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 SEC designation.

RevUp partners Melissa Withers and Allan Tear pioneered a model for early-stage investing that produces investor returns with or without exits.  At the same time, this model fills a critical gap in the capital continuum, working seamlessly with other kinds of capital to benefit investors and founders alike.

The team deployed an initial $21M into 70 companies, returning a blended IRR of 15-20% across previous funds.  Their newest fund, the Athena Growth Fund III builds on this success. Following a first close in 2025, AGF III is still accepting new investors with a final close coming up this year.

Watch an AGF III Overview Video from Melissa Withers or scroll below for more info.

More about AGFIII

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. Our economy misses out on the value created 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.

RevUp gives investor access to a large and exciting asset class, but with quicker liquidity and a faster return on capital than possible via traditional VC.  In tandem, RevUp uniquely supports companies that fall into the gap between early investment and institutional VC.

These companies are not outliers, they are everywhere. With the right capital stack—and the right investment tools—these companies produce stellar results. For example: RevUp companies have raised $50M before RevUp invested and $150M in equity funding AFTER RevUp invested. Additionally, the portfolio has produced $350M+ in aggregate revenue and more than a dozen exits. The TLDR? Expanding the toolkit for early-stage investing benefits investors and founders alike.

While not an impact fund, RevUp has impact: 70% of companies are C-suite diverse, 60% women-founded, and 60% are based outside top VC metros. Scan more about the fund's approach to profitable impact here. 

Several RevUp founders are now LPs in the RevUp fund--a powerful testament to the model's ability to create value for both investors and founders. 

The team recently completed deployment of their most recent fund. A scan of those investments will give you a good sense of the depth and breadth of the asset class RevUp invests into.  For a short video on how we select companies for investment, go here.

After a successful first close in late 2025, Fund III began actively investing in January. RevUp Fund III is still accepting new investors, with an upcoming close in June 2026. 

Drop a line to learn more.

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