Working Capital

What Working Capital does

Working Capital Fund (WCF) is an early-stage venture capital firm founded in 2016 and formally launched in 2017, headquartered in Washington, D.C., with an additional office in Redwood City, California. The firm invests exclusively in technology startups that address labor rights, forced labor, and supply chain accountability—positioning itself as a category-defining "Venture Capital for Equitable Supply Chains" fund. WCF's investment thesis spans AI/machine learning, blockchain, computer vision, health-tech wearables, and fintech tools applied to supply chain use cases, with portfolio companies collectively illuminating 425 million supply chain entities and reaching 1.9 million workers through engagement tools in 2023.

WCF's portfolio includes 24+ companies across Funds I and II, with notable investments in Altana (AI supply chain mapping, valued at $1B), Prewave (supplier risk prediction), Twinco Capital (supply chain finance), Ulula (worker voice, acquired by EcoVadis), SupplyShift (acquired by Sphera), Versed.ai (acquired by Exiger), Diginex, Provenance, Minu, CompScience, and newer positions in Elm AI, Glacier, Lilo, Radical AI, SiTration, and TRACT. The fund's business model follows the standard VC construct: 2% management fees on committed capital and 20% carried interest on profits, with capital sourced from a concentrated LP base of philanthropic foundations, family offices, and corporate strategic investors (Apple, Disney, Walmart Foundation, SAP, Zalando, Minderoo Foundation, Laudes Foundation, Omidyar Group, Soros Economic Development Fund, Open Society Foundations, CIFF, and others). In June 2026, WCF announced the first close of Fund III at approximately $31 million against a $100 million target, anchoring the next phase of AUM growth and thesis expansion into climate adaptation for supply chain workers and AI-enabled human rights due diligence.

Name

Working Capital

Legal name

Working Capital Fund

Website

https://workingcapitalfund.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

1–10 employees

Short description

Working Capital Fund is an early-stage venture capital firm investing in technology startups that address labor rights, forced labor, and supply chain accountability across AI, blockchain, computer vision, and fintech.

Ownership category

akta.pro rank

Product category

Venture Capital Fund Management

NAICS

Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Late-Stage Venture Capital (Series C+) (FSANAAAC)

akta.pro secondary industry

Impact Investment & Development Investment Funds (BPADACAO)

Keywords

• Venture capital fund
• Supply chain technology
• Impact investing
• Ethical supply chains
• Worker rights technology

Headquarters

HQ city

Redwood City

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Venture Capital Fund Management: Working Capital Fund generates returns through equity investments in early-stage startups. The fund manages venture capital funds (Fund I, Fund II, Fund III) and earns returns through portfolio company exits, dividends, and appreciation in portfolio company valuations. As an impact-focused VC, the fund also tracks impact metrics alongside financial returns.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Working Capital Fund is an early-stage venture capital firm that invests in technology startups building solutions for equitable, transparent, and sustainable global supply chains. The fund manages Fund I, Fund II, and Fund III vehicles, deploying equity capital into portfolio companies across AI/ML, blockchain, computer vision, worker engagement, fintech, and traceability technologies that address forced labor, worker safety, responsible recruitment, and supply chain transparency. Returns are generated through portfolio company exits, dividends, and appreciation in valuations, alongside tracked impact metrics.

Product overview

Working Capital Fund is an early-stage venture capital firm that invests in technology startups building solutions for equitable, transparent, and sustainable global supply chains. Rather than offering a unified software product, the firm deploys capital across a portfolio of companies addressing supply chain accountability, worker rights, traceability, and risk management. The fund's portfolio spans AI/ML platforms (Altana, Prewave, Elm AI, Radical AI), blockchain solutions (Diginex, OpenSC, Provenance), computer vision systems (CompScience, Glacier), worker engagement tools (Ulula, Quizrr), fintech solutions (Minu, Twinco Capital), and procurement platforms (Lilo, To The Market, SupplyShift). Impact areas include forced labor prevention, worker safety, responsible recruitment, and supply chain transparency.

Differentiator

Problem solved

Functional benefit

Products and services

• Working Capital Innovation Fund (Fund I)
• Working Capital Fund II
• Working Capital Fund III

Quantifiable outcome

• 759K+ workers reached directly in 2023; Over 1.9M workers reached through worker engagement tools
• +6 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered portfolio/exit and major.

• Altanaportfolio/exitStrategic or Co-development PartnerPortfolio company that achieved unicorn status ($1B valuation). Altana provides AI-powered supply chain mapping and risk assessment using the Altana Atlas.
• DataminrmajorStrategic or Co-development PartnerAltana partnered with Dataminr to deliver AI-powered, real-time alerting to the Altana Atlas for supply chain risk monitoring.
• Versed AIportfolio/exitStrategic or Co-development PartnerVersed AI was acquired by Exiger (Carlyle-backed). Provided multi-tier supply chain visibility using NLP and machine learning.
• Ululaportfolio/exitStrategic or Co-development PartnerUlula was acquired by EcoVadis (General Atlantic-backed). Worker voice tool using mobile technology to crowdsource feedback from workers.
• SupplyShiftportfolio/exitStrategic or Co-development PartnerSupplyShift was acquired by Sphera (Blackstone-backed). Provided supply chain mapping through cascading surveys and data analytics.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Obvious Ventures: Mission-driven early-to-growth VC investing where world-positive outcomes are measurable; structured around impact themes (sustainability, health, economic inclusion). Highly comparable as a thesis-driven VC with corporate LP base and explicit impact mandate.
• S2G Ventures: Multi-stage investment firm focused on food, agriculture, ocean, and climate — adjacent impact themes with strong corporate LP base. Comparable model of thesis-driven investing where impact and commercial returns are co-equal objectives.
• Acumen: Impact investment pioneer backing companies that serve low-income consumers in emerging markets. Comparable on the dual return mandate and the practice of investing across asset classes (venture and debt) in service of a defined social thesis.
• Builders Initiative: Climate- and human-rights-focused investment platform making primary VC and fund commitments. Comparable as an impact-first investor with concentrated thematic focus and foundation-backed capital.
• Closed Loop Partners: Investment firm focused on circular economy, sustainable consumer goods, and supply-chain innovation. Direct overlap with WCF on supply chain transparency themes and a similar corporate-LP model.
• Prelude Ventures: Early-stage VC backing companies tackling responsible technology, climate, and economic resilience. Comparable mission-driven early-stage check size and thesis focus.
• Better Ventures: Early-stage VC investing in companies solving environmental and social challenges at scale. Similar small-team, thesis-driven impact fund model with corporate LP backing.

Emerging players

• Emerald Technology Ventures: Cleantech-focused early-to-growth investor with corporate strategic LPs (including supply-chain-adjacent industrials). Partial overlap on the impact-tech thesis; broader cleantech focus makes it an adjacent rather than direct peer.

Broad incumbents

• TPG Rise: Pioneer large-cap impact investing platform across climate, social, and economic inclusion themes. Overlaps on the dual-mandate model but operates at vastly greater AUM scale across both private equity and venture.
• Bain Capital Double Impact: Impact platform of a major private investment firm investing across venture, growth, and buyout opportunities with measurable social and environmental outcomes. Comparable on the dual-mandate framing and LP diversification.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/WorkingCapFund
• LinkedInlinkedin.com/company/working-capital-fund

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

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

M&A

Investments27 records

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

Frequently asked questions about Working Capital