Celebrating 30 Years of Impact

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Dear Friends,

2025 was a year of reflection for our organization. We took a hard look inward to rediscover the core of our work — to understand how ICA is uniquely positioned to build an economy that works for all. Like any meaningful transformation, it wasn’t easy. We changed form in 2025.

And in the midst of all of this we were steadfast in our commitment to our community: we supported 190 incredible Bay Area founders with founder-friendly capital, advising, and community connections. Writing this letter now, in 2026, I can say the work we did to transform last year was worth it. And the timing was auspicious: this year marks ICA Fund’s 30th anniversary. We’ll be marking the anniversary all year with stories and perspectives on our work this far, and our vision for the future to ensure we will be here for the next 30 years. And through this work, we’ve taken the opportunity of this moment to remember why we’re here.

We’re here because we believe entrepreneurs shape the future and it matters who gets the opportunity to build. When all founders have a fair shot, we see businesses that better reflect and serve our communities.

We’re here because we want an economy that works for all: one where businesses meet real needs, create real value, and provide good jobs. This work feels especially urgent as our economy evolves and our society reexamines the future of work, shaped in no small part by advances in AI. We believe technology, when thoughtfully applied, can make work more meaningful and expand opportunity, not simply replace workers.

And we’re here because too many promising companies remain stuck with traction and revenue but without access to the right kind of growth capital. ICA is here to ensure we all have a voice in shaping our future economy. By pairing flexible, founder-friendly capital with deep, hands-on partnership, we go all in: helping businesses scale, strengthen, and create lasting impact in the communities they serve.

As we look toward the next 30 years, our vision is both ambitious and grounded in what we see every day. Join me as we reflect on our impact in 2025 and set the stage for the next 30 years of building the future.

Sincerely,

Allison Kelly

CEO of ICA Fund

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