Our sixth-annual program is a core part of PledgeLA’s work to strengthen the venture ecosystem in Los Angeles by elevating talent that reflects the dynamism of our region. The 2025 fellow cohort represents incredible emerging leaders that bring experience in healthtech, social impact, entrepreneurship, and more. Of this group, 63% identify as first-generation college graduates and as coming from a lower socioeconomic background, 38% are women, 88% identify as people of color (Black, Latinx/e, or AAPI), and 25% identify as LGBTQIA+. 

“Through our partnership with PledgeLA, we’ve had the privilege of supporting 8 remarkable individuals as they embark on their journey as rising venture investors. Having completed the 15-week deep dive into venture capital, the fellows are equipped to thrive in their summer roles with some of the most influential venture firms. I am excited to see the impact they’ll create this summer and beyond for the Los Angeles venture ecosystem.”  

– Shane Kelly, Founder of Cinematica Labs & Professor at USC Marshall School of Business

Join us in welcoming and congratulating our 2025 cohort:

Click here to learn more about the 2025 cohort.

LOS ANGELES – The leaders of PledgeLA, a coalition of hundreds of venture capital (VC) and tech leaders dedicated to making Los Angeles a global tech hub, have named Noramay Cadena, Managing Partner at Supply Change Capital, as its fourth chair. With continued support from the Annenberg Foundation and the Office of Mayor Karen Bass, PledgeLA has been a driving force for increasing access to capital, fostering talent, and strengthening the city’s innovation ecosystem since 2018.

Noramay Cadena takes the helm from Anna Barber of M13, a founding force behind PledgeLA’s bold mission to break down systemic barriers in tech who will continue shaping its future as Chair Emerita. During Barber’s tenure, PledgeLA achieved transformative milestones, including:

• The Venture Capital Data Report – A groundbreaking analysis of access to capital in Los Angeles, produced with UCLA Luskin School.
• The Venture Capital Fellowship – A nationally-recognized program launching new leaders into investing, with two alumni now working at the partner level.
• The GP + LP Connections Series – A catalyst for growth, facilitating over 80 meetings between VCs and potential backers in 2024.
• The PledgeLA Catalyst Awards – L.A.‘s premier honor for leaders driving capital access, innovation, and ecosystem growth.

PledgeLA’s Advisory Committee praised Cadena’s longstanding commitment to expanding access in tech and venture and her trajectory as a leader in Los Angeles.

“I’m thrilled to pass the baton to Noramay Cadena,” said Anna Barber. “She has a 10-year track record as an investor, and has worked for decades to foster a stronger and more diverse LA tech ecosystem. Her strategic vision and deep ties to the ecosystem make her the perfect leader to propel PledgeLA forward through its next phase of transformation and growth.”

Cadena co-founded Supply Change Capital in 2020 and raised an inaugural $40M venture capital fund to invest in technology to transform the food system. With offices in Los Angeles and Chicago, Supply Change has deployed over $20M across 23 companies to date – including eight in California.

“I am honored to take on this leadership role at such a critical time for Los Angeles’ tech and venture ecosystem,” said Noramay Cadena. “PledgeLA has set a powerful precedent for what we can accomplish when we’re rooted in data, focused on bridging opportunity gaps, and working together. I’m committed to building on this platform, strengthening strategic partnerships, and ensuring that Los Angeles continues to emerge as a premier global hub for innovation and investment.”

Entering its seventh year, PledgeLA is deepening its commitment to making Los Angeles a thriving tech ecosystem. This summer, a new cohort of VC Fellows will join local firms, helping to develop the next generation of investors who will fuel the region’s innovation economy. Additionally, building on the success of the GP + LP Connections Series, PledgeLA will expand its efforts to connect high-net-worth family offices with venture opportunities, ensuring that more capital stays in Los Angeles to support local leaders.

As part of its broader mission, PledgeLA remains dedicated to community resilience. PledgeLA members including Wonder Ventures kick-started the L.A. Tech Community Cares Fund, which has raised more than $1.1 million to aid individuals, families, small businesses, and workers affected by the January 2025 wildfires.

