Stepchange Fund I, LP is a venture capital fund based in Seattle, Washington. According to its most recent Form D, filed Jun 11, 2025, it has sold $7,230,000 of interests to 103 investors since its first sale in Nov 2023. The minimum investment it accepts from an outside investor is $1,000. It relies on the Section 3(c)(1) exclusion, which limits it to 100 beneficial owners, typically accredited investors. The offering uses Rule 506(c), which permits general advertising to investors verified as accredited. Based on its first sale date and the amount raised, AltMountain classifies it as an emerging manager. Related persons named in the filing include Stepchange Ventures, LLC; Stepchange Fund I GP, LLC.
- Total raised
- $7,230,000Cumulative sales reported on Form D
- Investors
- 103
- First sale
- Nov 16, 2023
- Minimum investment
- $1,000
- Who can invest
- Accredited investorsSection 3(c)(1): up to 100 beneficial owners
- Offering exemption
- Rule 506(c)May advertise; investors must be verified as accredited
- Key people and entities
- Stepchange Ventures, LLC; Stepchange Fund I GP, LLC
- Latest Form D
- Jun 11, 2025
From SEC filings, not verified. This page republishes the fund's Form D as filed. It is not an offer, solicitation or recommendation, and AltMountain has not reviewed the fund. “Raised” is cumulative sales, not current assets or performance. Returns are not part of SEC filings. Private funds are speculative, illiquid and generally limited to accredited investors or qualified purchasers. Full disclosures · Request a correction
Questions about Stepchange Fund I, LP
What is the minimum investment for Stepchange Fund I, LP?
According to its latest Form D, filed Jun 11, 2025, the minimum investment Stepchange Fund I, LP accepts from an outside investor is $1,000.
Who can invest in Stepchange Fund I, LP?
Stepchange Fund I, LP is generally open only to accredited investors, and it may have no more than 100 beneficial owners because it relies on Section 3(c)(1). It uses Rule 506(c), so it may advertise, but every investor must be verified as accredited.
How much has Stepchange Fund I, LP raised?
Stepchange Fund I, LP reports $7,230,000 sold from 103 investors on its Form D filed Jun 11, 2025. This is cumulative sales since the offering began, not current assets or performance.
Where is Stepchange Fund I, LP based?
Stepchange Fund I, LP is based in Seattle, Washington.
When did Stepchange Fund I, LP launch?
Stepchange Fund I, LP reports its first sale in Nov 2023, which makes it an emerging manager by AltMountain's definition (first sale in 2021 or later and under $50 million raised).
Size compared with every venture capital fund
Raised more than 97% of the 5,568 venture capital funds based in Washington, and more than 85% of all 15,160 that report sales.