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Cleo Capital is a generalist venture capital fund founded in 2018 by Sarah Kunst. The firm is headquartered in San Francisco, United States, and focuses on early-stage investments, particularly in Delaware C corporations. Cleo Capital has established itself as a notable player in the venture capital space, especially for its commitment to backing startups that demonstrate significant growth potential.
Since its inception, Cleo Capital has launched two funds, with Fund II targeting $20 million, announced in April 2021. The firm primarily invests in pre-seed and seed stages, with check sizes ranging from $100,000 to $1 million. The fund's investment strategy emphasizes software companies, reflecting a strong belief in the transformative power of technology across various sectors.
As a solo GP-led fund, Cleo Capital has attracted considerable interest from limited partners, benefiting from Sarah Kunst's reputation as a credible operator-turned-investor. The firm has a diverse portfolio that spans multiple industries, including fintech, consumer goods, and climate-focused ventures.
Cleo Capital's investment strategy is centered around three key thesis areas: the future of income, complicated consumer needs, and decentralized enterprise. The firm primarily targets Delaware C corporations that are developing software solutions with the potential for substantial growth. This focus allows Cleo Capital to engage with startups that are not only innovative but also capable of scaling rapidly in competitive markets.
The firm invests between $100,000 and $1 million, making it well-suited for early-stage companies seeking initial funding to propel their growth. Cleo Capital is particularly interested in sectors such as SaaS, fintech, consumer products, and climate technology, reflecting a broad yet targeted approach to investment. The firm looks for founders who demonstrate a clear vision and the ability to navigate complex market dynamics, aligning with their thesis on complicated consumer needs.
Cleo Capital has built a diverse portfolio of startups across various sectors, showcasing its generalist investment approach. Notable companies in their portfolio include:
Additionally, Cleo Capital has achieved notable success with its investment in Groq, an AI chip startup that reached a valuation of $6.9 billion as of October 2025. This exit highlights the firm's ability to identify and support high-potential companies in the technology sector.
Sarah Kunst - Founder & General Partner. Sarah Kunst has a notable background in venture capital and entrepreneurship. She is a contributing editor at Marie Claire Magazine and previously served as a senior advisor at Bumble, focusing on their corporate venture capital arm, Bumble Fund. Kunst is also a board member of the Michigan State University Foundation endowment. Her strong personal brand and media presence have established her as a prominent figure in the venture capital community.
To pitch Cleo Capital, founders should visit their website at cleocap.com. The firm prefers direct applications through their online platform. When preparing a pitch deck, it is essential to include a clear overview of the business model, market opportunity, and financial projections. Founders should also highlight their team's expertise and any traction they have achieved to date.
Response times can vary, but founders can generally expect to hear back within a few weeks. Cleo Capital values warm introductions, so leveraging connections within the venture community can enhance the chances of securing a meeting.
As of October 2025, Cleo Capital achieved a notable exit with its investment in Groq, an AI chip startup that reached a valuation of $6.9 billion. This milestone underscores the firm's ability to identify and support high-potential technology companies.
In recent activity, Cleo Capital confirmed a $250,000 pre-seed investment, reflecting their ongoing commitment to backing early-stage startups. The firm remains active in the pre-seed and seed stages, focusing on software companies with multi-billion dollar potential.
What are Cleo Capital's investment criteria?
Cleo Capital primarily invests in early-stage startups, specifically Delaware C corporations that are building software companies. The firm focuses on sectors such as SaaS, fintech, consumer products, and climate technology. They typically invest between $100,000 and $1 million.
How can I pitch to Cleo Capital?
Founders interested in pitching to Cleo Capital should visit their website at cleocap.com. The firm encourages direct applications through their online platform.
What makes Cleo Capital different from other VC firms?
Cleo Capital is recognized as one of the prominent solo GP-led generalist funds in the U.S. venture capital landscape. Sarah Kunst's strong personal brand and experience as a former senior advisor at Bumble contribute to the firm's unique positioning.
What is Cleo Capital's geographic focus?
The firm primarily invests in startups based in the United States, particularly those located in technology hubs like San Francisco.
What is Cleo Capital's post-investment involvement like?
Cleo Capital actively engages with its portfolio companies, providing mentorship and support to help them navigate early-stage challenges. The firm values strong relationships with founders and often participates in board discussions.
What is the typical check size for investments?
Cleo Capital typically invests between $100,000 and $1 million in early-stage startups, allowing them to lead pre-seed and seed rounds effectively.
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