frederic Kerrest, Gordon Wintrob, Jake Zeller, Jeremy Cai, Jonathan Swanson, Jon Runyan, Mathilde Collin, Max Mullen, Michael Stoppelman, Paul Rios, Ryan Carlson, Ryan Chan, Scott Belsky, Siqi Chen, Zack Kanter
Jan 1, 2021	Infinite Objects	$480K Seed	—	500 Global, Curious Capital, Jenny Fielding, Scott Hartley, Founders Fund, Point Nine Capital, sequel, Sinai Ventures, SV Angel, UpHonest Capital, Vine Ventures LP, Weekend Fund, Brendan O'Driscoll, Daniel Graf, Ed Baker, Eric Wu, Ron Pragides
Dec 1, 2020	Vincent	$2.0M Seed	—	Accomplice VC, Background Capital, FundersClub, Gradient Ventures, Jude Gomila Rolling Fund, MZ, Plug & Play Ventures, Soma Capital, The Hit Forge, WorkLife Ventures, Immad Akhund, Jeff Chang, Max Mullen

Financial History

Total Raised

N/A

Valuation

N/A

Leadership Team

Key people at Cleo Capital.

Leadership Team

Key people at Cleo Capital.

Deep Dive

High-Level Overview

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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Origin Story

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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Core Differentiators

Founder-Centric Approach: Cleo Capital prioritizes early-stage founders, especially women and underrepresented groups, providing not just capital but also strategic guidance and mentorship.
Thesis-Driven Investing: Focuses on three key areas: future of income, complicated consumer, and decentralized enterprise, allowing for deep sector expertise and targeted support.
Scout Network: Launched a $3.5 million scout fund to empower female investors to source and lead deals, fostering a more diverse pipeline of talent and opportunities.
Operating Support: Offers hands-on advice and long-term value creation for portfolio companies, helping them navigate growth challenges and scale effectively.
Track Record: Backed over 40 startups and raised more than $100 million, with a portfolio that includes high-growth companies across fintech, consumer, and enterprise sectors.

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Role in the Broader Tech Landscape

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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Quick Take & Future Outlook

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.

Sources

High-Level Overview

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Origin Story

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Core Differentiators

Founder-Centric Approach: Cleo Capital prioritizes early-stage founders, especially women and underrepresented groups, providing not just capital but also strategic guidance and mentorship.
Thesis-Driven Investing: Focuses on three key areas: future of income, complicated consumer, and decentralized enterprise, allowing for deep sector expertise and targeted support.
Scout Network: Launched a $3.5 million scout fund to empower female investors to source and lead deals, fostering a more diverse pipeline of talent and opportunities.
Operating Support: Offers hands-on advice and long-term value creation for portfolio companies, helping them navigate growth challenges and scale effectively.
Track Record: Backed over 40 startups and raised more than $100 million, with a portfolio that includes high-growth companies across fintech, consumer, and enterprise sectors.

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Role in the Broader Tech Landscape

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