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About PledgeLA
PledgeLA is a coalition of hundreds of LA venture capital firms working to make Los Angeles a global tech hub that reflects the full breadth of the region’s innovation and talent. With high-impact programs including venture capital fellowships and GP-LP matchmaking, the group works to help better connect talent, opportunity, and capital in Greater Los Angeles.

About the Annenberg Foundation
The Annenberg Foundation is a family foundation that provides funding and support to nonprofit organizations in the United States and globally. Since 1989, it has generously funded programs in education and youth development; arts, culture and humanities; civic and community life; health and human services; and animal services and the environment.

Noramay Cadena Bio
Noramay Cadenais the Managing Partner of Supply Change Capital, a venture capital firm investing in technology across the food system supply chain. Over the last 10 years, Noramay has invested in over 90 companies across industries and stages. Prior to her career as an investor, Noramay spent over a decade in the aerospace industry as an engineer and operations leader. In 2024, she was recognized as a Pioneer Woman of the Year by the Los Angeles Commission on the Status of Women. In 2022, she was recognized as one of ten women of influence in private markets by PEI. She’s also been named one of fifty-five rising star VCs who shook up the industry (2021), one of fifty renowned women in robotics (2020), and was named one of the top 100 influential Latinas in the United States by Latino Leaders Magazine from 2020-2022. She’s an original cofounder of Latinas in STEM (2013) and SomosVC (2019), a Kauffman Fellow, and holds three degrees from the Massachusetts Institute of Technology.

Anna Barber Bio
Anna is an Investing Partner at M13, where she leads investments in AI work automation and commerce. Prior to M13, Anna was the managing director of Techstars LA and a partner at The Fund LA. Anna has invested in over 100 early stage companies and is a former retail and commerce founder and operator herself. She’s a former tech founder, a certified executive coach, and a board member of portfolio companies Maven AGI, Source, Replenysh, Max Retail, Upwards, and AllVoices. Anna has been featured on Bloomberg TV and has been a speaker at Shoptalk and All Raise VC Summit. In 2023, she was listed in Forbes 50 over 50 and Business Insider’s Most Important VCs in Los Angeles. She received her bachelor’s degree in American Studies from Yale University and later earned her JD from Yale Law School. She’s a mother and stepmother to four members of Gen Z.

“Recognizing L.A.’s boundless entrepreneurial talent — and the power of this creative region to move the needle on representation — we established PledgeLA to build a thriving ecosystem reflective and accessible to all of Los Angeles. Access to capital is central to that effort, and the community leaders here tonight are committed to expanding it,” said Cinny Kennard, Executive Director of the Annenberg Foundation. “The accomplishments of our awardees are but a glimpse of what’s possible here, and we are excited to build on this effort.”

Karen Bass, the 43rd Mayor of Los Angeles, said: “Opening Los Angeles for business means working to increase investment and opportunity for Angelenos who have too often been left out. PledgeLA and the Annenberg Foundation are vital partners in realizing L.A.’s next generation of venture capital, tech and civic leaders. My Office of Business and Economic Development is building on this vision with partners like PledgeLA as we continue to support startups, investors, entrepreneurs and small business owners so they can thrive here in L.A. Congratulations to the first Catalyst Awards honorees – your commitment to increasing access to capital and expanding representation in our local economy has the power to drive lasting impact in our city.” 

Mayor Bass and Executive Director Kennard led discussions Wednesday evening on developing a resilient tech ecosystem in L.A. and on deepening public-private collaboration between the city and investors in the innovation economy. 

Among the inaugural Catalyst awardees were Kwanza Jones and José E. Feliciano, whose Kwanza Jones & José E. Feliciano Initiative invests in and partners with nonprofits and for-profits focused on education, entrepreneurship, equity, and empowerment. Since founding their initiative in 2014, the partners in life, business, and impact have personally committed over $200 million to these efforts, including $20 million to Princeton, $1 million to HBCU Bennett College, and $500,000 to Puerto Rico for Hurricane Maria relief. Jones and Feliciano received the Limited Partner Catalyst Award, in recognition of their significant investments in underrepresented fund managers.

