One to Many: Meet Our Fund 2023 Portfolio
From chance meetings to catching vibes, the best early-stage investing happens when methodology and magic collide.
AI bots and auto-matching may someday become the norm in early-stage investing. For now, we’re proud to celebrate the very human work that shaped our Fund 2023 portfolio. Two years and 21 investments later, Fund 2023 taught us quite a bit about life, luck, and American entrepreneurship.
We’ve always believed that widening the lens on what’s investable doesn’t just mean “doing more deals.” It changes what gets built and how upside gets created and distributed. That belief is at the heart of our model: non-dilutive, revenue-based capital paired with support for operators who build products and services their customers want and need.
Fund 2023 was built on lessons learned from previous funds, tracking closely to our thesis and selection criteria. Yet, the technological, economic, and political turbulence of the last two years reminds us that timing, luck—and even a little magic—shape outcomes in ways big and small.
The TLDR?: Fund 2023 affirms that the best early-stage investing happens when methodology and magic collide.
Fund 2023 Highlights:
$8.5M invested into 21 companies*
Industry-diverse, serving customers in healthcare, finance, wellness, entertainment, enterprise operations, and advanced manufacturing
Hailing from 11 states: AZ, CA, MA, GA, MD, NY, PA, NJ, TX, WA, VA
60% women-founded, 40% founded by a person of color
$40M+ in aggregate annual revenue as of last quarter
Average annual growth rate of 50%
*(Fund 2023 brings the total number of investment across all RevUp funds to 70)
What Fund 2023 Companies Have in Common:
Ascending the $1M–$10M curve. Fund 2023 companies are navigating the messy middle where product-market fit meets scalable growth. It’s the ugly adolescence of entrepreneurship—painful in ways we wish to forget once through it 😂
Building a diversified capital stack. Great companies are shedding the shackles of binary thinking of “to raise or not to raise.” They are planning ahead and strategically assembling the right capital at the right time. Fund 2023 is no exception to this phenomena.
Exemplifying capital efficiency. Being broke doesn’t make you a capital efficient company and always doing more with less isn’t any better than overspending. Fund 2023 companies are balancing growth with financial discipline, embodying the true spirit of capital efficiency.
Using AI in very smart ways. Fund 2023 companies are using AI to create game-changing efficiencies, deliver more value to their customers, and compete with incumbents in ways that truly wasn’t possible a few years ago. Drop the mic.
What This Portfolio Says About Entrepreneurship
Fund 2023 isn’t a random grab bag of “interesting” companies. It’s a map of where serious, revenue-driven founders are choosing to focus.
1. Infrastructure for the real economy, not the hype cycle
Many are building infrastructure for sectors that don’t trend on LinkedIn but quietly move trillions of dollars:
Financial infrastructure: Acceleron Bank modernizes FX and payments for regional banks. SmartConcil makes complex reconciliation simple for finance teams. LiquidRails powers compliant DTC distribution for alcohol brands navigating a maze of regulation.
Operational intelligence: Precision gives founder-led SMBs an operational brain that unifies scattered data and layers in AI-driven insight, instead of just another dashboard to ignore.
Vertical operating systems: Aeva Digital builds a full-stack growth engine for med-spas; Boutiq does the same for short-term rentals, bringing hotel-grade sophistication to fragmented markets.
The through-line: fewer “apps,” more infrastructure. Complexity, regulation, and messy back-office work are no longer things founders avoid. They’re the moat.
2. Health and Care
Fund 2023 leans hard into the reality that health and care are no longer side quests, they’re the main story:
Clinical and diagnostic access: Healthfully unifies care management into one experience; Fitnescity turns advanced diagnostics into clear, actionable insight people can actually use.
Regenerative and preventative care: Hilltop Bio brings regenerative medicine into veterinary practices instead of leaving it in the lab.
Dignity and everyday care: Attn:Grace reinvents incontinence care with products that respect both the body and the planet.
The through-line: the border between healthcare, wellness, and daily life is dissolving. These founders are building in the messy middle, where real people actually live.
3. “Raise big or go home” is not universal doctrine.
The old binary of “bootstrapped” OR “equity-backed” is fading fast. More companies are strategically assembling the right capital at the right time, and the market is rewarding them for it.
Fund 2023 companies raised about $20M in equity before our investment, enough to build products, prove demand, and reach meaningful traction without distorting their trajectories.
Many have already raised follow-on equity, but none are blindly hyper-capitalizing. Each is focused on building a smart capital stack that balances dilution with growth and opportunity with optionality. This is the new normal.
4. Impact as strategy, not side project
Many entrepreneurs believe in building businesses that make the world a better place. For Fund 2023, that shows up in operating strategies—like C-Suite diversity—but also directly the pursuit of impact alongside profit.
Culturally competent mental healthcare via And Still We Rise.
