In this age of mega-funds and mega-rounds, what if the greatest returns come from tackling the most consequential challenges in our society?

That belief has guided Reach from the beginning, and it is at the heart of Reach V, our new $265 million fund. We will continue partnering with mission-driven founders dedicated to building a more inclusive, human-centered, and opportunity-rich world.

Progress happens when technology stops being a privilege and becomes ordinary. Now more than ever, there is a case to be made for boutique funds backing founders who can translate frontier tech into practical tools for the broader workforce, to serve people, communities, and institutions that can benefit the most.

Reach is purpose-built for that founder. It’s the bet that was made on us, and it’s the one we’re still making.

Here’s a letter from our co-founder Jennifer Carolan, examining today’s macroenvironment, how our funds have evolved, and why smaller, specialist firms can still help founders deliver great social impact and returns.

Also check out additional media coverage in The Wall Street Journal, TechCrunch, and ImpactAlpha. And don’t miss Jomayra Herrera’s interview on the Edtech Insiders podcast.

New independent research on Preply conducted by LeanLab Education shows that human-led, AI-enabled language learning leads to greater gains and confidence than self-learning apps. After 12 weeks of one-on-one tutoring with a Preply tutor, learners were nine times more likely to feel motivated, and the share who met their language goals doubled from 27% to 56%. Every participant said Preply contributed more to their fluency than a leading self-learning app.

An enduring tradition at Reach, this summer we welcomed student interns from across the country to help our portfolio companies, build internal tools, and support thesis research. Many have gone on to start their own companies — some of which we’ve backed — or join our portfolio companies, as Nate Kilburn did with Scout. 

While AI has certainly reshaped entry-level work, the qualities that make interns valuable haven’t changed. In her letter to future interns, rising Brown University freshman Talia Buckhouse shares her “Starter Pack” for what to bring — from her networks, file management disciple and a love for feedback, to a chapstick and jacket for those breezy SF July days. 

What does a top-quartile, impact-oriented fund look like?

As we celebrate the launch of Reach V, we revisited the anatomy of our founding fund, launched in 2015.

Like many successful funds, it has a power-law company that drives the bulk of its value. There’s also a substantial middle of 2-10x returners that also contribute meaningfully.

Many of these companies operate in regulated markets, where reaching critical mass can take longer. Yet they also strengthen essential systems — from schools to hospitals — that people depend on to learn, work, and thrive. They also tend to attract strategic buyers with big distribution on a more predictable timeline. Together, they form the durable engine of our fund’s success.

September 9 at 4PM PT | San Francisco

We’re bringing together a small group of exceptional engineers, product leaders, and sales and GTM operators for an afternoon with Reach founders. Go beyond the job description: hear what founders are building, dig into the problems they need great people to solve, and get a closer look at what could be worth working on next.

The 2026 Reach Conference Calendar is the best way to see all the major industry events across learning, health, and work. If you’re hosting a conference or know of one we missed, reply to the newsletter.