Dec 22, 2020 - Economy

Scoop: Footwork raising $150 million for debut VC fund

Illustration of a U.S. one hundred dollar bill cut into the shape of a unicorn

Illustration: Annelise Capossela/Axios

Mike Smith, former COO and president at Stitch Fix, and Nikhil Basu Trivedi, previously a partner at Shasta Ventures, are raising $150 million for a new venture capital fund named Footwork, multiple sources tell Axios. 

Backstory: The pair has known each other for several years since both serving on the board of Imperfect Foods. 

Strategy: The generalist tech fund will invest in seed and Series A deals.

  • Smith, who was one of the few top Black executives in Silicon Valley, recently told Recode that he plans on backing founders from underrepresented backgrounds.
  • Per a source, while this is certainly part of Footwork's strategy, it's not the firm's exclusive focus.

Footwork declined to comment. 

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