The 22 Fund

What The 22 Fund does

The 22 Fund is a Los Angeles-based impact venture capital fund founded around 2017–2018 that deploys growth-stage capital into women- and BIPOC-owned U.S. clean-tech manufacturing companies, with a stated thesis of increasing those companies' international export sales while creating "clean, quality jobs of the future" in low- and moderate-income (LMI) communities. The fund invests through three named structures — Equity, Convertible Notes, and Revenue Share Financing — into growth-stage companies with proprietary technology, commercialized products, defensible market positions, and profitable operating histories, and adds value via export-focused market expansion support. The portfolio currently spans seven disclosed companies across biochemicals (Nature Coatings), EV charging infrastructure (OpConnect), sustainable agriculture inputs (Re-Nuble), single-use-plastic alternatives (Repurpose), natural hair care (Sienna Naturals), and energy (MBI, Powerbase Energy).

The fund is led by Founder and Managing Partner Tracy Gray, supported by a six-person team including Partner Monica Dodi, Partner Rajan Kasetty, CFO Emilie Cortes, Director of Marketing & Communications Vanessa Gray, and Executive Assistant Sara Vaillancourt. Its limited partner base is composed of both financial institutions — MassMutual ($5 million catalytic investment, April 2022), Bank of America, Ally Financial, 4S Bay, BMO, and City National Bank — and mission-aligned foundations — Roy and Patricia Disney Family Foundation, ImpactAssets, the Clio Fund, the Quality Jobs Fund, and the Kresge Foundation — for a reported cumulative fund size of $42 million as of July 2025.

The 22 Fund's go-to-market is relationship-led and application-driven: entrepreneurs submit a structured contact form capturing ownership status, product, revenue, and export profile; the fund then runs an institutional due-diligence process and pairs capital with export-growth support. The fund has formalized its positioning through a first-of-its-kind agreement with the U.S. Department of Commerce's International Trade Administration (June 2023), founder Tracy Gray's appointment to the EXIM Bank Council on Advancing Women in Business (September 2022), and thought-leadership white papers including "Leading with Justice" (February 2022) and "Innovating Impact" (December 2023). Revenue mechanics are characteristic of an emerging fund manager: management fees on committed/deployed capital and carried interest on exits across equity, convertible-note, and revenue-share positions.

Name

The 22 Fund

Legal name

The 22 Fund

Website

https://the22fund.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

The 22 Fund is a Los Angeles-based impact venture capital fund that deploys equity, convertible notes, and revenue-share financing into women- and BIPOC-owned U.S. clean-tech manufacturing companies to grow their international export sales and create jobs in low- and moderate-income communities.

Ownership category

akta.pro rank

Product category

Impact Venture Capital / Growth Capital Fund

NAICS

Portfolio Management and Investment Advice (52394), Other Financial Investment Activities (5239), Other Investment Pools and Funds (5259)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282), Services-Management Consulting Services (8742)

akta.pro primary industry

Renewables & Energy Transition Funds (Solar, Wind, Hydrogen, CCUS) (FSANAEAD)

akta.pro secondary industries

Energy & Power Infrastructure Funds (Generation, Transmission, Storage) (FSANAEAB), Energy & Sustainability / Climate Growth Equity (FSANACAG), Climate / Clean Tech & Decarbonization Funds (FSANAJAA), Gender Lens / Diversity, Equity & Inclusion (DEI) Funds (FSANAJAM)

Keywords

• Impact venture capital
• Growth capital investing
• Clean-tech manufacturing
• Minority-owned business funding
• Export-focused investment

Headquarters

HQ city

Los Angeles

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Investment Returns from Equity, Convertible Notes, and Revenue Share Financing: The fund generates returns by deploying capital into growth-stage, women- and BIPOC-owned U.S. clean-tech manufacturing companies via three structures: Equity, Convertible Notes, and Revenue Share Financing. Returns are realized through eventual exits (acquisitions, secondaries, or IPOs) on equity and convertible-note positions, and through ongoing revenue-share cash flows on revenue-share positions. The fund targets companies with profitable operating histories and defensible market positions, and pairs capital with an export-growth thesis aimed at increasing international sales.

