Evening Fund Launches $2M Micro Fund for Early-Stage Startups

A New Micro-Fund: Evening Fund

Venture capital is often associated with substantial investments, frequently reaching tens or even hundreds of millions, and sometimes billions of dollars. However, Evening Fund presents a refreshing alternative, being a newly established $2 million micro-fund.

This fund concentrates on making smaller investments, ranging from $50,000 to $100,000, with the aim of providing crucial early-stage funding to burgeoning startups.

Founders and Philosophy

Evening Fund was founded by Kat Orekhova and Rapha Danilo. Orekhova transitioned from a career in mathematics education to become a data scientist at Facebook.

She has also actively engaged in angel investing and mentorship for young companies. The name "Evening Fund" reflects their approach: dedicating daylight hours to their own ventures and evenings to investment activities.

Support from Industry Leaders

Orekhova expressed a desire to establish a more structured entity to support startups in their initial phases.

The fund benefits from the support of limited partners, including Sarah Smith of Bain Capital and Lee Linden, a general partner at Quiet Capital, alongside numerous other prominent figures within the technology sector.

Investment Focus and Value Proposition

Orekhova explained that she and Danilo primarily invest in B2B SaaS companies, targeting those in the pre-seed, seed, and occasionally Series A funding rounds.

While their primary focus is B2B SaaS, they will also consider consumer-focused businesses. A key differentiator for Evening Fund is their commitment to providing comprehensive support beyond financial investment.

“We aim to offer founders very specific, actionable advice, rather than merely high-level guidance,” Orekhova stated.

Practical Guidance for Early-Stage Founders

This practical assistance can encompass areas where founders may lack experience, such as the process of hiring their first designer.

Founders often need help understanding the role of a designer and the different specializations within the field. Evening Fund provides detailed insights into the necessary competencies and clarifies the distinctions between roles like graphic designers, visual designers, UX designers, and researchers.

Furthermore, they even offer a curated list of potential candidates to accelerate the hiring process.

Origins of the Fund

Orekhova’s interest in entrepreneurship was sparked during her time at Facebook, leading her to volunteer her expertise with companies participating in the Y Combinator program.

“Many individuals are unsure where to begin, but I proactively identified companies on the YC list that aligned with my skills and offered my assistance without seeking compensation or equity,” she explained.

From Scouting to Investing

This volunteer work evolved into scouting opportunities for larger venture capital firms and eventually led to making direct investments in promising startups.

The launch of Evening Fund represents the culmination of these experiences and the groundwork laid to gain a thorough understanding of the startup ecosystem.