Unshackled Ventures, an immigrant-focused VC firm, is looking to invest in more Philly startups

A national VC firm wants to help ease some of the stress faced by immigrant entrepreneurs.

Unshackled Ventures, an early-stage venture capital fund specifically for entrepreneurs who’ve migrated to the US from other countries, offers visa support and access to a community in addition to funding. The firm is based in San Francisco, but wants to take on more Philly companies and expand its presence here, investment analyst Fernanda Sesto told Technical.ly.

What’s the firm looking for? Pre-seed startups with at least one founder who is an immigrant. It works with very young companies, some of which aren’t even full-time ventures yet because of visa restrictions, she said. 

“If we provide the immigration support that founders need at the earlier stages, so when they are trying to figure out what they do, and whether there’s a product there,” Sesto said. “We can grab that potential, and that’s where the value add comes in.” 

Because the companies are so early stage, the firm looks at founders’ immigration situations, experiences in the industry, decision-making skills and visions for the company when deciding to invest, Sesto said. In the last decade, Unshackled has invested in about 100 startups across the country in a range of sectors. Currently, the investments range from $300,000 to $750,000, she said. 

The venture fund has two portfolio companies based in Philly, robotics companies Daxo Industries and Sahay AI, both 2025 RealLIST Startups.

So far, it’s mostly worked with the University of Pennsylvania’s Venture Lab and Pennovation, but Sesto is trying to build connections with investors and entrepreneurs here as well. It’s specifically gravitating towards the universities, meetup groups and immigrant-focused community orgs.

“The ecosystem is very well connected, and because it’s smaller, everybody knows each other, the communications flow very well, and we’re all connected,” Sesto said. 

Direct visa counseling helps immigrant founders stay in the US 

Unshackled Ventures also has an immigration partner that helps founders figure out the best visa pathways for them. That’s especially poignant during a heated political climate when immigrants are being targeted by the current administration. 

The most common situation the venture fund sees is founders that have an F-1 visa, which allows international students to go to school in the US, or an H-1B visa, which allows people from other countries to temporarily work here. Those founders often seek out an O-1 visa, which is for professionals with “extraordinary talent” in their field, according to Sesto. 

“[It] allows the founders to work on their startup, without any dependency on us or any other employer out there, so they can basically just work and be building for themselves,” she said. 

Tejas Agarwal, who immigrated to Philly from India, previously raised $150,000 from Unshackled to support his company Sahay AI. But aside from financial support, Unshackled was extremely helpful when it came to figuring out his visa situation, Agarwal said. 

“They’ve taken care of all of that responsibility so that I can focus on the business,” he said. 

A community of resources to lift one another up 

Unshackled Ventures was founded 10 years ago by Manan Mehta, a US native, and Nitin Pachisia, an immigrant from India, who were aiming to provide capital and support to founders going through the immigration process. 

Moving to a new country is a challenge in itself, said Sesto, who personally experienced moving to the US from Uruguay as an international student. The challenge of leaving family, possibly leaving an already established career, means that immigrants are often starting from scratch in the US. 

“We call that an entrepreneurial activity on its own,” she said. “Just having the initiative to leave your country to look for success and better opportunities.” 

Because of that unique experience, Unshackled’s team also offers emotional support to its founders. There is a lot of emotional complexity when being far away from loved ones or going through the visa process, Sesto said. That makes community building even more important for immigrant entrepreneurs.

Unshackled fosters community through a Slack group for founders and virtual events, like Q&As and panels. The team also provides support to portfolio companies by connecting them to the right investors and partners and helping them strategize. 

Tom Zhang, CEO of Daxo Industries, said he had a hard time finding immigrant entrepreneur resources in Philly. 

Since working with Unshackled, he’s become part of the community and attended events for immigrant entrepreneurs. It also provides a platform for him to connect with and offer advice to other founders and vice versa, he said. 

“When I heard that their mission is really to help immigrant entrepreneurs in building a company, I was extremely excited,” Zhang said. “I was like, okay, they’re helping our community, and this is the kind of VC I want to reach out to.” 

This story, and all of Technical.ly's immigration reporting, is made possible by the WES Mariam Assefa Fund.

The WES Mariam Assefa Fund supports catalytic efforts to create more inclusive economies for immigrants and refugees in the US and Canada. It works closely with organizations and leaders focused on ensuring more equitable access to opportunity and wealth.