Kapor Capital Co-Founders Freada and Mitch Kapor are exiting the venture capital firm they founded more than a decade ago. In a blog post announcing the newsKapor’s says that Uriridiakoghene “Ulili” Onovakpuri and Brian Dixon will be the company’s new managing partners – focused on funding projects with social impact and founders of color.
“As a social impact investment firm with very specific criteria, Kapor Capital is excited to train our next generation of leaders,” said the Kapor family. “We have realized great value from having different perspectives, life experiences and mileage in our partnership. That tradition will live on with Brian and Ulili.”
The shift has been going on for at least a year, when TechCrunch learned that Kapor Capital was raising $125 million – in which it closed $97.5 million per SEC filing. At the time, the fund signaled a change in the way Kapor does business: it was the first investment vehicle funded by outsiders, not just Mitch and Freada Kapor, and it would be led by Dixon and Onovakpuri. co-managing partner.
Now that the fund has closed for the first time, it looks like Dixon and Onovakpuri are officially stepping into their respective roles. Both investors have a long history of making venture capital more inclusive and accessible. For example, Dixon was the first to join Kapor Capital’s summer affiliate program. The fintech and edtech investor then became one of the first and youngest African-American partners at any Silicon Valley venture capital firm, including Kapor Capital, which gives know. Onovakpuri, meanwhile, founded Kapor’s Capital Fellows program and has worked at firms including Village Capital and Fresco Capital.
Both have spent the past year as managing partners on their résumés, but with Kapor’s official withdrawal, investors will have more discretion about taking over the company and raising funds. capital from whom.
Mitch and Freada Kapor said they will continue to support 170 portfolio companies with help and capital. Last year, about 59% of founders at companies in Kapor Capital’s portfolio identified as women and/or underrepresented people.
“We are not retiring but are stepping back with full confidence in both Brian and Ulili and look forward to how they will continue to positively impact the venture capital ecosystem, finding genius in ordinary people. ignored,” the blog post reads. TechCrunch has reached out to Kapor Capital for further comment.