Ulu’s Fourth Fund Closes at $208 Million

Ulu Ventures has closed its fourth fund with $208 million in capital. With this close, the firm’s total assets under management now exceed $400 million. Ulu’s third fund closed in May 2021 with an above-target $138 million in capital.

Founded in 2008, Ulu Ventures is led by CEO and co-founder Miriam Rivera, along with general partners Clint Korver, Steve Reale, and Maria Salamanca.

Ulu is a seed-stage investor focusing on high-growth information technology and internet companies. The majority of Ulu’s portfolio companies are founded by teams that include women, minorities, underrepresented minorities, and/or immigrant founders.

“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 Ms. Salamanca.

Ulu’s investment portfolio includes ten unicorns, such as Guild Education, BetterUp, Figure, Provenance, ZUM, Homelight, and Everlaw. Notable exits include SoFi, which is publicly traded on NASDAQ, and Palantir, which joined the S&P 500 in October 2024.

Limited partners in Fund IV include twelve foundations, such as the John D. and Catherine T. MacArthur Foundation, Ford Foundation, California Wellness Foundation, and Marguerite Casey Foundation. Other limited partners include fund-of-funds like GCM Grosvenor, as well as Black- and women-led firms such as Fairview Capital and Illumen Capital. Family offices, including Pivotal Ventures, Verdis Investments, Gingerbread Capital, and Hunt Holdings, have also contributed. Additionally, corporate and financial institutions such as Citi Impact Fund, MassMutual through its First Fund Initiative, and venture firm Motley Fool Ventures are part of the limited partner group.

“We remain confident in Ulu Ventures’ ability to access top-tier deal flow and deliver strong returns for investors,” said Jessica Holsey, a managing director at GCM Grosvenor, an investor in two of Ulu’s funds, including Fund IV.

“The caliber of institutional investors supporting Fund IV is exceptional. We are honored that they recognize Ulu’s disciplined, data-driven investment thesis reduces cognitive bias while driving returns,” said Ms. Rivera. “We’ve been funding teams that bring together entrepreneurs with varied backgrounds, expertise, and life experiences for more than 15 years, and they’ve proven to be highly successful.”

“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, the managing director of investment at Pivotal Ventures.

“In this era of rapid transformation within the venture capital ecosystem, Ulu’s investment approach emphasizes a commitment to consistently delivering exceptional results across a growing portfolio of companies boldly shaping the future,” said JoAnn Price, co-founder of Fairview Capital.

Ulu Ventures is headquartered in Palo Alto, California.