Athena Growth Fund III: Expanding the Toolkit for Early Stage Investing

Please note: RevUp Capital can only accept investment from accredited investors*. Go here to learn more about this important SEC designation.

Melissa Withers and Allan Tear created RevUp Capital to break through bottlenecks that limit upside for early stage investors AND leave an important class of companies chronically underfunded.

Our model fills a critical gap in the capital continuum, working seamlessly with other kinds of capital to produce investor returns and help more early-stage companies grow.

We deployed an initial $21M into 70 companies to refine this approach. Early funds have returned a blended IRR of 20%, and the total fund is projected to return 20% IRR to investor. Our efforts have created both profit and impact: ~70%+ of RevUp investments are C-Suite diverse, ~60% are located outside top metros, and ~50+% have ESG impact metrics embedded in their core DNA.

The Athena Growth Fund III builds on this success. Following a first close in 2025, AGF III will accept new investors through May 2026.

Watch an Athena Growth Fund III Overview Video from Melissa Withers

The exit or bust constraints of traditional Venture Capital set a necessary but very high standard for what's considered fundable. The chasm between ‘fundable’ and ‘not fundable’ leaves a large class of companies in the lurch especially at the early stages. Investors miss out on the value these companies could create, leaving vast amounts of profit on the table. Moreover, our economy misses out on the value we unlock when more companies—and more founders—achieve meaningful scale. 

RevUp pioneered a revenue-based model that overcomes these barriers. Not by competing with other kinds of funding, but by filling a funding gap that puts a huge drag on our current system. AGFIII is the next chapter in this story.

AGF III Fund Highlights:

• AGF III is the third fund from RevUp Capital, pioneers of a revenue-based model that enables investors to profitably invest into early stage companies hard to reach through traditional Venture Capital 

• AGF III is $20M, 8-year fund, with a projected IRR of 20% and 2-2.5X DPI.

• Previous funds returned a blended IRR of 20% to investors 

• This approach is profitable and impactful: ~70%+ of RevUp investments are C-Suite diverse, ~60% located outside top metros, ~50+% have ESG impact metrics embedded in their core company DNA

• RevUp funds show actual cash returns quickly, a benefit passed along to investors via dividends distributed twice a year. Cash back to investors begins in Year 2 and continues for the lifecycle of the fund.

• Strong management: Melissa Withers and Allan Tear have a decade plus experience across 140+ investments.

• AGF III had a first close in August 2025. The next close in early 2026 will be the last opportunity for investors to join without a catch-up penalty.

• Minimum investment of $100K

• For investors who prefer to invest via tax-advantaged platforms, AGF III can accept investments via self-directed IRA and/or many forms of Donor Advised Funds.  

• Downloadable summary here.

RevUp recently completed deployment of its most recent fund. Scan a summary of these investments here.

AGF III is actively deploying and made it’s first investment in January 2026.

Additional Materials
If the idea of expanding the toolkit for early stage investing sounds good to you, check out a recent recording that partner Melissa Withers produced on the economic upsides of investing beyond unicorns.

For a short video on how we select companies for investment, go here.

Drop a line to learn more.

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