In the competitive world of venture capital, Athena Capital stands out for its strategic approach to investing in late-stage technology companies. Founded by Isabelle, an experienced tech entrepreneur, the firm focuses on providing both capital and the necessary guidance to help companies transition smoothly into public markets. In this post, Isabelle discusses her motivation for starting Athena Capital, her vision for the firm’s role in the industry, and how it’s addressing the challenges and opportunities in today’s market. Check out this exclusive written interview with Isabelle to gain deeper insights into her approach and the future of Athena Capital.

Introduction to Venture Capital: Isabelle, as the founder and managing partner of Athena Capital, can you share what inspired you to start the firm and your vision for its role in the venture capital ecosystem?

My inspiration to start Athena Capital stemmed from a passion for generating returns through investments. Our team identified an underserved asset class that every investor should consider in their portfolio: pre-IPO tech investments. As a tech founder myself—I co-founded and served as CEO of the AI company Magnifi, which was acquired in 2020—I have a deep passion for technology and industry knowledge. I’m also driven by a strong desire to support innovative entrepreneurs. During my years in venture capital and private equity, I noticed a significant gap in the market for a firm that not only provides capital but also offers strategic guidance to help companies go public or prepare for major exits. I saw a need to open more doors for women in finance and provide them with greater opportunities for leadership and financial success. Athena is a returns-driven platform with over 45 high-profile women in finance and tech, which has raised more than $1.2 billion in the last three years to bring companies to the public market. We are now raising a $500 million fund to deploy bridge capital in pre-IPO companies before they exit through IPO, M&A, or other means. My vision for Athena is to be a beacon for transformative technology firms, providing them with the resources they need to scale beyond the venture-backed stage. We aim to be more than investors by offering strategic guidance and leveraging our network of Fortune 500 board members to take companies to the next level of growth, geographic expansion, M&A strategies, and capital access.

What are the key drivers of innovation and entrepreneurship today, and how do you identify the most promising startups and technologies to invest in?

The key drivers of innovation are capital formation and the ability to attract and retain talent. The U.S. is a global leader in both areas. However, we must maintain this leadership by ensuring that companies continue to seek growth capital in the U.S. and access public equity markets here. At Athena, we invest globally and assist companies in growing by pursuing cross-border opportunities. We focus on investing in companies that demonstrate real and scalable technological innovation. While some sectors, like FinTech, have seen significant advancements, many others have not yet reached the level of innovation necessary to make them strong investment opportunities. However, opportunities to create significant value still exist in these sectors through consolidation in often fragmented markets. The current macroeconomic climate has limited the IPO window to only the most extraordinarily scaled companies, making it difficult for smaller, disruptive companies to access capital from public markets. At Athena, we partner with companies of all sizes that are ready to consider an exit and ensure they have a clear path to profitability. Our investment decisions are driven

by data analysis, market trends, and our deep understanding of the industry’s potential. We work closely with teams to ensure they meet the standards expected by public equity investors and have the potential for long-term success and significant value generation.

In your view, how does venture capital contribute to broader economic growth, and what role do you see it playing in the current global economic landscape?

Venture capital is the foundation of tech innovation, driving economic growth by enabling the development of new technologies and business models. The asset class can yield high returns and often outperforms other asset classes when investments capture the scale potential of technological innovation. However, beyond achieving scale, accessing profitable business models is crucial. Both are necessary to realize the types of returns that venture capital has delivered over the last few decades. At Athena, we invest in growth-stage companies that are approaching exits, balancing risk reduction with the opportunity to invest right before pivotal growth moments. We focus on proprietary deals at attractive valuations to position our investments for success.

Given your focus on technology companies, what emerging technologies or sectors are you most excited about, and why do you think they have significant potential for growth?

We are focused on a specific stage of investment within the technology sector, which is our core expertise. The investors in our group have taken over 15 companies public, and we have developed a formula that unlocks access to unique opportunities typically reserved for institutional investors. Within the tech sector, we see significant potential for value creation through consolidation, roll-ups, and M&A activity. We support companies by sourcing proprietary acquisition targets and facilitating the financing needed to complete these transactions.

What are some of the biggest challenges you face in the venture capital industry, and how do you navigate them to ensure successful investments?

We operate at the critical intersection of private companies transitioning to public markets. One of the biggest challenges—and opportunities—is timing exits to benefit from favorable market conditions. Economic volatility and regulatory changes can impact the opportunity landscape, but we capitalize on these fluctuations to achieve optimal outcomes. At Athena, we make fundamental equity investments and carefully time our exits to generate the kinds of returns typically seen during bull markets. We guide investors and companies toward the right products and timing, particularly in today’s vibrant IPO market, which is rebounding after a three-year downcycle. With a significant backlog of companies on file to go public, we are well-positioned to take advantage of this momentum.

Economic volatility and regulatory changes can also pose significant hurdles. The Athena team navigates these challenges through rigorous due diligence and by leveraging our extensive network of industry experts. We remain agile, constantly learning and adapting our strategies. Our focus on diversity also gives us an edge by bringing in varied perspectives, which are crucial for making informed investment decisions.

How have you built and led successful teams at Athena Capital, and what qualities do you consider most important in your board members and partners?

Athena’s team is unique in the industry. We surround ourselves with talent that has a track record of prior success in investments, both professional and personal. Some of our members have founded companies—we have a dozen company founders—and many have exited their companies through public offerings or M&A. Our members have both financial wealth and intellectual capital, as well as relationships that make for an unparalleled group of 45 women with deep connections throughout the tech industry, corporate America, and the government. Athena includes a dozen current or past board members of companies such as Citigroup, Starbucks, Comcast, WeWork, Aetna, BlackRock, American Airlines, Ralph Lauren, and many more public and private companies. Athena Capital's unique edge comes from its all-women investment team, which includes former Softbank investors, Fortune 100 board members, and CEOs and founders. We are currently raising a $500 million fund to deploy private and public equity in high-performing, mission-driven companies, focusing on pre-IPO investments in companies that are close to exit. This strategic approach allows us to partner with companies improving our lives through next-generation technology and provide them with the capital and resources needed to scale successfully.

Looking ahead, what trends do you foresee shaping the future of venture capital, and how is Athena Capital positioning itself to capitalize on these trends?

Investors are increasingly demanding allocations to the late-stage venture asset class, specifically growth funding focused on exits. This trend was a driving factor in the founding of Athena Capital. As more companies receive venture capital, there is a growing need to transform these businesses into mature, cash-flow-positive entities. However, there is currently a shortage of capital available at this critical stage. Athena is positioning itself to capitalize on these trends by continuing to focus on late-stage investments, strategic partnerships, and hybrid investment models that combine elements of venture capital and private equity.