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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 investing in early-stage startups, particularly those structured as Delaware C corporations. Since its inception, Cleo Capital has established itself as a notable player in the venture capital space, particularly for its emphasis on software companies.
The firm has launched two funds to date, with Fund II targeting $20 million, announced in April 2021. Cleo Capital is recognized for its unique approach as a solo GP-led fund, which has attracted significant interest from limited partners. The firm has a strong reputation in the venture community, bolstered by Sarah Kunst's profile as a trailblazing fund manager and her previous experience as a senior advisor at Bumble.
As of now, the status of Fund III remains unclear, and the current assets under management (AUM) have not been publicly confirmed. Cleo Capital continues to actively seek out promising startups that align with its investment thesis.
Cleo Capital primarily invests in early-stage startups, specifically targeting Delaware C corporations that are developing software solutions. The firm typically writes checks ranging from $100,000 to $1 million, focusing on companies with the potential for significant growth. The investment strategy is centered around three main thesis areas: the future of income, complicated consumer needs, and decentralized enterprise.
The 'Future of Income' thesis explores innovative ways in which individuals earn and manage their finances. The 'Complicated Consumer' thesis addresses businesses that cater to complex consumer dynamics, while the 'Decentralized Enterprise' thesis looks at new models of company structure and ownership. Cleo Capital is particularly interested in founders who are building companies with multi-billion dollar potential, reflecting a strong appetite for high-impact investments.
Cleo Capital has built a diverse portfolio of startups across various sectors, including software, fintech, consumer goods, and climate-focused initiatives. Notable companies in their portfolio include:
Additionally, Cleo Capital has achieved a notable exit with Groq, an AI chip startup that reached a valuation of $6.9 billion as of October 2025. This exit underscores the firm's capability to identify and support high-growth potential companies.
Sarah Kunst - Founder & General Partner. Sarah Kunst has a notable background as a contributing editor at Marie Claire Magazine and served as a senior advisor at Bumble, focusing on their corporate venture capital arm. She is also a board member of the Michigan State University Foundation endowment. Kunst is well-profiled in venture media and is recognized for her role as a trailblazing fund manager in the venture capital space.
To pitch to Cleo Capital, founders should visit their website at cleocap.com. The firm prefers pitches that clearly outline the business model, market opportunity, and growth potential. Founders should include relevant data and projections in their pitch decks. While there is no formal application portal mentioned, a well-structured email or submission through the website is recommended. Response times may vary, but founders can expect to hear back within a few weeks.
In recent activity, Cleo Capital confirmed a $250,000 pre-seed investment in a promising startup, as reported by SignalBase. The firm continues to be active in the pre-seed and seed stages, focusing on software companies with multi-billion dollar potential. Additionally, Cleo Capital achieved a notable exit with Groq, an AI chip startup valued at $6.9 billion as of October 2025, highlighting the firm's successful investment strategy.
What are Cleo Capital's investment criteria?
Cleo Capital focuses on early-stage startups, particularly Delaware C corporations that are building software companies. The firm typically invests between $100,000 and $1 million in companies with significant growth potential.
How can I apply or pitch to Cleo Capital?
Founders interested in pitching to Cleo Capital can visit their website at cleocap.com for more information on the application process.
What makes Cleo Capital different from other venture 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 scope?
The firm primarily invests in startups based in the United States, focusing on companies that are developing innovative software solutions.
What is Cleo Capital's post-investment involvement like?
Cleo Capital actively supports its portfolio companies through mentorship and operational guidance, leveraging Sarah Kunst's extensive experience in the industry.
What is the typical check size for investments?
Cleo Capital typically invests between $100,000 and $1 million in early-stage startups, aligning with their focus on significant growth potential.
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