How Cindy Bi Built CapitalX’s $30M Fund

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Raising a $30M fund from scratch isn’t simple. Cindy Bi made it happen with CapitalX by playing to her strengths as a former consultant, operator, and founder—a background that gave her a unique perspective on venture capital. This edge became the foundation of her pitch to LPs, who wanted to back someone with real insights into what founders need to succeed.

You can check out her LP fundraising deck over here.

Using an Unconventional Background to Stand Out

Cindy’s path into VC isn’t typical. Before CapitalX, she worked as a consultant, founded a hardware business, and spent time in operational roles, giving her insight into the pressures and blind spots founders face.

She didn’t just bring money to the table—she brought the kind of hands-on experience that resonates with ambitious founders and LPs alike. Cindy’s approach was simple: back the founders that other VCs might overlook, the ones with big ideas who don’t fit the typical mold.

Starting CapitalX with a Rolling Fund

Cindy launched CapitalX’s Fund 1 on AngelList as a rolling fund, which let her continuously bring in new LPs without raising a massive amount upfront. This approach worked for a few reasons:

Flexibility for LPs:

Instead of a huge commitment, LPs could start small and continue adding over time.

Scaling Up Quickly:

As the fund’s reputation grew, Cindy had a way to increase capital without relaunching.

A Global LP Base:

The rolling fund model allowed her to attract LPs from around the world, not just from Silicon Valley.

Attracting Big-Name LPs with a Strong Vision

What set CapitalX apart wasn’t just Cindy’s unique background; it was her ability to bring in top-tier LPs who believed in her founder-first approach. CapitalX’s backers include:

• GPs from top firms like Marc Andreessen, Chris Dixon, and David Sacks
• Venture fund titans like Tiger Global and Foundation Capital
• Founders from major companies, including Dropbox cofounder Arash and unicorn builders like Nicolas Dessaigne from Algolia
• Leaders and operators from Stripe, DoorDash, Airbnb, Google, Meta, and other tech giants
• Family offices that wanted to tap into Cindy’s approach to early-stage investing

These LPs brought more than money—they offered Cindy and her portfolio companies access to their networks, insights, and real-world experience.

CapitalX’s Core Strategy: A Fresh Take on Early-Stage Investing

CapitalX’s pitch wasn’t about reinventing venture capital; it was about doubling down on Cindy’s founder-first approach, focusing on a few key elements:

Founder Intuition

Cindy’s operator background helps her spot ambitious founders who need support, not just capital.

Data Meets Instinct

A data-driven process combined with Cindy’s outsider mentality to see the potential that others miss.

Digital-First

An online-first, offline-optional model that attracts founders who value speed and flexibility.

Flexible Investments

Checks range from $100,000 to $500,000 at the seed stage, with later-stage follow-ons through SPVs, which can hit $2M or more.

Why Cindy’s Approach is Different

CapitalX now has 53 investments and five exits, showing the appeal of this founder-first model in early-stage VC. Cindy’s hands-on approach, backed by an impressive LP roster, gives CapitalX a reputation as more than just a fund. It’s a place where ambitious founders connect with someone who’s been in their shoes and can offer real support—not just funding.

Cindy’s model for CapitalX works because it’s built on a human connection and a deep understanding of founders' needs, setting CapitalX apart in a crowded field of VCs.

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