The Artemis Fund, a venture capital institution, has successfully closed its second fund, accruing an impressive $36 million in pledges. Their objective is to support underrepresented founders, such as women, immigrants, along with Black and Latinx entrepreneurs.
Founded by Stephanie Campbell, Diana Murakhovskaya, and Leslie Goldman Tepper, the Artemis Fund operates from both Houston and New York. Their portfolio comprises more than 20 diversified companies, majority of which are led by individuals from marginalized communities.
Major institutions including Bank of America, Amazon, and TIAA Nuveen’s Churchill Asset Management back Artemis’ unique strategy of managing investment cycles for underrepresented founders. This strategy provides added support like access to co-investors and guidance in maintaining financial discipline.
Despite the Fund’s efforts, there is still a stark disparity within the venture capital space. Statistics indicate that Black founders received only 0.48% of all venture capital in 2021; similarly, female founders received a mere 2% of total funds over the past two years. This trend points towards systemic bias and lack of representation, both of which hinder adequate funding for these entrepreneurs.
The Artemis Fund made its first investment of $15 million in 2019. Founders indicate a promising performance despite no exits yet. The second fund is set to invest in approximately 20 new ventures.
The Artemis Fund is focused on addressing economic issues often neglected by traditional venture capitalists, particularly those impacting large population cohorts within the care sector. In addition to sectors like elderly care, special needs education, and mental health, the fund prioritizes diversity in entrepreneurship, stimulating growth for startups led by diverse individuals.
The Artemis Fund strives to achieve economic success while advocating for a more inclusive and equitable economy. Identifying and investing in untapped markets, Artemis Fund exemplifies how addressing economic challenges dismissed by typical venture capital can indeed instigate progressive changes in the industry.
