The Artemis Fund Research
Investment Thesis
The Artemis Fund invests in an "alpha pack" of founders building technology solutions for resilient families and businesses. Founded in 2019 by three non-Silicon Valley women—Stephanie Campbell, Diana Murakhovskaya, and Leslie Goldman Tepper—Artemis intentionally built an alternative venture fund outside the traditional Bay Area ecosystem. The fund backs category-defining founders solving "big, hairy problems" with a focus on creating pathways to wealth, mobility, and long-term economic resilience.
Artemis explicitly focuses on funding diverse founders, particularly women founders and founders from underserved communities. The fund believes that the best opportunities often come from founders with lived experience solving real problems for their communities, rather than following traditional Silicon Valley patterns.
Investment Stage and Check Size
Artemis focuses on the seed stage, leading or co-leading seed rounds for technology companies with early traction. They invest in revenue-generating startups with early product-market fit on the cusp of explosive growth. The fund has a $36M Fund II (raised March 2024), with Fund I having been $15M (closed 2019).
Based on the portfolio companies and investment history:
- Check Size Range: $1.5M - $3M (inferred from seed-stage lead positions)
- Stage Focus: Seed stage, with selective early-stage follow-ons
- Lead Tendency: "We Lead or Co-Lead" - Artemis positions itself as lead investors and board members
Sector and Model Focus
Artemis has invested across multiple sectors addressing critical needs:
Key Sectors:
- Fintech & Payments: Payverse (payments), CNote (financial inclusion), PayAmigo ecosystem
- E-commerce & Retail: DRESSX (virtual fashion), Max Retail (B2B inventory marketplace), Goodfynd (marketplace platform)
- Care-Tech & Healthcare: HopSkipDrive (youth transportation/mobility), Salvo Health (telehealth), Avela Health, Everygene (genetics/family health), Paloma (women's health), Hello Divorce (legal services)
- Housing & Infrastructure: Builders Patch (AI-powered multi-family housing finance), Brij (affordable housing)
- Consumer & Services: Goodmylk Co. (plant-based beverages), The Good Patch (wellness patches), Tempest (insurance products), Naborforce (workforce solutions), SimpliFed (simplified services)
- Tech-Enabled Platforms: Knova, The Host Co., Reel, Reelist, UNest, Upgrade, Vody, Work&, Dimax, Gemist, RollCredits
Investment Philosophy:
- "Tech & Tech Enabled Services" focused on creating solutions for families, individuals, and businesses
- Early emphasis on fintech, e-commerce, and care-tech as core sectors
- Founder-first mindset: seeking entrepreneurs with deep domain expertise and lived experience in problems they're solving
Geographic Focus
While headquartered in Houston, Texas, The Artemis Fund has made investments across the United States, with portfolio companies headquartered in:
- New York, NY (Builders Patch, and others)
- Los Angeles, CA (HopSkipDrive)
- West Palm Beach, FL (Max Retail)
- Multiple other US locations
The fund's Houston base represents a deliberate choice to operate outside Silicon Valley, bringing diverse founder networks and perspectives.
Recent Activity and Momentum
Fund Status: Actively deploying Fund II ($36M, closed March 2024)
Recent Investments:
- Multiple portfolio companies show continued deployment momentum
- Portfolio includes 33+ companies as of February 2026
- Recent press highlighting continued focus on female founders and underserved communities
- Investment activity spans 2019-present with active board participation
Notable Portfolio Performance:
- 33 active portfolio companies across diverse sectors
- Companies solving critical infrastructure, affordability, and resilience challenges
- Portfolio reflects Artemis's systematic approach to selecting founders solving high-impact problems
Team Structure and Operating Model
Core Investment Team:
- Stephanie Campbell, General Partner: Co-founder with extensive venture experience
- Diana Murakhovskaya, General Partner: Co-founder with deep ecosystem knowledge
- Leslie Goldman Tepper, Founding Partner: Co-founder with operational expertise
- Julie Pulda, Principal: Investment professional
- Juliette Richert, Senior Associate: Early-career investor
Supporting Team:
- Adrienne Mangual, VP Finance & Operations: Manages fund operations and LP relations
- Rachel Mackey, Head of Marketing & Platform: Drives brand and founder communications
- Alisha Loos, Finance Operating Partner: Provides CFO resources to portfolio
Advisory Network:
- Diverse advisor board including venture leaders (Mercury Fund co-founder), operators (PayAmigo CEO), and institutional leaders
- Venture Fellows program cultivating next-generation talent
- Operating partners providing hands-on support to founders
Investment Process and Timeline
Decision Process: Partnership-based, with General Partners evaluating and leading investments
Founder Support Model:
- "Steadfast Partners" positioning emphasizing active investor involvement
- Board seat participation as standard
- Specific support areas: finance mastery, fundraising guidance, governance, tactical execution
- "Shortening the curve" through data-driven resources and investor introductions
- Strong founder community and co-investor network (Artemis emphasizes making "more investor intros than anyone on the cap table")
Key Differentiators
- Founder-Centric: Deep engagement as board members and active supporters, not passive investors
- Non-Traditional Location: Operating from Houston rather than Silicon Valley brings different perspectives and networks
- Focus on Underserved Founders: Explicit commitment to diversity and funding entrepreneurs from underrepresented backgrounds
- Problem-Solving Focus: "Big, hairy problems" that create real impact for families and businesses
- Hands-On Support: Artemis operates as partners, providing finance, fundraising, and operational guidance
- Community Building: "Obsess over the latest data, tools, and resources" to help founders execute faster
Warm Introductions and Engagement
Artemis actively welcomes pitches through their Airtable form on the website. The fund's positioning as engaged partners and the founder testimonials (e.g., "Artemis has gone above and beyond our expectations, introducing us to investors, vendors, and hires") suggest a collaborative engagement approach. Warm introductions from existing portfolio companies, advisors, or mutual investor connections would likely be well-received.
Fund Economics and Motivation
Based on public announcements:
- Fund I: $15M (2019)
- Fund II: $36M (2024)
- Average check size estimated at $1.5M-$3M for seed-stage leads
- Focus on 33+ portfolio companies suggests disciplined allocation and staged deployment
- Strong LP base including Amazon Catalytic Capital, demonstrating institutional validation
Conclusion
The Artemis Fund represents a deliberate alternative to traditional venture capital, combining rigorous investment standards with authentic commitment to founder success and diversity. The fund's focus on seed-stage technology companies solving real problems for families and businesses, coupled with their hands-on operational support and strong founder networks, positions them as thoughtful partners for founders building category-defining companies.