Working Capital Fund, a San Francisco-based venture capital firm focused on equitable and resilient global supply chains, has raised an initial $31 million for its third fund. The new raise strengthens its mission to support startups building transparent, worker-centered supply chain solutions, with a growing emphasis on artificial intelligence in the future of work.
The fund was anchored by major impact investors including the Omidyar Group, Soros Economic Development Fund, and Minderoo Foundation, alongside participation from SAP and Stardust Equity as new investors. Their backing signals continued confidence in investment strategies that combine financial returns with measurable social and labor impact across global industries.
Founded in 2018, Working Capital Fund has built a portfolio spanning more than 60 countries and roughly two dozen investments. Its earlier funds have already produced notable exits to impact-aligned acquirers, including SupplyShift, a sustainable supply chain software company acquired by Sphera in 2024, Versed AI, purchased by Exiger the same year, and Ulula, a worker feedback and grievance platform acquired by EcoVadis.
The firm’s portfolio also includes high-growth companies such as Altana, a supply chain mapping and labor intelligence platform now valued at over $1 billion. These results underscore the commercial viability of technologies designed to improve transparency, compliance, and worker well-being across complex global supply networks.
With Fund III, Working Capital is expanding its investment thesis to reflect the accelerating influence of artificial intelligence. The firm plans to support startups that use AI to enhance worker skills, improve accountability, and strengthen labor conditions, rather than displace human workers.
According to investors involved in the fund, the focus is on ensuring that technological progress aligns with human rights and dignity. The strategy reflects a broader shift in venture capital toward responsible AI deployment in industries facing environmental disruption, regulatory pressure, and rising demand for ethical supply chains.
As global supply chains continue to evolve, Working Capital Fund is positioning itself at the intersection of impact investing, AI innovation, and workforce resilience, aiming to prove that economic growth and ethical labor practices can scale together.
