From prison to $10 million VC fund, Noa Khamallah defies industry odds

Noa Khamallah, who once lived without basic amenities and spent time behind bars, founded Don’t Quit Ventures and secured a second close that values the fund at 2.5 times the capital committed. The $10 million vehicle now holds 17 investments, three of which have surpassed the $1 billion mark, delivering a unicorn frequency of roughly one in five versus the industry norm of one in seventy. Its limited-partner roster features positions in Mira Murati’s Thinking Machine Lab, AMI Labs and Replit, and the fund has already returned 1.5 times its original outlay to investors after an early exit.

Data from Carta and iCapital indicate that funds under $10 million routinely generate higher cash-on-cash returns than mega-funds, highlighting the outsized impact a small pool can have. Yet, the market is consolidating, with only 101 first-time funds launching in 2025, while the ten largest funds now command a third of all capital. Allocator One’s Michael Ströck, who backed the first close, praised Khamallah’s blend of deal-making instinct and personal resilience, arguing that solo-managed funds are not inherently riskier.