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Trust Fund
Amoruso launched Trust Fund after a decade as both an operator and angel investor, deploying over $1M of personal capital into 20-plus companies including...
Trust Fund
Amoruso launched Trust Fund after a decade as both an operator and angel investor, deploying over $1M of personal capital into 20-plus companies including Liquid Death, Eight Sleep, and Pipe. The firm formalizes a thesis she developed at Nasty Gal and later through Business Class, her membership community of 3,500 founders: that the biggest consumer opportunity now sits inside business-to-business products. Trust Fund focuses on marketplaces, logistics, e-commerce enablement, circular commerce, supply chain optimization, and AI-driven productivity tools — areas where the boundary between professional workflow and consumer experience has collapsed. The firm writes non-lead checks across pre-seed and seed rounds, explicitly declining board seats. Confirmed positions span data extraction (Browse AI), managed marketplaces for e-commerce distribution (Packsmith), creative operations software (Plot), and SMB acquisition platforms (Baton). The portfolio also holds Liquid Death, one of the fastest-growing non-alcoholic beverage brands, and extends into dental staffing (Toothio), AI-powered legal agreements, and tax-advantaged investment platforms for business owners. The geographic footprint is concentrated in the United States. Trust Fund operates with a lean structure anchored by Amoruso and draws on a network of individual backers that includes Marc Andreessen, Chris Dixon, David Sacks, Jason Calacanis, Ev Williams, and Paris Hilton. The firm's distribution advantage is counterintuitive: its own audience of over one million social followers functions as a go-to-market engine for portfolio companies, compressing the time from product launch to customer acquisition. Where most seed funds sell access to institutional LPs, Trust Fund sells reach — a model shaped by Amoruso's experience building a consumer brand through scrappy, high-engagement marketing rather than paid acquisition. The firm sits somewhere between a venture capital fund and a media company, a hybrid structure that works only because the operator behind it has actually run both.
General information
Firm type
Venture Capital
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Menlo Park
Corporate office
Menlo Park, CA, United States
Principals
Sophia Amoruso
Founder & Managing Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Trust Fund?
Sophia Amoruso is the Founder and Managing Partner and the sole named investment decision-maker. The firm's website and public filings list no other investment partners. Amoruso's track record includes bootstrapping Nasty Gal to over $100M in revenue and personally angel-investing in more than 20 companies before forming the fund.
Does Trust Fund lead rounds or take board seats?
No. The firm's website states explicitly that Trust Fund does not lead rounds and does not take board seats. It writes $150K–$300K checks as a participant in pre-seed and seed financings.
What is Trust Fund's sourcing advantage?
Trust Fund uses an audience of over one million social followers — built through Amoruso's book, podcast, and Business Class community of 3,500 founders — to surface deal flow and then to provide portfolio companies with a built-in distribution channel. This audience includes entrepreneurs, freelancers, and small business owners, which aligns with the firm's focus on tools that help people start and build businesses.
How does Trust Fund's portfolio break down between consumer and enterprise?
The firm describes its portfolio as consumer-angle B2B: tech-enabled products that help people start and run businesses, approached with a consumer brand sensibility. Holdings include enterprise tools like Browse AI, Plot, and Baton, but also consumer brands like Liquid Death and Eight Sleep, reflecting Amoruso's older angel portfolio rather than the strictest reading of the fund's stated thesis.
Does Trust Fund manage outside capital or only Amoruso's own wealth?
Trust Fund operates as an early-stage venture fund with external backers. Its website names Marc Andreessen, Chris Dixon, David Sacks, Jason Calacanis, and others as investors. This is not a single-family office.
What is Sophia Amoruso's prior operating experience?
Amoruso founded Nasty Gal in 2006 and bootstrapped it to a $28M profitable run rate before raising $60M from Index Ventures and Thrive Capital in 2012, scaling the business to over $100M in revenue. She later founded Girlboss, acquired by Attention Capital in 2019, and Business Class, a membership community for entrepreneurs. Her book, #GIRLBOSS, spent 18 weeks on the New York Times bestseller list.
How is Trust Fund different from angel syndicates or rolling funds?
Trust Fund operates as a named venture firm with a formal portfolio, institutional and high-net-worth backers, and a concentrated thesis around B2B products for the self-employed economy. Its check size is consistent with angel activity, but its structure and distribution capability — leveraging a million-plus social following for portfolio company growth — places it closer to a micro-VC with an embedded media arm.
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