Cleo Capital

Cleo Capital is a generalist early-stage venture fund managing roughly $25 million and investing in companies with diverse leadership, with an explicit focus on overlooked teams and underserved markets. It invests at pre-seed and seed and follows into Series A and later rounds, across consumer, fintech, climate and technology broadly, and this record lists ClassPass, Maven, Parker, Backstage Capital and Jetpack among its positions.

General partner Sarah Kunst founded the firm and runs it as managing director. The working mandate is narrower than the sector tags suggest: Cleo invests in Delaware C corporations building software companies with the potential to reach multi-billion-dollar scale, writes checks between $100,000 and $1 million, and concentrates on three thesis areas it names directly, the future of income, complicated consumer, and decentralized enterprise. Those are demand-side framings rather than technology categories, consistent with a fund that underwrites market access and distribution over technical differentiation.

Cleo's own published holdings include Ellevest in wealth management, Hill House Home in consumer, FalconX in crypto trading infrastructure, Planet Forward, and KoBold Metals in critical-minerals exploration, a spread showing the generalist mandate is real rather than nominal. The SEC filings set the scale plainly: Fund I raised $1.72 million from 11 investors in 2018 and Fund II raised $6.71 million from 51 investors in 2021. The capital base is small relative to the profile of the positions, so the fund's leverage comes from early access and check-size discipline rather than ownership concentration.