Ulu Ventures raises $138 million to invest in diverse early-stage founders

ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, May 18 — Palo Alto, Calif.-based Ulu Ventures has raised $138 million for its third fund to invest in startups led by women, minorities, immigrants and other underrepresented founders.

Investors in the venture fund include the University of Rochester and Grinnell College, Twitter, Motley Fool Ventures, MacArthur Foundation, Illumen Capital, Bank of America and Goldman Sachs.

“Our investment in Ulu furthers our shared goal to increase access to capital and facilitate connections for women, Black, Latinx and other diverse entrepreneurs,” said Suzanne Gauron, head of Goldman Sachs’ Launch with GS (see, “Goldman Sachs commits $500 million to women-led businesses).

Ahead of the curve

Ulu’s three funds have invested in 160 companies to date. The portfolio of the Silicon Valley venture firm includes Guild Education, which helps wage workers pay for higher education (see, “Reskilling frontline workers, Guild Education becomes a B Corp unicorn”) and electric bus maker Proterra.