“We co-founded the Kwanza Jones & José E. Feliciano Initiative to boost humanity and power possibilities through education, equity, entrepreneurship and empowerment. We believe that one of the key catalysts for unlocking human potential is access to capital and economic opportunities. That’s why we are committed to investing in organizations and individuals who are breaking barriers, opening doors, and building bridges of opportunity. 

“Investing intentionally but not exclusively in underrepresented founders and fund managers is about more than just financial returns—it’s about catalyzing a community of innovation and collaboration. Diversity fuels excellence, and when diverse perspectives are included, outcomes are optimized and more impactful. 

“This recognition from PledgeLA affirms our mission: breaking barriers, unlocking potential, and driving change. Together, we can reimagine what’s possible—for LA and beyond,” said Kwanza Jones and José E. Feliciano, Co-Founders of Kwanza Jones & José E. Feliciano Initiative (Jones•Feliciano).

Also honored Wednesday were Slauson & Co, a $100-million venture capital firm rooted in economic inclusion led by Austin Clements and Ajay Relan, who were honored with the Portfolio Catalyst award. Slauson & Co’s original $75 million Fund I backed 38 companies, most of which are led by people of color and at least half of which are led by women. Slauson & Co. directs all of its investment to underrepresented founders. 

Dana Settle, one of the first female fund leaders in the industry, was recognized with the Pathbreaker Catalyst award for her work to create paths to capital and opportunity. Settle serves as co-founder and managing partner at Greycroft, one of the largest VC funds in the United States ($2-billion Assets Under Management) and is a founding member of the female mentorship collective All Raise. 

In addition, awards for “Most Inspiring Entrepreneur,” “Ecosystem Builder,” and “Most Inspiring Emerging Manager” were given to L.A.-based tech investors, entrepreneurs and nonprofit leaders for their impact on the local community, workforce development and creating access to capital. Winners and all nominees appear below.

Annual Data on L.A. Venture Capital Shows Continued Opportunity Gap; Research Expanded to New York City

In addition to the 2024 awards, PledgeLA released its annual report on diversity in L.A. venture capital. Data analyzed by UCLA’s Luskin School of Public Affairs show that among  75 venture capital firms in Los Angeles who are part of PledgeLA there remains a gap in investment in underrepresented minority (URM) founders. Among the findings for 2023, Black and Latina women remain the least represented groups across the PledgeLA portfolio, making up only 1% and 2% of 2023 companies, respectively. However, in terms of median deal size for startups, the gap between women-only teams and all-men teams shrank considerably, to $700k less versus $3.8M less in 2022.

The 2024 Venture Capital Portfolio Diversity Report can be read here. 

The Annenberg Foundation this year commissioned the same UCLA researchers to also code and analyze data for the Venture Access Alliance (VAA), an initiative of the New York City Economic Development Corporation (NYCEDC). This effort includes collecting demographic data for 2023 on 72 venture capital (VC) firms within the VAA membership and their 323 portfolio companies, led by over 540 founders. VAA’s report and diversity findings can be found here.

PledgeLA: Catalyzing and Recognizing Change

Established in 2018 in partnership with the City of Los Angeles and Mayor Eric Garcetti, PledgeLA was the first and is the only local effort to annually monitor diversity and equity in accessing capital in L.A. It both supports and holds accountable an industry vital to all Angelenos through:

• Placing underrepresented promising college graduates in Venture Capital Fellowships (70 since 2019) 
• Researching and reporting anonymized representational data and demographics in the annual Venture Capital Portfolio Diversity report produced by UCLA’s Luskin School of Public Affairs to help track LA’s progress and challenges. In many cases, these data have never been collected.
• Convening partners and thought leaders at L.A. Tech Week and facilitating mentorships for college students with L.A. tech leaders
  

Previously, PledgeLA helped incentivize investment in Black and Latinx entrepreneurs through a Founders Fund (est. 2021) that helped founders who had demonstrated traction increase recurring revenue, find follow-on capital, and build community with their peers. 

Additional 2024 PledgeLA Catalyst Award Winners

Most Inspiring Entrepreneurs

ChargerHelp! – co-founded by Evette Ellis and Kameale Terry, ChargerHelp! ensures EV charging stations stay operational, helps manage charging infrastructure and provides maintenance through an EV service workforce that it trains and deploys. Ellis and Terry are originally from Compton and South Central Los Angeles, respectively.

Cherub – co-founded by Angeline Vuong and Jaclyn Johnson, a serial entrepreneur, Cherub facilitates fundraising from angel investors for women-led companies using an online membership model. The platform has raised $3M for startups focused on consumer packaged goods, AI companies, hotel projects, apps and more.

Most Inspiring Emerging Manager – Noramay Cadena is managing partner at Supply Change Capital, which invests at the intersection of food, culture, and technology to modernize the food system. She was recognized as a rising investor from an underrepresented background for outsized impact on the local tech ecosystem. Among many board memberships, she is on the board of the Latino Community Foundation and Care Enterprises, Inc., which is focused on creating economic opportunities for people in poverty and women.

Ecosystem Builder – Amiah Sheppard has led investments and accelerated dozens of underrepresented founders internationally, as well as helped invest and support 100 other underrepresented founders across the U.S. She was recognized for “going above and beyond to make connections and increase access for underrepresented founders.

Nominees

Entrepreneurs — Montré Moore and Angel Lenise Pyles, AMP Beauty; Tony Gonzalez, Mundial Media; Rebecca Caputo and Val Emanuel, Rif Care; Selena Watkins, Socanomics

Emerging Managers — Madeline Darcy, Managing Partner at Kaya Ventures; Brandon Hoffman, General Partner at Sunset Ventures; Kimberley Nixon, Managing Partner at Open Venture Capital; Tracy Gray, Managing Partner at The 22 Fund

Ecosystem Builders — Espree Devora, Founder at WeAreLATech; Raychel Espiritu, Program Director at Walking Softer; Derek Smith, CEO & Founder at Plug In Ventures; Sophie Nazerian, Vice President, Innovation Economy, Startup Banking at JPM Startup Banking

Our fifth-annual program is a core part of PledgeLA’s work to build a more inclusive venture ecosystem in Los Angeles that represents the diversity of our dynamic region. The 2024 fellow cohort represents incredible emerging leaders that bring experience in cleantech, education, entrepreneurship, and more. Of this group, 70% are women, 60% identify as people of color (Black or Latinx/e), and 10% identify as LGBTQIA+.

“We’re thrilled to have empowered 10 remarkable individuals through our partnership with PledgeLA to facilitate transformative experiences for each fellow. Recruiting from diverse graduate programs across Los Angeles and with investment training that validates their lived experiences, these fellows are exceptionally prepared for their summer placements at top VC firms. We can’t wait to witness the impactful contributions they’ll make this summer and beyond.”

– Shane Kelly, Founder of Cinematica Labs & Professor at USC Marshall School of Business

Join us in welcoming and congratulating our 2024 cohort:

Click here to learn more about the 2024 cohort.

Created to address the systemic barriers that Black and Latinx entrepreneurs face when seeking capital for their companies, the PledgeLA Founders Fund, in partnership with Grid110, is an accelerator program that transcends mere investment. The main goal of the program is to generate at least five times the economic impact from the initial funding provided, measured in the following three areas: follow-on capital, new employees hired, and increased recurring revenue. Since launching a successful pilot program in 2021, the Founders Fund alumni companies have collectively raised more than $20 million in follow-on capital. Furthermore, the program has helped create 82 new jobs at alumni companies with 60% of companies using stipends for hiring or job creation, and 70% reporting increased recurring revenue.

Click here to read more about the 2023 cohort.

To hear first-hand from the cohort members, check our our short video below:

This partnership between the Annenberg Foundation’s PledgeLA initiative and Grid110 is the convergence of years of work that our respective teams have spent working to increase access within the startup community. The PledgeLA Founders Fund was created to directly address the systemic barriers that Black and Latinx entrepreneurs face when seeking capital for their companies. After a successful pilot in 2021, we are excited to continue this effort to accelerate founders’ access to capital and opportunity. 

Click here to read more about the 2022 cohort.

To hear first-hand from the cohort members, check our our short video below: