One to Many: Meet Our Fund 2023 Portfolio

AI bots and auto-matching may someday become the norm in early-stage investing. For now, we celebrate the very human work that shaped our Fund 2023 portfolio—that fund now fully deployed (moving forward, we’ll invest solely from our newest fund, the Athena Growth Fund 2025).

Two years and 21 investments later, Fund 2023 there’s really only one thing we can say: The world made waves. We were lucky enough to ride ‘em.

When you zoom out from the individual investments, the portfolio itself tells a story.  It's not just a list of companies. It's a unique snapshot of our world and what founders today care about. It's also confirmation of why expanding the toolkit for early stage investing matters: People want and need what these companies do. 

We are glad to share a little of that whole picture with you. The TLDR?: Fund 2023 affirms that the best early-stage investing happens when methodology and magic collide.

First a few data points:

• Fund 2023 invested $8.5M into 21 companies*

• These companies are industry-diverse, spread across 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. Our data shows that diversity in the C-Suite is a competitive advantage. 

• $40M+ in aggregate annual revenue as of last quarter with an average annual growth rate of 50%

(*The total number of investments across all RevUp funds is now 70)

What This Portfolio Says About Entrepreneurship

Fund 2023 is 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. Fund 2023 founders are building in the messy middle, where real people actually live.
 

3. “Raise big or go home” is not the norm.

The 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 we invested, enough to build products, prove demand, and reach meaningful traction without distorting their trajectories.

The through-line: Many raise additional follow-on, but none are blindly hyper-capitalizing. Each is focused on building a smart capital stack that balances dilution with growth opportunity.

4. Impact as strategy, not side project

Many entrepreneurs believe in building businesses that make the world a better place. Fund 2023 founders are no exception:

• 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.
   

Fund 2023 Companies Share Operating Priorities:

• Ascending the $1M–$10M curve. Fund 2023 companies are navigating the messy middle where product-market fit meets scalable growth.  We built RevUp to support founders through the ugly adolescence of entrepreneurship 😂

• Building a diversified capital stack. Great companies are shedding the shackles of binary thinking around capital. “To raise or not to raise” is no longer the question. These companies are working to assemble the right kinds of capital at the right time.  

• Exemplifying the right kind of capital efficiency. Being broke doesn’t make you a capital efficient company.  Fund 2023 companies are balancing growth with financial discipline, not just scraping by. 

• AI every day, in every way. Fund 2023 companies are using AI to create game-changing efficiencies, deliver more value to their customers, and compete with incumbents. Welcome to the new normal. 

Now What?

We’ve always believed that widening the lens on what’s considered investable doesn’t just mean “doing more deals.”  It changes what gets built in the first place. This portfolio tells a story about what's possible when you expand the toolkit to invest beyond unicorns. 

These are strange days...but our belief in entrepreneurship as the way forward never wanes.  We’re now investing through our newest fund, the Athena Growth Fund 2025, continuing to back 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.

To the RevUp founders, you have ALL our loyalty and appreciation for the work you do, good days and bad. To our investors, your support is the (literal) engine that moves us forward. Thank you! 

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.