For seven years, BCV has invested in emerging fund managers as a dual strategy: generating returns and expanding our network to discover exceptional startups across our seven core domains—AI applications, AI infrastructure, commerce, fintech, healthcare, industrials and security. During this time, we've invested in more than 100 different emerging managers and gained invaluable insights into the factors driving their success.

Today, the landscape for emerging VC funds is tough. While the mechanics of launching a venture firm have never been easier—with platforms like Carta or AngelList enabling quick setup—headwinds abound. Limited liquidity for existing venture firm LPs has extended fundraising cycles. The surge in new VC funds demands that emerging managers do more to differentiate themselves to secure allocations. Consequently, experts predict that a significant number of emerging VC firms will shutter in the coming years. Despite these challenges, the data shows that small, emerging funds often punch above their weight in returns, and play a vital role in the startup ecosystem by backing outlier founders.

In this fundraising climate, being part of a community of peers becomes crucial for emerging managers. Firms selected for the BCV Seed Fund Manager Program collaborate with us and their peers, sharing best practices, investor introductions and market insights. This support system increases their chances of reaching Fund 2 or Fund 3, laying the foundation for a long-term franchise.

Amit Bhatti, who led the Seed Fund Manager (SFM) Program for the past couple of years, left the firm in May to be closer to family. We're grateful for Amit's partnership and wish him the very best. Following his departure, I'm happy to share that Caroline Toch Docal has joined us from Dorm Room Fund to lead BCV's Seed Fund Manager (SFM) Program.

Caroline brings extensive relevant experience to this role, combining her deep venture ecosystem knowledge with empathy for managing a new venture fund. During her three-year tenure at Dorm Room Fund (DRF), Caroline oversaw investments, operations and relationship management within DRF's vast network of on-campus investors. She joined DRF as it transitioned into an independent fund after eight years within First Round Capital, giving her firsthand experience in running an emerging, early-stage fund. Prior to DRF, Caroline worked as a product manager at Chief and gained venture ecosystem experience at Techstars and Venture for America.

Under Caroline's leadership, we plan to enhance the community, investor network and knowledge-sharing aspects of the SFM Program, while maintaining our strong direct relationships between emerging managers and BCV's investing team. We'll also leverage our program data more effectively, helping emerging managers benchmark their progress and track their collective 3,000+ portfolio companies.

You can follow Caroline on LinkedIn. We're incredibly fortunate to have her on board to elevate the SFM Program to new heights. Welcome, Caroline!