Working Capital Fund Research
Investment Thesis
Working Capital Fund (WCF) is an early-stage venture firm that invests in technology to build resilient, responsible and sustainable global supply chains. Its stated mission is to improve the lives of vulnerable workers across supply chains and catalyze economic justice. The firm argues that a typical Fortune 500 company works with at least 10,000 suppliers, that roughly $354 billion of goods a year are at risk of involving forced labor, and that emerging technology can change this at scale. WCF was founded in 2016 and was initially incubated by Humanity United, part of The Omidyar Group, though it chooses and manages its portfolio independently.
The approach has three pillars: investing for impact with sustained revenue and growth, amplifying innovation (AI and machine learning, computer vision, health-tech wearables, blockchain, fintech and traceability tools), and catalyzing ethical supply chains by addressing root causes. Fund III deepens focus on three areas: AI-enabled worker empowerment, climate adaptation for supply chain workers, and scalable human rights due diligence tools built for emerging global regulations.
Stage Focus
WCF invests in early-stage startups. The site describes backing early-stage startups creating scalable innovations that reduce inequity and improve the lives of marginalized workers. Stage detail per deal is not published, so no per-company stage is recorded.
Check Size
Check size is not published. Fund III's first close is about $31 million, which implies small early-stage checks, but no range is stated and none is recorded.
Lead Tendency
Not stated on the site. Recorded as unknown.
Recent Activity
On June 2, 2026 WCF announced the first close of Fund III at roughly $31 million in aggregate commitments. Anchors are The Omidyar Group, Soros Economic Development Fund (which committed $5 million), and Minderoo Foundation, joined by SAP and Stardust Equity. Across Funds I and II, WCF has made 24 investments touching workers in more than 60 countries. Recent portfolio additions on the site include Elm AI, Glacier, Minu, Radical AI, SiTration and TRACT. Ulula was acquired by EcoVadis in September 2024, and Altana is described as a unicorn after its $200M Series C in July 2024.
Portfolio Highlights
- Altana: AI model of the global supply chain, valued above $1 billion.
- Ulula: worker voice platform, acquired by EcoVadis (2024).
- Versed.ai: multi-tier supplier knowledge graph, acquired by Exiger.
- SupplyShift: supply chain mapping, acquired by Sphera.
- Lilo: AI procurement platform, shown as acquired.
- Prewave, Provenance, OpenSC, Diginex, Quizrr, HowGood, Proof, To The Market, TRACT, Twinco Capital, Minu, Pink Collar, Elm AI, Glacier, Radical AI, SiTration, plus Kenzen, CompScience, Honest Jobs and Phylagen from earlier funds.
Team
- Ed Marcum, Managing Partner: over 20 years in human rights and venture; more than a decade at Humanity United shaping its forced-labor impact investing. Berkeley, Wharton MBA.
- Dan Viederman, Managing Partner: led Verite for fifteen years; social entrepreneur in supply chain innovation. Yale, Columbia SIPA.
- Paarul Dudeja, Managing Partner: investment professional across commercial and impact funds and multilaterals. Harvard MBA.
- Evan Okun, Principal: leads sourcing, diligence, fund modeling and thesis; formerly Circles & Ciphers; interned at Kapor Capital and The Legal Tech Fund.
- Martin Roeck, Director of Operations: ex-World Bank Group.
- Molly McHugh, Senior Analyst: ex-Xplorer Capital.
Decision Process
A partnership of three managing partners. The process is not described publicly beyond that.
Founder Preferences
Founders building scalable technology that reduces inequity for marginalized workers and sells to enterprises, brands and governments with supply chain exposure. The firm also connects founders with major global buyers, using its corporate and foundation LP network (SAP, Stardust Equity) as a route to market.
Geographic Focus
Global. The portfolio spans the US, Europe (Prewave in Austria, Quizrr in Sweden, Provenance in the UK), Mexico (Minu), Southeast Asia (Pink Collar in Malaysia) and Australia (OpenSC). The firm lists a Washington, DC address and also operates from the San Francisco Bay Area.