Co-founders of Kapor Capital Frida and Mitch Kapor are abandoning a venture capital firm they founded over a decade ago. In a blog post announcing the newsKapor says Uriridiakogene “Ulili” Onowakpuri and Brian Dixon will be new managing partners at the firm, which focuses on funding social impact ventures and founders of color.
“As a social investment company with very specific criteria, Kapor Capital is excited to nurture the next generation of our leaders,” said the Kapor family. “We realized the enormous value of different perspectives, life experiences and distance traveled in our partnership. This tradition will continue with Brian and Ullili.”
The shift had been in the works for at least a year when TechCrunch learned that Kapor Capital was raising a $125 million fund. of which it has already closed $97.5 million. according to SEC documents. At the time, the fund signaled a change in the way Kapor did business: it was the first investment vehicle funded by outsiders other than Mitch and Freada Kapor, and was led by Dixon and Onowakpuri as co-managing partners.
Now that the foundation has closed for the first time, it looks like Dixon and Onowakpuri are more formally stepping into their roles. Both investors have a long history of creating more inclusive and accessible venture capital. Dixon, for example, was the first member of Kapor Capital’s summer affiliate program. The fintech and education technology investor has become one of the first and youngest African-American partners in any Silicon Valley venture capital firm, including Kapor Capital, the firm said in a statement. Meanwhile, Onowakpuri founded the Kapor Capital Fellows program and worked for firms such as Village Capital and Fresco Capital.
Both spent the past year with a managing partner role on their resumes, but with Kapor’s formal departure, investors will have more leeway as to where to take the firm and who to raise funds from.
Mitch and Frida Kapor say they will continue to support 170 portfolio companies with help and capital. Last year, about 59% of the founders of Kapor Capital portfolio companies identified as women and/or underrepresented persons of color.
“We are not retiring, but we have full confidence in Brian and Ulili and look forward to seeing them continue to positively impact the venture capital ecosystem by finding genius in those who are often overlooked,” the blog post reads. TechCrunch has reached out to Kapor Capital for additional comment.
Credit: techcrunch.com /