Ulu Ventures, which claims to be the largest Latina-led VC firm in the US, has closed its fourth fund at $208 million, marking a 50% increase from its $138 million Fund III. This latest fundraise doubles Ulu’s assets under management (AUM) to over $400 million, strengthening its position as a key player in seed-stage investing in Silicon Valley.
This announcement follows reports of Founders Fund’s upcoming $3 billion fund closure in March and Nina Capital’s recent €50 million Fund III closure.
Strong investor support
Ulu Ventures’ Fund IV attracted a diverse range of institutional investors, including foundations, pension funds, fund-of-funds, family offices, corporate investors, and endowments. Notable LPs (Limited Partners) include:
- John D. and Catherine T. MacArthur Foundation
- Ford Foundation
- CalWellness Foundation
- Marguerite Casey Foundation
A Southern California public pension fund is a repeat investor, along with several existing Ulu LPs. Fund-of-funds such as GCM Grosvenor, and Black- and women-led firms like Fairview Capital and Illumen Capital, further expand the investor base.
Family offices are also well represented, including:
- Pivotal Ventures
- Verdis Investments
- Gingerbread Capital
- Hunt Holdings
Additionally, two higher-education endowments, including one from a Boston-based college, participated in the fund. Corporate and financial institutions like Citi Impact Fund, MassMutual’s First Fund Initiative, Motley Fool Ventures, and Mercy Investment Services also contributed.
One-of-its-kind investment approach
Ulu Ventures is led by Miriam Rivera, Clint Korver, Steve Reale, and Maria Salamanca. The team has strong ties to Stanford, Berkeley, and the Silicon Valley ecosystem. Miriam Rivera, a Latina and former Vice President and Deputy General Counsel at Google, brings a data-driven approach to venture capital.
Ulu Ventures is known for focusing on high-growth startups in information technology and internet sectors and the firm backs diverse teams with strong entrepreneurial potential.
“I have never supported numeric goals or so-called quotas, except as a remedy to unlawful discrimination. Ulu is a beacon for the most talented entrepreneurial teams because we reduce bias by applying impartial methods of assessing risk and the same criteria to all people. Evidence-supported and disciplined decision-making methodologies help us identify teams that are inclusive of all races, ethnicities and genders,” said Miriam Rivera, co-founder of Ulu Ventures.
Steve Reale and Maria Salamanca joined Ulu in Funds II and III respectively and were named General Partners in Fund III. “At Ulu, we believe that venture as an asset class is evolving. Our analytical approach helps us identify the best entrepreneurial teams and support companies in outlier industries before they are obvious. It’s an exciting time to be investing,” said Maria Salamanca.
Portfolio highlights
Ulu Ventures has backed some of the most successful startups in recent years, including ten unicorns—companies valued at over $1 billion. These include:
- Guild Education – Workforce education platform partnering with employers to offer education benefits.
- BetterUp – Coaching platform for personal and professional development.
- Figure – Fintech company using blockchain to streamline lending.
- Provenance – Blockchain-based supply chain transparency platform.
- ZUM – Tech-enabled student transportation service.
- Homelight – Real estate technology platform helping buyers and sellers.
- Everlaw – AI-powered litigation and document review platform.
- SoFi – Digital personal finance company (NASDAQ: SOFI).
- Krux – Data management platform acquired by Salesforce.
- Palantir – Data analytics giant, now part of the S&P 500 (NASDAQ: PLTR).
Future outlook
With its growing capital base and strong investor backing, Ulu Ventures is well-positioned to continue identifying and funding high-potential startups. As Ulu Ventures scales its impact, it remains a key force in supporting diverse entrepreneurs and driving the next generation of transformative startups.
“In this era of rapid transformation within the venture capital ecosystem, Ulu’s investment approach emphasises a commitment to consistently delivering exceptional results across a growing portfolio of companies boldly shaping the future,” said JoAnn Price, Co-Founder, Fairview Capital.
“Ulu Ventures continues to go from strength to strength, as evidenced by the impressive growth of their fourth fund. Ulu has built an extraordinary ability to spot and support founders who are often overlooked yet demonstrate a proven track record of success,” said Erin Harkless Moore, Managing Director of Investment, Pivotal Ventures.
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