Working Capital Fund, the only venture capital investor focused on building equitable value chains, is pleased to release its 2025 Annual Impact Report.

Ten years ago, we foresaw a market for impactful, scalable, and commercially viable solutions to the systemic problems facing marginalized workers and the businesses that employ them. This report captures the progress we’ve seen in a category we helped define.

In 2025, portfolio companies reached workers and supply chains at significant scale:

• Altana’s AI-powered Product Passport was adopted by U.S. Customs, helping resolve issues such as forced labor before goods enter the country.
• Quizrr trained over 1.2 million workers across 6,894 sites in more than 50 countries.
• Prewave actively monitored roughly 1 million suppliers.
• Fund II companies directly influenced working conditions in facilities employing 1.3 million workers.

The report highlights four key themes:

• Linking core business and impact: As sustainability regulation lost momentum, companies tied impact more closely to sourcing, sales, and supplier development.
• Regulation: Although sustainability rules weakened in Europe, Australia, Thailand, South Korea, and Taiwan are moving toward mandatory human rights due diligence, and brands everywhere still need to manage supply chain risk.
• AI: Every portfolio company is integrating AI, and the most compelling cases are those where it unlocks capabilities that didn’t exist before, from self-driving materials labs to zero-shot hazard detection.
• Workers and wages: Living wages and new approaches to worker engagement are rising on the agenda.

The report also covers a new avenue to impact: responsible sources of critical minerals, through SiTration and Radical AI. Our 19 active portfolio companies remain mission-aligned. They tackle forced labor, child labor, wages, health and safety, and gender inequality. Women lead or co-lead 11 of these companies, and they have received 48% of our invested capital.

We are now investing from Fund III. We welcome feedback from our community as we continue to learn.