Updated:
Next Wave Impact
Alicia Robb's Next Wave Impact runs an apprenticeship fund model that trains new female and minority angel investors while deploying into pre-seed...
Next Wave Impact
Next Wave Impact was founded in 2016 by economist and angel investor Alicia Robb, whose research on the gender gap in startup funding shaped the firm's dual mission: invest in high-growth early-stage companies while training a new generation of female and minority angel investors. The firm operates out of Denver, Colorado, and structured its first vehicle, the Rising Tide Fund, as an educational fund where accredited but inexperienced investors join syndicate-style deals as a cohort. The firm targets pre-seed to seed-stage companies, typically participating in rounds led by experienced angel groups or early-stage funds. Its investment activity spans enterprise software, digital health, climate technology, and education technology, among other sectors. Rather than a traditional fund-of-funds model, Next Wave Impact sources direct deals through a network of experienced lead angels who bring individual investments to the cohort. The Rising Tide cohorts have backed companies including skincare brand Oars + Alps and biotech startup Stel Life, with the firm aiming to build diversified portfolios of 20 to 30 companies per fund vehicle. The firm functions with a small core team augmented by its investor cohorts, who receive structured training modules, monthly webinars, and co-investment rights in diligence-vetted deals. Next Wave Impact has not publicly disclosed total AUM or deployment figures, but the Rising Tide Fund series has graduated multiple cohorts since launching in 2016. The firm's model requires no minimum LP commitment beyond the ability to deploy small checks — typically $10,000 to $50,000 per investment — across the portfolio, lowering the barrier to angel investing entry. The structural differentiator is the embedded training program: each investment vehicle functions simultaneously as a learning platform and a capital deployment mechanism, creating an on-ramp for investors who might otherwise never build an angel portfolio. This cohort-based apprenticeship model delivers deal flow sourced from both seasoned angel networks and the firm's own growing alumni, generating a sourcing funnel that expands with each graduated class.
General information
Firm type
Venture Capital
Year founded
2016
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Denver
Corporate office
Denver, CO, United States
Principals
Alicia Robb
Founder and CEO
Kevin Smith
Managing Director
Sector focus
Frequently asked questions
How does Next Wave Impact's apprenticeship model actually work?
The firm runs a cohort-based fund structure where accredited investors commit to a full portfolio of early-stage deals over an 18- to 24-month cycle. Participants receive structured angel investing training — including live webinars, diligence frameworks, and access to the firm's investment memos — while co-investing alongside experienced lead angels. The training component distinguishes it from a traditional angel syndicate: cohort members are explicitly building investing skills as they deploy capital.
Does Next Wave Impact lead rounds or co-invest?
The firm primarily co-invests alongside experienced lead angels or early-stage funds rather than leading rounds itself. The model relies on a network of seasoned angel investors who bring vetted deal flow to the cohorts, and Next Wave Impact's participants invest alongside those leads under syndicate-style terms.
What investment stages and check sizes does the firm target?
The firm focuses on pre-seed and seed-stage companies. Individual cohort members typically deploy between $10,000 and $50,000 per company, aggregated across a diversified portfolio of 20 to 30 startups per fund vehicle, which is consistent with the standard angel portfolio construction Robbins has advocated in her public writing and research.
Who runs investment decisions at Next Wave Impact?
Founder and CEO Alicia Robb oversees the firm's strategy and investment direction, drawing on her background as an economist and angel investor. The Managing Director and broader team manage cohort operations and deal diligence, but final investment decisions within each cohort vehicle involve both the firm's investment committee and the sourcing lead angels who present deals.
Is Next Wave Impact structured as a venture firm or an educational nonprofit?
It is structured as a for-profit asset management firm operating venture capital vehicles, not a nonprofit. The educational component is embedded in the fund economics — training is a feature of the investment product, not a separate philanthropic program — which makes the structure distinct from both traditional VC firms and standalone investor education nonprofits.
Which sectors does Next Wave Impact typically target?
The firm invests across enterprise software, digital health, climate technology, and education technology, among other sectors. It does not publicly exclude any major sector but favors companies with high-growth potential and scalable business models at the pre-seed and seed stages.
Where does the firm source its deal flow?
Deal flow comes primarily from the firm's network of experienced lead angels, many of whom are alumni of prior cohorts or affiliated angel groups. As each cohort graduates, the alumni network itself becomes a sourcing channel, which creates a flywheel effect — more alumni mean more eyes on more early-stage deals for future cohorts.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on venture capital firms?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: