Meridian Ventures, a venture capital firm founded by Devon Gethers and Karlton Haney, has successfully raised a $35 million fund aimed at supporting pre-seed and seed-stage startups, particularly those led by MBA-deferred founders. This initiative challenges the prevailing notion in Silicon Valley that MBA graduates are less suited for entrepreneurial ventures.
Origins and Founders’ Backgrounds
The inception of Meridian Ventures traces back to 2020 when Gethers and Haney met through Harvard Business School’s MBA deferred admission program. Both founders come from diverse backgrounds that have significantly influenced their entrepreneurial journeys.
Devon Gethers, 29, grew up in poverty in Washington State. He pursued studies in behavioral science and finance at the University of Utah, which led him to a career in private equity. Eventually, Gethers launched his own company, which he later exited successfully.
Karlton Haney, 28, hails from a farming background in Arkansas, where he was involved in raising various birds. He studied industrial engineering at the University of Arkansas and later worked as an investor at the Stephens Group, a family office.
Challenging Silicon Valley Norms
The duo’s shared experience in the MBA deferred program inspired them to establish a venture firm that supports founders with similar educational paths. Gethers highlighted their mission to counter the Silicon Valley rhetoric that MBA holders are ill-suited for founding startups. He emphasized that their thesis challenges the belief that an MBA prepares students solely for corporate culture, not the dynamic world of startups.
Initial Fundraising Efforts
In 2023, Gethers and Haney embarked on their venture by raising a $2.5 million proof-of-concept fund. This initial capital was gathered through persistent outreach, including cold-calling potential limited partners. With this fund, they backed 45 companies, demonstrating the viability of their investment approach.
Pursuing an Institutional Fund
After enrolling at Harvard Business School in the summer of 2023, the founders decided to raise their first institutional fund. Despite a challenging funding environment, they successfully secured an oversubscribed $35 million fund. The limited partners included publicly traded banks, family offices, and Fortune 500 executives. Gethers and Haney graduated from Harvard Business School in 2025, marking a significant milestone in their journey.
Investment Focus and Strategy
Meridian Ventures plans to invest in enterprise technology startups across the United States. The firm maintains an industry-agnostic approach, with existing investments spanning fintech, logistics, healthcare, and artificial intelligence sectors. The average investment size is set at $500,000 for pre-seed and $750,000 for seed-stage companies. The fund aims to deploy its capital over the next three years.
Gethers articulated their vision to bridge the expanding gap between ambitious founders developing frontier technologies and the necessary capital to advance those ambitions. He stated that with this $35 million fund, their goal is to seal that gap.
Broader Implications
Meridian Ventures’ initiative reflects a growing trend of venture capital firms supporting underrepresented founders. Similar efforts include Unshackled Ventures, which secured $35 million to invest in immigrant founders, and Geek Ventures, focusing on early-stage immigrant tech founders. These firms aim to democratize access to capital and mentorship, increasing the probability of success for diverse entrepreneurs.
Conclusion
By launching this $35 million fund, Meridian Ventures not only provides crucial support to MBA-deferred founders but also challenges prevailing biases within the startup ecosystem. Their efforts contribute to a more inclusive and diverse entrepreneurial landscape, fostering innovation across various industries.
