Blue-chip investor group anchors WCF Fund III, backing emerging technologies that build responsible and resilient global supply chains

San Francisco — June 2, 2026 — Working Capital Fund (WCF), the early-stage venture firm investing at the intersection of frontier technology and global supply chain accountability, today announced the first close of its third fund at approximately $31 million in aggregate commitments. Anchoring the close are The Omidyar Group, Soros Economic Development Fund, and Minderoo Foundation, joined by SAP and Stardust Equity — a mix of long-standing partners and new institutional investors united by the conviction that technology, deployed deliberately, can transform conditions for workers across global supply chains.

Fund III builds on a decade of thesis-driven investing rooted in the premise that the global supply chains underpinning the modern economy have long operated without adequate accountability, with the costs borne by workers who remain invisible to the brands and consumers they serve. Over the past ten years, WCF has demonstrated that this challenge is solvable by backing technology-driven solutions that improve conditions for workers at scale while delivering strong financial returns. Fund III extends that thesis into an increasingly urgent set of challenges, backing innovations that demonstrate how AI can empower rather than displace workers, how climate adaptation can be scaled to protect the most vulnerable, and how companies can build supply chains that are both resilient and uncompromising on labor standards.

“We are grateful to the investors who have supported us over the past decade and to our newest partners joining us in Fund III,” said Ed Marcum, Managing Partner at Working Capital Fund. “Their commitment reflects a growing recognition that some of the most significant challenges facing global supply chains also represent compelling investment opportunities. Fund III positions us to accelerate our impact, continue to define the responsible supply chain market, and improve the lives of millions of workers worldwide.”

Across Funds I and II, WCF has made 24 investments impacting workers in more than 60 countries. Portfolio companies include Ulula, a worker voice platform recently acquired by EcoVadis that uses mobile technology to crowdsource feedback and grievances directly from workers across some of the world’s most hard-to-reach supply chains; Altana, a supply chain mapping and risk assessment unicorn providing multi-tier visibility and labor rights intelligence across global supplier networks; and SiTration, which reduces risk to workers and communities in critical mineral supply chains through safer approaches to mineral recovery.

“The Soros Economic Development Fund (SEDF) is pleased to reinvest in the Working Capital Fund, a private sector leader advancing human rights across global supply chains,” said Georgia Levenson Keohane, CEO of SEDF. “Working Capital has demonstrated how innovative deployment of private capital can drive meaningful supply chain transformation and scale tools that advance the dignity of work across the world.”

“Minderoo Foundation is supporting Fund III because we believe technology should strengthen human dignity, not undermine it,” Minderoo Foundation CEO John Hartman said. “By backing entrepreneurs developing solutions that lift transparency and empower workers, Working Capital Fund is creating a future where economic growth and human rights go hand-in-hand. The Fund’s ability to connect promising founders with major global buyers gives these innovations a pathway to scale and amplifies their impact for millions of workers across complex supply chains.”

About Working Capital Fund Working Capital Fund (WCF) is an early-stage venture firm investing in the frontier technologies reshaping global commerce — building supply chains that are more transparent, accountable, and equitable for the workers who power them. Founded in 2016, WCF has backed supply chain intelligence platforms, worker-voice tools, human rights due diligence software, and ethical recruitment technologies across three funds. For more information, visit workingcapitalfund.com.

Media Contact: Martin Roeck | [email protected]