Leadership Spotlight: LA Chapter & Defense & Space Vertical Co-Lead, Rafaella Fontes
Written by
Isaac Snitkoff
Rafaella Fontes is a Partner at Fulcrum Venture Group, an LA-based firm focused on critical technologies for dual-use and defense adjacent markets.
As Head of Capital Formation, Rafaella plays a pivotal role in fundraising, strategic LP engagement, and ensuring the fund’s financial and operational foundations are poised for scalability. She also works closely with founders in the portfolio, offering hands-on support with their capital raises to secure the resources they need to grow and scale.
Prior to Fulcrum, Rafaella was on the founding team as an investor at Supply Change Capital and an investor at SOUND Ventures’ climate strategy. She earned her MBA from MIT Sloan, with a focus on Sustainability and Entrepreneurship, and a dual Bachelor of Arts in Economics and Sociology from Columbia University. Rafaella is also an avid marathon/ultra-marathon runner, proud dog mom to her perfect mini goldendoodle, and in a previous chapter of her life, she was a sommelier, cultivating a love for fine wines, especially Champagne.
EVCA: Could you explain more about what you do in your roles at EVCA?
Rafaella: I wear two hats - one regional and one sector specific: LA Chapter & Defense & Space Vertical.
For the LA Chapter, we (s/o Nancy Nguyen and Marlow Bryant) host events to bring the local community of investors & occasionally founders together via thematic dinners on investment areas of interest, activity-based events such as golf or hikes, ad hoc events we think are beneficial for the EVCA community, like our most recent one at Our Big Kitchen LA in support of the LA Fires.
For the Defense & Space Vertical, I am supported by Alan Yu from Space Capital. We’re curating a series of virtual and in person events across the country. We’re focused on giving the 170 members of our vertical more intimate and highly curated opportunities to meet other EVCA members with investment interests in these sectors. Additionally, we see this as an opportunity to educate the broader community about these increasingly relevant sectors while also giving founders an opportunity to engage with us. The technologies being developed to serve the end customer needs here need a different sort of platform. Our goal is to bridge the gap between capital and founders in a way that leads to curation and impact at scale.
EVCA: What made you interested in taking a leadership role at EVCA?
Rafaella: After a decade+ in NYC, moving to LA was exactly what I wanted. But to be honest, it wasn’t easy. The rhythm here is different. Everything from making friends, running into people, and getting things done, it all takes a different approach.
Trying to adapt, I followed the one thing that always works: word of mouth. The few people I met early on and genuinely enjoyed? All part of EVCA. So I joined. And sure enough, it was robust, active, and actually exciting.
At the same time, in my new role at Fulcrum Venture Group, I found myself diving into a new vertical and once again, craving community. That’s when I connected with Sam (hi, Sam) who is both lovely and persuasive, and she suggested I consider. I already helped organize an LA event, so it fell naturally into place.Classic with all things in venture, I did a job before it my role, and so it becomes yours. It’s still early, and there’s a lot to build on both fronts, but I’m all in. Looking forward to meeting as many of you as possible!
EVCA: What is your most contrarian view on an existing or emerging technology trend? (5+ sentences)
Rafaella: The Venture Paradox: Why the Easiest Asset Class Is the Hardest to Win. Venture has some of the lowest barriers to entry - anyone can write a check. But paradoxically, the best returns are the hardest to achieve. Success requires navigating a delicate balance between fresh perspectives and experience. While venture thrives on newcomers who challenge norms, the reality is that conviction, network, and access often outweigh pure logic. Markets may be efficient, but private markets rarely are, making venture prone to irrationality and frequent dislocations of reason.
At its core, venture remains a people-driven business. It’s ironic, given our obsession with “disruptive tech”, and increasing investments in automation and AI. But beyond relationships, the most valuable edge in venture comes from institutional investing fundamentals: the ability to assess companies rigorously, structure deals effectively, and manage risk intelligently, is what ultimately separates those who generate top-tier returns from those who don’t.
Venture tourists will increasingly find themselves frustrated by subpar returns unless they commit to a strategy that allocates their resources to a fully dedicated team. Private markets are dynamic and driven by primary knowledge sources, making it nearly impossible to win as a casual participant. In an industry where expertise and focus matter, partnering with those who live and breathe it makes all the difference.
