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.