Cleo Capital
Cleo Capital is a generalist venture capital fund founded in 2018 by Sarah Kunst that invests $100K–$1M checks in early-stage (pre-seed to Series B) Delaware C-corp software startups across eight thesis areas including future of income, fintech, cybersecurity, and blue-collar enablement.
- Company typePrivate
- Founded2018
- HeadquartersSan Francisco, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Cleo Capital does
Cleo Capital is a generalist venture capital fund founded in 2018 by Sarah Kunst and based in San Francisco. The firm invests in Delaware C-corporations building software companies with the potential to reach multi-billion dollar scale, deploying equity checks typically ranging from $100K to $1M across pre-seed through Series B stages, with an emphasis on leading pre-seed rounds and supporting founders from day zero. Its portfolio spans consumer (Ellevest, Hill House Home, Cameo, StyleSeat), fintech (Modern Treasury, Brigit, Alto, Stack), deep tech (Groq, Kobold Metals), climate (Planet Forward, Mill), crypto (Falconx), and operations software (AtoB, Levels Health).
The fund is thesis-driven, organizing sourcing and diligence around eight published investment areas: Future of Income, Complicated Consumer, Decentralized Enterprise (the original three), plus Cross-Border FinTech, Blue-Collar Work Enablement, Cybersecurity, and Energy & Fertilizer (added progressively through 2024 and 2026). Distribution and deal flow are generated through the founder-facing pitch form, the 'From 10 to 20' content series, the company blog, and the GP's high-frequency media presence on Fox Business, CNBC, Bloomberg, and BBC, supplemented by referral relationships through her senior advisor role at Bumble/Bumble Fund and her board seat at the Michigan State University Foundation endowment.
As a privately held venture fund, Cleo Capital earns revenue through traditional VC mechanics: management fees on committed LP capital and carried interest on realized portfolio exits. The firm does not disclose AUM, fund size, or revenue. Its competitive positioning leans on the GP's personal brand and differentiated thesis coverage in under-followed consumer, fintech, and labor verticals rather than on proprietary technology or scale advantages.
Cleo Capital firmographics
Firmographics- Name
- Cleo Capital
- Legal name
- Cleo Capital
- Website
- https://cleocap.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Cleo Capital is a generalist venture capital fund founded in 2018 by Sarah Kunst that invests $100K–$1M checks in early-stage (pre-seed to Series B) Delaware C-corp software startups across eight thesis areas including future of income, fintech, cybersecurity, and blue-collar enablement.
- Ownership category
- akta.pro rank
Cleo Capital industry classification
Industry- Product category
- Venture Capital
- NAICS
- Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Early-Stage Venture Capital (Series A/B) (FSANAAAB)
- akta.pro secondary industries
- Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions) (FSAAACAG), Leveraged Loans & CLOs (FSAAAHAF), Collateralized Loan Obligations (CLO) (FSACACAC)
Keywords
Where Cleo Capital is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Cleo Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Venture Capital Fund Management: Cleo Capital generates returns through equity investments in early-stage startups. As a VC fund, they earn returns through portfolio company exits via acquisitions or IPOs, following the traditional venture capital model of identifying and backing promising startups at earliest stages with the potential to become multi-billion dollar companies.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | One time/ perpetual license | Early-stage investment checks between $100K-$1M |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels5 records
Cleo Capital product offering
Product offeringCore offering
Cleo Capital is a generalist venture capital fund that provides early-stage equity financing to startup founders, primarily in Delaware C-corporations building software companies. The fund writes checks of $100K to $1M at pre-seed through Series B stages, organized around seven investment thesis areas: Future of Income, Complicated Consumer, Decentralized Enterprise, Cross-Border FinTech, Blue-Collar Work Enablement, Cybersecurity, and Energy & Fertilizer. Returns are generated through traditional venture capital economics via portfolio company exits.
Product overview
Cleo Capital is a generalist venture capital fund founded by Sarah Kunst in 2018. The firm primarily invests in Delaware C-corps building software companies with potential to become multi-billion dollar companies. Their investment strategy centers on eight distinct thesis areas: Future of Income, Complicated Consumer, Decentralized Enterprise, Cross-Border FinTech, Blue-Collar Work Enablement, Cybersecurity, and Energy & Fertilizer. The fund typically leads pre-seed rounds with check sizes ranging from $100K to $1M and invests from pre-seed through series B stages.
