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The Artemis Fund
The Artemis Fund launched in Houston in 2019, founded by General Partners Stephanie Campbell, Diana Murakhovskaya, and Leslie Goldman.
The Artemis Fund
The Artemis Fund launched in Houston in 2019, founded by General Partners Stephanie Campbell, Diana Murakhovskaya, and Leslie Goldman. The trio built the firm on the thesis that outsized venture returns exist in systematically overlooked founder populations. Rather than operating as a broad-based generalist fund, The Artemis Fund invests specifically in early-stage technology companies with at least one female or underrepresented founder, targeting Series Seed and Series A rounds across the United States. The firm's investment strategy spans fintech, digital health, enterprise software, and sustainability sectors. The Artemis Fund writes initial checks at the seed and early-growth stages, often leading rounds and reserving capital for follow-on investments in portfolio companies that demonstrate strong product-market fit. Confirmed portfolio positions include WorkWhile, a hourly-workforce platform, and 1PointFive, a carbon-removal venture, alongside several other early-stage holdings concentrated in female-founded or female-co-founded teams. Geographic deployment stretches from Texas to the coasts, with the firm maintaining a particular focus on startups based outside the traditional Silicon Valley corridor. The Artemis Fund operates from its Houston headquarters with a lean investment team led by the three founding general partners. The firm raised its second fund in 2023 to continue scaling its deployment cadence. May 2023: The Artemis Fund held a close for Fund II at an undisclosed amount, doubling down on the same seed-stage, female-founder thesis that defined its inaugural vehicle (per public record, 2023). The firm has built a co-investor network that includes institutional allocators, family offices, and corporate venture arms seeking exposure to its differentiated sourcing pipeline. The Artemis Fund's structural differentiator is its sourcing model: by making gender and founder diversity a hard underwriting criterion rather than a marketing afterthought, the firm accesses deal flow that generalist venture funds rarely see. This constrained mandate functions as both a values commitment and a competitive advantage, creating a curated pipeline that bypasses the crowded, male-dominated networks where most venture firms compete for allocation.
General information
Firm type
Venture Capital
Year founded
2019
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Houston
Corporate office
Houston, TX, United States
Principals
Stephanie Campbell
General Partner & Co-Founder
Diana Murakhovskaya
General Partner & Co-Founder
Leslie Goldman
General Partner & Co-Founder
Sector focus
Frequently asked questions
Who runs investment decisions at The Artemis Fund?
Investment decisions are led by the three founding General Partners: Stephanie Campbell, Diana Murakhovskaya, and Leslie Goldman. The trio jointly manages sourcing, due diligence, and portfolio construction. All three partners bring operating and investing experience to the firm, and they have structured the fund so that no single partner makes unilateral investment decisions on material allocations.
How does The Artemis Fund source proprietary deal flow?
The firm sources deal flow primarily through networks of female founders, women's entrepreneurial organizations, and underrepresented-founder communities that generalist venture funds rarely penetrate. By maintaining a hard mandate to invest in companies with at least one female or diverse founder, The Artemis Fund sees opportunities that fall outside the traditional venture-sourcing pipeline. The partners also cultivate relationships with university entrepreneurship programs and regional startup ecosystems beyond Silicon Valley.
Is The Artemis Fund structured as a single family office or a venture firm?
The Artemis Fund is structured as a venture capital firm, not a family office. It raises capital from limited partners — including institutional allocators, family offices, and corporate venture arms — and deploys that capital into early-stage technology companies. The firm collects management fees and carried interest under a standard venture fund structure, rather than managing a single family's wealth.
Does The Artemis Fund participate in fund commitments or only direct deals?
The Artemis Fund focuses on direct investments into early-stage technology companies rather than making fund commitments to other venture managers. The firm leads or co-leads seed and Series A rounds, reserving capital for follow-on investments in its existing portfolio. It does not publicly disclose a fund-of-funds or LP-investment program.
Which sectors does The Artemis Fund explicitly avoid?
The firm does not publicly disclose sector exclusions, but its portfolio and stated focus center on fintech, digital health, enterprise software, and sustainability. Sectors like hard tech, deep biotech, and defense technology have not appeared in the firm's disclosed investment activity, suggesting the partnership concentrates on software and services-enabled business models where its sourcing edge is strongest.
What investment stages does The Artemis Fund typically target?
The Artemis Fund targets seed and Series A stages, writing initial checks at the earliest institutional rounds. The firm reserves capital for follow-on investments in portfolio companies that demonstrate strong product-market fit and capital efficiency. It does not publicly pursue later-stage growth equity or pre-IPO rounds as a primary strategy.
What is The Artemis Fund's relationship to the broader Houston venture ecosystem?
The Artemis Fund is headquartered in Houston and serves as one of the city's few dedicated venture firms with a gender-diversity mandate. The partners participate in the regional startup community, but the firm invests nationally, not exclusively in Texas-based companies. Its Houston base provides proximity to energy-transition opportunities and a lower-cost operating footprint compared to coastal venture hubs.
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