When DeVaris Brown, the founder of Meroxa, sought additional venture capital funding for his data infrastructure startup aimed at developers, he turned his attention to Wellington Access Ventures, a relatively new and less-known fund.
Meroxa had previously secured $19 million from established venture capital firms. However, for Brown, the decision to approach Wellington Access Ventures was an easy one. He had prior connections with the fund’s partners, stemming from their shared experiences at SalesforceCRM, involvement in the industry non-profit BLCK VC, and through Brown’s previous lead investor. Brown stated that speaking with Wellington Access Ventures was a natural choice, and they were both at a stage where they could grow together.
Wellington Access Ventures, often referred to as WAV, is on a mission to become a prominent investor for early-stage founders who come from underrepresented backgrounds. Operating as a dedicated fund and brand under the umbrella of Wellington, which manages an $8 billion private investment platform with total assets of $1.1 trillion, WAV has successfully raised $150 million for its initial fund. This funding has been made possible with the support of limited partners, including state pension plans and financial institutions.
Jackson Cummings, the leader of the fund, emphasized the belief that talent is universally distributed, but opportunities and access to capital have not been equally accessible within the venture capital ecosystem. As a result, WAV’s primary goal is to invest in what they perceive as the future industry-defining companies and leaders.