From luxury to legacy: How Rachel Springate is redefining venture capital

In the frenetic world of venture capital, where sharp elbows and sharper pitches are the currency of success, Rachel Springate stands out not by shouting the loudest but by listening intently. As a founding partner of Muse Capital, a Los Angeles-based seed-stage venture fund, Springate has carved a niche by blending intuition, a global perspective, and a relentless focus on underserved markets. Her journey — from a British transplant navigating luxury lifestyle sales to a Kauffman Fellow shaping the future of consumer tech — reads like a master class in reinvention. However, it’s her approach to venture capital, rooted in relationships and a defiant optimism about entrepreneurship’s potential, that marks her as a singular force.

In a recent CEO.com interview, Springate provided insights into Muse Capital’s mission and her own winding path. There’s a warmth to her presence, a disarming mix of candor and conviction, as she leans into the conversation with the ease of someone who has spent decades building bridges between brands and CEOs, startups and Hollywood, and now, investors and founders. “I’ve always been fascinated by how people connect,” she says. “Venture capital, at its core, is about betting on those connections—on the people who can turn ideas into something real.”

Springate’s entry into venture capital was anything but conventional. Born in the UK, she honed her skills in brand research, cultivating relationships with marketing directors at global giants like Coca-Cola and Apple. In 2006, she was headhunted by Quintessentially, a luxury lifestyle group, to launch its corporate sales division. For years, she jetted across continents, closing deals with the likes of Amex Centurion and Gucci Group, her Rolodex expanding with CEOs, celebrities, and entrepreneurs. “It was a crash course in human dynamics,” she recalls. “You learn how to read a room, how to build trust with people who have everything — and nothing — to prove.”

Her pivot to tech came in 2012, sparked by a chance meeting with Troy Carter, the renowned artist manager and angel investor. Inspired by his ability to navigate the worlds of entertainment and technology, Springate relocated to New York and founded a consultancy to connect startups with her vast network. It was a leap driven by instinct, not a spreadsheet. “I saw this gap between Silicon Valley and Hollywood,” she explains. “Startups needed access to culture, to storytelling, and I knew I could help bridge that.” By 2016, along with partner Assia Grazioli-Venier, she launched Muse Capital, a fund focused on early-stage consumer technology with a focus on diversity and underserved markets.

What sets Springate apart in the venture capital arena is her refusal to play by its unspoken rules. While others chase unicorns — those rare startups valued at a billion dollars or more — Springate seeks what she calls “authentic impact.” Muse Capital’s portfolio, which includes companies such as Eli Health and Queens Gaming Collective, reflects a deliberate focus on founders addressing previously overlooked needs, particularly in women’s health and gaming. “The venture world can be obsessed with scale for scale’s sake,” she says. “I’m more interested in businesses that solve real problems for real people, even if they don’t look like the next Airbnb.”

This philosophy stems from her belief that entrepreneurship is evolving. In the CEO.com interview, she speaks passionately about a future where founders are less tied to traditional hubs like Silicon Valley. “The pandemic accelerated this,” she notes. “You’ve got incredible talent in places like Austin, Miami, even Dubai. Technology has democratized access, and that’s only going to grow.” She envisions a world where capital flows to diverse founders in unexpected places. This vision is actively supported by Muse Capital through its $30 million FirstLook Partners Fund I, announced in 2024.

Springate’s approach to due diligence is equally distinctive. While many VCs focus heavily on metrics — such as traction, burn rate, and total addressable market — she gives equal importance to intangibles. “I spend a lot of time understanding the founder’s why,” she says. “What’s driving them? What’s their relationship with failure?” This human-centric lens, honed through years of navigating high-stakes relationships, enables her to identify potential where others perceive risk. It’s why Muse has supported founders like Marina Pavlovic Rivas of Eli Health, whose work in women’s health Springate champions with palpable pride. “When you see someone solving a problem they’ve lived, you know they’re not going to quit,” she says.

Her emphasis on relationships also extends to her role as a mentor. As a Kauffman Fellow (Class 25), Springate has dedicated years to holding office hours for emerging managers, providing guidance on topics ranging from fundraising to mental health. “Venture can be isolating,” she admits. “You’re making high-stakes decisions with incomplete information. Sharing what I’ve learned — especially the mistakes — feels like my responsibility.” Her LinkedIn posts brim with gratitude for these interactions, whether she’s celebrating a founder’s milestone or reflecting on a health equity summit that “recharged her soul.”

Yet Springate’s optimism is tempered by realism. She’s candid about the challenges of being a woman in a male-dominated field. “You have to be twice as good to get half the attention,” she says, echoing a sentiment familiar to many female VCs. Muse Capital’s commitment to diversity — both in its leadership and its investments — is her response. Studies consistently show that diverse teams drive better financial performance and innovation, she points out. “It’s not just the right thing to do; it’s the smart thing,” she says, citing her partnership with Grazioli-Venier as a case study in complementary strengths.

As she looks to the future, Springate is bullish on entrepreneurship’s potential to address global challenges. She views consumer tech as a frontier for social good, encompassing health equity and sustainable systems. “The next wave of founders will be solving problems we haven’t even articulated yet,” she predicts. Her recent interest in the Middle East, sparked by a trip to Dubai in 2024, underscores her global outlook. “There’s so much untapped potential there,” she says. “It’s about finding the right partners and building trust.”

As the CEO.com interview wraps, Springate leaves with a parting thought: “Venture capital isn’t just about money. It’s about belief — in people, in ideas, in what’s possible.” It’s a credo that defines her work at Muse Capital, where she invests not only in startups but also in a future where entrepreneurship reflects the world’s diversity and complexity. In an industry often criticized for its homogeneity, Springate serves as a reminder that the most transformative bets are frequently those placed on the overlooked. For her, that’s not simply a strategy — it’s a calling.