# Mastersfund

Mastersfund is a Private Equity based in Seattle, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Seattle, United States
- **Region:** North America
- **Address:** 2200 Alaskan Wy #410, Seattle, WA 98121, United States
- **Founded:** 2013
- **Assets under management:** Undisclosed
- **Website:** masters.vc
- **LinkedIn:** https://www.linkedin.com/company/sybilla-masters-fund

## Regulatory record

- **Reports private funds:** No

## About

Mastersfund is a global gender-lens investment fund that invests in high potential technology companies with women at the helm. It provides non-dilutive funding of $50K–$100K in seed stage women-led tech companies that have sales, using convertible notes with revenue-based payment schedules. The firm invests worldwide in tech sectors and takes a board seat on all portfolio companies.

## Sectors

- Enterprise Software
- Consumer
- LegalTech
- ClimateTech
- HR Tech

## Offices

- Portland
- Chicago
- Washington, DC
- New York

## People

- Gillian Muessig — managing director
- Anne Kennedy — managing director
- Maureen Gilbert — Venture Partner
- Walt Greenberg — Venture Partner
- Yasemin Okur — Advisory Board
- Lakshmi Reddy
- Karen Cone

## Questions

### What is Mastersfund's investment structure?

Mastersfund uses non-dilutive, revenue-based funding through convertible notes with payment schedules tied to company revenues. The firm targets $50K to $100K per investment in seed-stage, revenue-positive technology companies. This model aims to generate recurring investor returns within three to five years while keeping founder equity intact.

### Does Mastersfund require a woman CEO?

Mastersfund requires a minimum of one woman in a position of strategic and operational control, who must hold an appropriate title and receive equitable compensation. The firm invests exclusively in companies with at least one woman leader meeting that standard, though the specific role can vary.

### Where does Mastersfund invest geographically?

Mastersfund invests worldwide in technology sectors where its partners' operational expertise can add value. The firm maintains offices in Seattle, Portland, Chicago, Washington, DC, and New York, but its investment mandate is global rather than regionally restricted.

### Does Mastersfund take board seats?

Yes. Mastersfund takes a board seat on every portfolio company. This is a stated, non-negotiable part of the firm's operating model, ensuring direct governance involvement alongside its revenue-based capital.

### Why does Mastersfund use revenue-based funding instead of equity?

Mastersfund contends that conventional venture capital concentrates 84% of its capital into all-male founding teams, creating an over-valued asset class. The firm uses redeemable equity and revenue-based convertible notes to keep cap tables clean, provide earlier and steadier returns, and align incentives around building profitable, sustainable businesses rather than pursuing equity dilution and unicorn outcomes.

## Related profiles

- [Mastern Partners](https://altss.com/profile/mastern-partners)
- [Masters Legacy Planning](https://altss.com/profile/masters-legacy-planning)

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Last updated: 2026-08-11T15:07:26.757Z

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