Differentiator
Problem solved
Functional benefit
Products and services
- Cleo Capital Fund A generalist venture capital fund that provides early-stage equity financing to startup founders, primarily investing in Delaware C-corps building software companies with multi-billion dollar potential.
Companies that use Cleo Capital
Customer profileNamed customers15 records
Segments8 records
Ideal customer profiles1 record
Cleo Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Cleo Capital partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Marie Claire MagazineminorSarah Kunst serves as contributing editor at Marie Claire Magazine, providing media platform and brand visibility for thought leadership.
Scale indicators4 records
Recent moves6 records
Expansion highlights5 records
Cleo Capital competitors and assessment
Company assessmentDirect peers
- Backstage Capital: Pre-seed fund historically dedicated to underrepresented founders, with a single prominent GP (Arlan Hamilton). Strong functional analogue to Cleo's founder-led emerging manager model and diversity positioning.
- Able Partners: Consumer-focused early-stage fund investing in thesis-driven, mission-led brands. Directly comparable to Cleo's complicated-consumer and future-of-income verticals.
- SoGal Ventures: Global early-stage fund led by diverse GPs investing pre-seed to Series A across consumer, fintech, and health. Comparable as a founder-led, thesis-driven emerging manager with similar diversity-led brand.
- Cake Ventures: Early-stage fund investing in fintech, health, and the future of work, led by a solo GP with strong media presence. Mirrors Cleo's stage, thesis breadth, and founder-led operating model.
- Halogen Ventures: Pre-seed and seed fund investing in consumer and enterprise tech companies led by women and people of color. Closely mirrors Cleo's check sizes, stage focus, and diversity-anchored thesis.
- Pipeline Angels: Network-based early-stage investor focused on women and non-binary founders, often operating at the pre-seed and angel check size. Comparable as an emerging-manager model anchored on diversity and founder support.
- Everywhere Ventures (The Fund): Generalist pre-seed fund with a syndicate/operator model and thesis-driven verticals. Comparable in stage focus, check size, and portfolio-construction approach to Cleo.
- Female Founders Fund (fff): Early-stage thesis-driven fund backing female founders across consumer, fintech, and future-of-work theses. Closest comparable to Cleo's pre-seed/seed generalist model with a diversity and category focus.
- BBG Ventures: Seed-stage fund backed by AOL founder Steve Case, focused on consumer and enterprise software with thesis areas similar to Cleo's complicated-consumer and decentralized-enterprise bets. Direct peer at the same stage and check size.
- Lightship Capital: Early-stage fund investing in underrepresented founders across the Midwest and nationally, with thesis areas overlapping Cleo's complicated-consumer and decentralized-enterprise theses.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat3 records
Key risks6 records
Key highlights6 records
Customer concentration
Cleo Capital social profiles
Digital presenceCleo Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Cleo Capital leadership team
Management profileNumber of profiles
Profiles1 record
Cleo Capital funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Cleo Capital M&A and investment
M&A and investmentM&A
Investments32 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Cleo Capital
What does Cleo Capital do?
Cleo Capital is a generalist venture capital fund that provides early-stage equity financing to startup founders, primarily in Delaware C-corporations building software companies. The fund writes checks of $100K to $1M at pre-seed through Series B stages, organized around seven investment thesis areas: Future of Income, Complicated Consumer, Decentralized Enterprise, Cross-Border FinTech, Blue-Collar Work Enablement, Cybersecurity, and Energy & Fertilizer. Returns are generated through traditional venture capital economics via portfolio company exits.
Is Cleo Capital a public or private company?
Cleo Capital is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Cleo Capital founded?
Cleo Capital was founded in 2018. It employs 1 to 10 people.
Where is Cleo Capital based?
Cleo Capital is headquartered in San Francisco, United States, in the North America region.
How does Cleo Capital make money?
One revenue line is on record: venture Capital Fund Management.
Who are Cleo Capital's main competitors?
Direct peers on record are Backstage Capital, Able Partners, SoGal Ventures, Cake Ventures, Halogen Ventures, Pipeline Angels, Everywhere Ventures (The Fund), Female Founders Fund (fff), BBG Ventures and Lightship Capital.
Does Cleo Capital have an API?
No public API is recorded for Cleo Capital.
What industry is Cleo Capital in?
Cleo Capital's product category is Venture Capital. Its primary akta.pro industry code is FSANAAAB, Early-Stage Venture Capital (Series A/B), with a secondary code of FSAAACAG, Institutional Consulting RIAs (OCIO/Endowments/Foundations/Pensions). Its NAICS code is 52394 and its SIC code is 6282.