Multicultural media and esports via Cxmmunity Media.
Size inclusive and environmentally sustainable personal protective equipment via Amorsui.
Values-driven employee giving via Percent Pledge.
Career transitions and apprenticeships that work via Aspireship.
Kitchen “renovations” transformed into less wasteful upgrades via NuDoors.
In entrepreneurship, nothing is simple and nothing is easy. But looking back at Fund 2023 we cannot be more grateful for the opportunity to work with an amazing cohort of founders. Onwards and upwards!
Looking Ahead: Athena Growth Fund 2025
We’re now investing through our newest fund, the Athena Growth Fund 2025, and continuing our commitment to backing revenue-driven operators building meaningful, scalable companies.
If you’re a founder who thinks our model might be for you, learn more about how we invest here.
Investors, go here to learn more about our model.
Ready to scan the list of investments? Carry on:
Meet Our Fund 2023 Portfolio
Hilltop Bio
Hilltop Bio delivers regenerative, science-backed therapies that help animals heal faster and live healthier lives. Their biotech solutions bring advanced healing to veterinary practices across the country.
Healthfully
Healthfully offers a unified care-management platform that connects scheduling, intake, payments, telehealth, and ongoing care in one seamless experience. They help organizations deliver coordinated, human-centered healthcare.
Fitnescity
Fitnescity makes advanced health diagnostics more accessible, then turns the data into clear, actionable insights. Their testing and interpretation platform empowers people to make informed decisions, track their progress, and take proactive steps to improve their health.
Precision
Precision gives founder-led SMBs total visibility into their business by unifying scattered data into one automated performance dashboard. They turn operational chaos into clarity, alignment, and confident decision-making.
Acceleron Bank
Acceleron empowers community banks with FX and payments tools traditionally reserved for major financial institutions. They’re leveling the playing field for local and regional banks through modern, accessible fintech.
Stimulus
Stimulus uses AI to bring intelligence, transparency, and diversity to vendor sourcing and procurement. Their platform transforms supplier decisions into strategic advantages.
Inveniem
Inveniem helps artists, estates, and institutions preserve and activate their cultural archives, turning artifacts into rich, engaging fan experiences. They transform legacy into living storytelling.
Attn:Grace
Attn:Grace is reinventing incontinence care with sustainable, skin-safe products that put dignity first. Their beautifully designed essentials meet a massive market with compassion and performance.
nuDoors
nuDoors delivers eco-friendly, custom cabinet upgrades that avoid the cost and chaos of full kitchen renovations. They bring speed, sustainability, and stylish design to homeowners and contractors alike.
FlyFlat
FlyFlat unlocks premium international flights at unbeatable prices using proprietary booking intelligence. They make luxury travel accessible for businesses and individuals who want comfort without the cost.
Aeva Digital
Aeva Digital provides a full-stack operating system and growth engine for med-spa operators. They help clinics increase efficiency, revenue, and patient experience without adding complexity.
Cxmmunity Media
Cxmmunity Media is a media platform providing brands with compelling ways to engage multicultural audiences. Through esports tournaments, digital content, and community-building experiences, they’re shaping the future of the scene by spotlighting voices long left out of the industry.
Amorsui
Amorsui is redefining PPE with sustainable, better-fitting gear that protects people without harming the planet. Their recyclable, washable materials bring humanity, comfort, and responsibility to an industry overdue for innovation.
And Still We Rise
And Still We Rise provides culturally competent therapy and training designed to meet people where they are. Their work brings nuance, representation, and healing into organizations striving for real inclusion.
Percent Pledge
Percent Pledge makes workplace giving effortless by giving employees a simple, personalized way to support causes they care about. Their platform helps companies build a culture of impact with minimal lift and maximum meaning.
SmartConcil
SmartConcil automates the messy, manual world of financial reconciliation, giving finance teams clean data and clean workflows. It’s the fastest path to accuracy, efficiency, and operational sanity.
Boutiq
Boutiq transforms short-term rentals into high-performing assets through AI-powered pricing and expert listing optimization. They bring hotel-level consistency to the STR market.
Aspireship
Aspireship helps people pivot into new careers through immersive training and federally supported apprenticeships. They remove barriers to entry and open doors to roles previously out of reach.
LiquidRails
LiquidRails is an eCommerce and martech platform built for alcohol brands, providing compliant, turnkey direct-to-consumer online stores, national distribution and payment infrastructure, and fulfillment across states, enabling both craft distilleries and alcohol producers to scale online sales fast.
Pilotly
Pilotly is an audience-insights engine that helps studios, streamers, and brands rapidly test concepts, content, and creative. Their platform turns real viewer feedback into actionable guidance on what exactly to produce and what will perform.
Together, these teams reflect the traits we value most in strong operators and the kinds of companies our model is built to support.