Meridian Ventures, established by Devon Gethers and Karlton Haney, has announced the launch of a $35 million fund aimed at supporting pre-seed and seed-stage startups founded by individuals who have deferred their MBA programs.
The inspiration for the firm stemmed from Gethers and Haney's own experiences in Harvard's MBA deferred admission program, where they met in 2020. Gethers, who has a background in behavioral science and finance, previously worked in private equity and launched his own company, while Haney has experience in industrial engineering and investment.
With a focus on challenging the notion that MBAs are not suited for entrepreneurial ventures, Gethers stated, "Our thesis is going against a bit of the grain..." This perspective led them to raise an initial $2.5 million proof-of-concept fund, which successfully backed 45 companies.
After beginning their studies at Harvard Business School in the summer of 2023, they aimed to create an institutional fund. Despite a challenging funding environment, they managed to secure an oversubscribed $35 million from various limited partners, including banks and family offices.
The fund will primarily invest in U.S.-based founders focused on enterprise technology, with initial investments averaging $500,000 for pre-seed and $750,000 for seed stages. Gethers emphasized the growing gap between ambitious founders in frontier technologies and the capital needed to support their ventures.
Investment Focus:
- Enterprise technology
- Industries: fintech, logistics, healthcare, AI
The firm plans to deploy the capital over the next three years, aiming to bridge the funding gap for innovative entrepreneurs.
