Working Capital Fund (WCF), an early-stage venture firm, has announced the first close of its third fund at approximately $31 million. The fund is dedicated to investing in technologies that promote more responsible and resilient global supply chains. This initial close was anchored by prominent investors including The Omidyar Group, Soros Economic Development Fund, and Minderoo Foundation.
A Strategic Investment in Supply Chain Accountability
The Soros Economic Development Fund (SEDF), the impact investing arm of the Open Society Foundations, has committed $5 million to the new fund. This marks a significant reinvestment from SEDF, signaling strong confidence in WCF's mission and performance. The Working Capital Fund III is targeting a final close of $100 million to expand its investment activities.
Georgia Levenson Keohane, CEO of SEDF, praised WCF as a private sector leader advancing human rights across global supply chains. She noted that the firm has demonstrated how innovative capital can drive meaningful transformation and advance the dignity of work. This commitment from a long-standing partner validates WCF's approach to blending commercial returns with systemic impact.
Targeting Critical Challenges with Technology
Fund III will deepen WCF’s focus on three core areas critical to the future of global commerce. These include leveraging AI for worker empowerment, scaling climate adaptation solutions for vulnerable supply chain workers, and developing human rights due diligence tools. This strategy directly addresses emerging global regulations and the growing demand for ethical business practices.
"Their commitment reflects a growing recognition that some of the most significant challenges facing global supply chains also represent compelling investment opportunities," said Ed Marcum, Managing Partner at WCF. He emphasized that investors are essential to proving that supply chain accountability is a competitive advantage, not a trade-off. The fund aims to accelerate its impact and continue defining the responsible supply chain market.
A Decade of Proven Impact
The launch of Fund III builds on a decade of thesis-driven investing for Working Capital Fund. Across its first two funds, the firm has made 24 investments in companies that have impacted workers in more than 60 countries. This extensive track record has established WCF as a key player in backing technology-driven solutions for worker well-being.
WCF's portfolio includes notable successes such as Ulula, a worker voice platform recently acquired by EcoVadis. It also features Altana, a supply chain mapping unicorn, and SiTration, which develops safer mineral recovery methods. These companies exemplify the fund's strategy of investing in scalable solutions that improve conditions for workers while delivering strong financial returns.
"By backing entrepreneurs developing solutions that lift transparency and empower workers, Working Capital Fund is creating a future where economic growth and human rights go hand-in-hand," stated Minderoo Foundation CEO John Hartman. This sentiment is shared among the fund's partners, who see technology as a tool to strengthen human dignity. WCF's model connects promising founders with global buyers, providing a clear pathway to scale their impact.
The $31 million initial close of Working Capital Fund III represents a major step forward in advancing supply chain accountability. This capital will fuel a new generation of technologies designed to create more transparent, equitable, and resilient global commerce. With the backing of influential investors, WCF is well-positioned to improve the lives of millions of workers worldwide.