Meridian Ventures: Championing Deferred MBA Founders with a $35 Million Fund
Meridian Ventures emerged from a unique shared experience between its founders, Devon Gethers and Karlton Haney: both participated in deferred MBA programs. Now, the duo has successfully raised a $35 million fund aimed at supporting pre-seed and seed-stage startups led by entrepreneurs with MBA backgrounds, including those who deferred their admission.
From Deferred MBAs to Venture Capitalists
Devon Gethers, 29, shared with TechCrunch that the concept of Meridian Ventures originated after meeting Karlton Haney through Harvard Business School’s deferred MBA admission program in 2020. This program allows admitted students to postpone their enrollment while gaining real-world work experience, often entrepreneurial in nature.
Gethers’ journey is rooted in overcoming significant hardships. Raised in poverty in Washington State, he pursued behavioral science and finance at the University of Utah before moving into private equity. He eventually launched and exited his own company, gaining firsthand entrepreneurial experience. Haney’s background is equally compelling; he grew up on a farm in Arkansas, managing poultry and other birds, which instilled a strong work ethic and resourcefulness.
Haney, now 28, studied industrial engineering at the University of Arkansas and worked as an investor at the Stephens Group family office. Together, in 2023, they identified a gap in venture capital for founders with MBA credentials, particularly those who deferred their studies.
Challenging Silicon Valley Stereotypes
“Our thesis is going against a bit of the grain, the rhetoric you hear in Silicon Valley that MBAs don’t make good founders,” Gethers explained. This sentiment often stems from the belief that MBA programs prepare students primarily for corporate roles, which can seem at odds with the agility and risk-taking culture of startups.
To validate their thesis, the founders raised an initial $2.5 million proof-of-concept fund by cold-calling potential limited partners (LPs) and knocking on doors—a testament to their persistence. This initial fund supported 45 companies, demonstrating the viability of their approach.
Following their enrollment at Harvard Business School in summer 2023, Gethers and Haney embarked on raising their first institutional fund. Despite a challenging funding environment marked by broader market uncertainty, they surpassed expectations by closing an oversubscribed $35 million fund. Their LP base includes publicly traded banks, family offices, and executives from Fortune 500 companies. They are set to graduate from Harvard Business School in 2025.
Backing Frontier Technologies with Purposeful Capital
Meridian Ventures’ new fund focuses on backing U.S.-based founders building enterprise technology. The firm maintains an agnostic sector approach, having already invested in startups spanning fintech, logistics, healthcare, and artificial intelligence (AI). Average investments are $500,000 at the pre-seed stage and $750,000 at seed, with the capital deployment planned over the next three years.
“We saw an expanding gap between ambitious founders building frontier technologies and the capital required to help carry those ambitions forward,” Gethers said. “With this $35 million fund, our goal is to seal that gap.” This mission aligns with broader trends in venture capital seeking to democratize access and support diverse founders who bring unique perspectives and skills to innovation.
It’s important to note that Meridian Ventures also backs founders who have not deferred their MBA admission, broadening the scope of their investment thesis to include a wide range of MBA-educated entrepreneurs.
This article is based on information originally reported by TechCrunch and has been updated to clarify the firm’s inclusive investment approach.
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