Full Circle Fund

# FullCircle: A Pre-Seed Venture Fund Focused on Workforce Innovation

High-Level Overview

FullCircle is a perpetual pre-seed venture capital fund that invests in early-stage companies transforming how work is structured and accessed.[4] Founded by Virginie Raphael, the firm deploys capital of up to $250k into initial rounds ranging from $500k to $2.0M, with a mission to make work more accessible, rewarding, and adaptable.[4][5]

The fund's investment philosophy centers on bridging the alignment gap between founders and investors while addressing structural workforce challenges.[1][4] Rather than focusing on traditional venture sectors, FullCircle targets companies that expand access to employment pathways or prevent involuntary workforce dropouts caused by financial instability, lack of healthcare, or caregiving responsibilities.[4] The firm operates with a stage-focused, industry-agnostic approach, prioritizing transparency and long-term partnerships built on shared values.[4][5]

Origin Story

Virginie Raphael, a French-born investor drawn to New York's entrepreneurship culture, founded FullCircle after eight years as a Managing Director at Tusk Ventures, where she advised and invested in early-stage founders operating in highly regulated industries.[4] Before that, she honed her financial expertise as a banker at Lehman Brothers/Barclays.[4] Her founding vision was to scale the impact of her early-stage investing work through a perpetual fund structure—a model that allows continuous capital deployment without traditional fund lifecycles.[4]

Core Differentiators

• Perpetual fund structure: Unlike traditional venture funds with fixed lifecycles, FullCircle operates as a perpetual fund, enabling continuous investment in pre-seed opportunities.[4][5]

• Founder-centric alignment: The firm explicitly specializes in bridging the alignment gap between founders and investors, emphasizing trust, transparency, and candid partnership from the earliest stages.[1][4]

• Collaborative co-investment model: FullCircle is highly network-driven and actively seeks to co-invest alongside angels and small early-stage funds, creating aligned cap tables.[4]

• Workforce-focused thesis: The fund maintains a unique outcome-driven focus on companies solving workforce accessibility and stability challenges—a niche that extends beyond traditional tech sectors.[4]

• Hands-on support: The team provides strategic guidance and on-the-ground support, positioning itself as a long-term partner rather than a transactional investor.[1][4]

Role in the Broader Tech Landscape

FullCircle operates at the intersection of two significant trends: the structural shift in work patterns accelerated by the pandemic and the growing recognition that workforce participation is foundational to economic mobility and social stability.[4] The fund's focus on "deskless workers" and workforce accessibility reflects a broader market realization that innovation in labor markets—not just in software or hardware—can unlock substantial value.[3]

By investing at the pre-seed stage in workforce-focused companies, FullCircle addresses a gap in venture capital allocation. Most early-stage capital concentrates in consumer tech, fintech, or enterprise software, leaving workforce innovation and labor market infrastructure underfunded.[4] The firm's perpetual structure also signals confidence in the long-term nature of this thesis, positioning it to support founders through extended pre-revenue or early-revenue phases when traditional venture capital may be unavailable.

Quick Take & Future Outlook

FullCircle represents a deliberate bet that workforce innovation will be a defining investment theme of the next decade. As labor shortages persist, remote work becomes permanent, and economic inequality drives policy attention, companies that make work more accessible and stable will likely attract increasing capital and talent.

The fund's perpetual structure and founder-first philosophy position it well to build deep relationships with early-stage founders in this space—relationships that could yield significant returns as successful portfolio companies scale. The key to FullCircle's future influence will be whether its portfolio companies can demonstrate that workforce accessibility and stability are not just social goods but also durable business models capable of generating venture-scale returns.