Fellows Directory

Caroline Lewis

Rogue Women

Caroline is the Managing Partner for Rogue Women - a venture firm investing in women-led early seed stage tech companies across the US. 

Rogue Women's Fund II 

  • Target: $30MM; $11MM is committed including institutional investor, Oregon Growth Board 
  • Fund I Performance (2019): 1.4x net TVPI, 43% IRR, and .2 DPI; example investments include Ellevest, Stix, Source, PacStar, Allvoices
  • Focus: Leading early seed stage deals in women-led B2B SaaS and enterprise tech companies in the areas of aging/caring, women's health, equity, workplace, and web 3
  • Minimum Commitment Per Investor: $1MM for institutional LPs and $250K individual; unique SPV open in partnership with Rare Breed and Vitalize that accepts $10K/year for four years.
  • Rogue Women's Fund fund is led by a partnership with over 10 years of institutional investing experience and top quartile returns
  • Ecosystem builder and unique founder support: a portion of GP carry (the profits of the fund) is offered to all portfolio company CEOs, CEOs have access to a last minute child/elderly care stipend, leadership/performance coach, and wealth creation education; 50% of HNW investors in the fund are women, all service providers are women, prioritized co-investment with other women GPs, Emerging VC in Residence position to provide mentorship to the next gen of diverse women GPs, and educational events for LPs and CEOs about investment and wealth management.


Prior to Rogue, Caroline was Senior Director of Strategy and Operations for Global Design, Product, and Merchandising at Nike where she managed a $500M portfolio of strategic programs focused on consumer experience, digitization, and Big Data. Prior to being recruited to work for Nike, Caroline was a management consultant for Propeller and Hitachi Consulting, working with Fortune 100 companies on enterprise technology implementations and organizational restructuring.


Her love for startups comes from her early career experience as a founder of an e-commerce business and as a leader at a consumer health product company.

Education, Personal, and Fellowship

Caroline graduated as a Division 1 field hockey player with an MS in psychology from Davidson College, in Davidson, North Carolina. She then earned an MBA with a focus on entrepreneurship from Portland State University. She lives in Portland with her husband and daughter and enjoys rafting, beekeeping, and skiing.