Go-to-market motion3 records

Core offering

The 22 Fund deploys growth capital into women- and BIPOC-owned U.S. clean-tech manufacturing companies through three investment structures — Equity, Convertible Notes, and Revenue Share Financing — paired with an export-growth thesis aimed at increasing international sales and creating clean, quality jobs in U.S. low- and moderate-income communities. The fund's portfolio includes Repurpose, Re-Nuble, Sienna Naturals, OpConnect, Nature Coatings, MBI, and Powerbase Energy. Beyond direct investment, the firm convenes LPs and founders via Annual General Meetings, "The 22 Day" webinars, and publishes thought-leadership content through its Perspectives newsletter and white papers.

Product overview

The 22 Fund is a U.S.-based venture/private equity investment fund (not a software platform) whose core offering is capital deployment into growth-stage, women- and BIPOC-owned clean-tech manufacturing and exporting companies. Its capital is delivered through three named investment models — Equity, Convertible Notes, and Revenue Share Financing — which together form the unified product the fund offers to portfolio companies. Beyond direct investment, The 22 Fund also produces thought-leadership content via its Perspectives newsletter, including the "Innovating Impact" white paper (December 2023) and the "Leading with Justice" white paper (February 2022), which articulate the firm's holistic-investing thesis. Its portfolio — referenced on the homepage — includes Repurpose, Re-Nuble, Sienna Naturals, OpConnect, Nature Coatings, MBI, and Powerbase Energy. The 22 Fund's investors/partners (BMO, City National Bank, MassMutual, Bank of America, Ally Financial, 4S Bay, Quality Jobs Fund, Kresge Foundation, Roy and Patricia Disney Family Foundation, ImpactAssets, and the Clio Fund) are LPs in the fund rather than product integrations.

Differentiator

Problem solved

Functional benefit

Brands

• The 22's Perspectives: Investor newsletter publication produced by The 22 Fund, including annual general meeting proceedings and white papers.

Products and services

• Equity Investments Equity capital deployed into growth-stage, women- and BIPOC-owned U.S. clean-tech manufacturing and exporting companies. Forms the core of The 22 Fund's investment activity.
• Convertible Notes Convertible note financing provided to portfolio companies, used alongside equity as a flexible capital instrument for growth-stage manufacturers.
• Revenue Share Financing Revenue-based financing structure offered to portfolio companies, providing capital repaid as a share of company revenues — particularly suited to clean-tech manufacturers.

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Recent moves6 records

Expansion highlights5 records

Direct peers

• Female Founders Fund: Seed-stage VC investing in women-led companies — overlapping in the women-founder mandate, though tilted toward tech/software rather than manufacturing.
• SJF Ventures: Impact VC/PE investing in U.S. clean-tech, resource-efficient, and mission-driven growth-stage companies — overlapping in clean-tech manufacturing thesis and growth-stage ticket size.
• Backstage Capital: VC fund focused on startups led by underrepresented founders (women, people of color, LGBTQ+) — shares the DEI thesis and pre-seed/seed focus, though not clean-tech-specific.
• BBG Ventures: Early-stage VC fund backing founders from underrepresented backgrounds, including women and people of color — comparable DEI mandate at an earlier-stage ticket.
• New Majority Capital: Private equity firm focused on U.S. businesses majority-owned by Black, Latinx, and other underrepresented founders — closely aligned with The 22's DEI-led ownership mandate.
• Closed Loop Partners: Private equity firm investing in circular economy and U.S. manufacturing with an explicit focus on sustainability and community impact — directly comparable in mission and stage, though with a broader (not exclusively DEI-led) founder base.
• VU Venture Partners: Global VC firm investing in companies led by women, people of color, and LGBTQ+ founders — directly comparable on DEI-led thesis with multi-stage deployment.
• Kachuwa Impact Fund: Impact fund manager building a diverse asset-management platform — shares the diverse first-time fund manager focus that MassMutual and ImpactAssets are explicitly backing.

Emerging players

• HBCUvc: Nonprofit VC training and deploying capital from HBCU-affiliated diverse talent — comparable in mission to back diverse emerging managers, but operating at a smaller scale and more ecosystem-building orientation.
• Clean Energy Ventures: Seed-stage climate-tech VC investing in clean-energy and decarbonization technologies — overlapping on the clean-tech thesis, though without The 22's DEI and manufacturing-export focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/the-22-fund

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries7 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The 22 Fund