Rogue Womens Fund

The firm targets the persistent funding gap for women-led startups — 42% of US businesses are founded by women, but they receive only 2.8% of venture capital. Rogue treats this as a structural market inefficiency, not a diversity program. It focuses on seed-stage B2B software and tech-enabled services where valuations are below $10 million.

Managing Partner and founder Caroline Lewis leads the firm, alongside co-founders Tom Sperry and Adam Stoll. Day-to-day investment committee structure is not publicly detailed, but the firm's website presents Lewis as the primary investment lead and public face.

The firm invests exclusively at the seed stage, focusing on companies with first or second iterations of technology, early revenue, and valuations under $10 million. It states a preference for leading rounds rather than following.

The firm's published materials define clear focus areas — B2B SaaS, enterprise, B2B2C, women's health, care economy, experience tech, and foundational industries. Hardware, deep-tech biotech, and consumer-packaged goods do not appear in its listed sectors or portfolio.

Sourcing is not publicly detailed, but the firm operates a Venture Fellows Program and markets a founder-services model as a competitive advantage in winning allocations. Its sector focus on under-networked founder segments — women in enterprise AI, PropTech, and digital health — suggests a thesis-driven outreach strategy.

The firm states it leads seed rounds, but specific co-investor relationships are not disclosed. Given its fund size and stated strategy, syndication with other early-stage investors is typical, though no named co-investors appear in available public materials.

It operates as a traditional venture capital fund manager, not a family office. The firm raises outside capital from limited partners to deploy into its seed-stage strategy.