Working Capital Fund, an early-stage venture firm focused on equitable and resilient supply chains that are accountable to workers, raised an initial $31 million for its third fund. The close was anchored by the Omidyar Group, Soros Economic Development Fund, and Minderoo Foundation. SAP and Stardust Equity also joined as new investors.
With the new fund, San Francisco-based Working Capital is expanding its thesis for the AI age, including investing in startups that use AI to empower, rather than displace, workers.
“Technology should strengthen human dignity, not undermine it,” Minderoo Foundation’s John Hartman said. “By backing entrepreneurs developing solutions that lift transparency and empower workers, Working Capital Fund is creating a future where economic growth and human rights go hand-in-hand.”
Future of work
Since 2018, Working Capital has made two-dozen investments in more than 60 countries. The firm has notched three exits to impact-aligned acquirers, including sustainable supply chain software maker SupplyShift, sold in 2024 to Sphera; supply chain risk management company Versed AI, acquired the same year by Exiger; and Ulula, a startup that crowdsources worker feedback and grievances that was bought in 2024 by EcoVadis.
Another portfolio company, Altana, a supply chain mapping provider that provides labor rights intelligence, is valued at more than $1 billion.
“We’ve demonstrated that responsible supply chain solutions are a serious commercial market,” Working Capital’s Ed Marcum told ImpactAlpha. Fund III shows “that impact-oriented venture capital can protect workers facing environmental disruption, and that AI can be used to upskill and empower rather than displace and exploit.”
“It’s a rapidly changing space,”he added, “but the premium on getting that right has never been higher.”
