Latina-Led Ulu Ventures Raises $208M For Fourth Fund, Remains Committed To Inclusion

Ulu Ventures, reportedly the largest Latina-led fund in the US, has raised $208 million for its fourth fund. The fund supports seed-stage tech startups in the US using an inclusive, data-based approach that seeks to limit cognitive bias without shutting out any demographic group.

This strategy has led to a more diverse portfolio than traditional venture investments. “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,” CEO, Co-founder, and Managing Director Miriam Rivera said in a press release.

Supporting tech startups from diverse backgrounds

Miriam Rivera, born in New York to Puerto Rican parents, told NBC that she learned English by watching Sesame Street—and now serves on its board. After earning a JD-MBA from Stanford, she joined Google, rising to deputy general counsel before leaving in 2006. In 2008, she co-founded Ulu Ventures with her husband, Clint Korver, a serial entrepreneur with a PhD in engineering economic systems.

Ulu’s success lies in its inclusive, data-driven approach. Rivera said, “We looked particularly for teams that had diverse members because there’s a lot of data that showed in public companies, diverse board members could actually generate greater profitability, and that’s what has turned out over the last 15 years to also be true of startup companies.”

“If you are going to be standing strong on DEI today, you have to be incredibly buttoned-up,” Maria Salamanca, a partner at Ulu, told the Wall Street Journal, referencing the firm’s data-driven investment approach amid rising anti-DEI backlash.

Ulu has backed nearly 250 startups, including ten unicorns. Among its portfolio companies, 80% have founders who are immigrants, women, or ethnic minorities. That being said, 80% also have white co-founders, and 38% have female co-founders.

Ulu Ventures’ fourth fund

Ulu closed its fourth fund in October after exceeding the amount of its third fund by nearly 50%. The firm now has over $400 million under supervision and maintains that its new fund, led by a Latina woman, is the biggest in the US venture sphere.

Twelve foundations, such as the John D. and Catherine T. MacArthur Foundation, the Ford Foundation, the California Wellness Foundation, and the Marguerite Casey Foundation, supported the fund. Melinda French Gates family office Pivotal Ventures, university endowments, and corporate sponsors backed the fund and fund-of-funds like GCM Grosvenor, Verdis Investment Management, Fairview Capital, and Illumen Capital.

Image: Ulu Ventures