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© 2024 Dipalo Ventures

Operators who actually ship

We are founders and engineers who have actually shipped physical products at scale. Dozens of early-stage investments, anchored by deep technical rigour.

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A level of product development and manufacturing experience generally not found in venture capital. From Motorola to med-tech, we've built physical products at scale.

Our GPs come from the design and engineering teams at Motorola and Google — but they met later at Chicago startup Jiobit. Rafiq was one of the first investors; Mitul designed the PCB electronics. Both saw founders burning through investor cash without sufficient mentorship.

[ DI · PA · LO ]
  1. Bangla, the modern South Asian language, is rooted in Sanskrit.
  2. Pra-dip— meaning "light, lantern"
  3. Alo— meaning "light"
70+
Years Operator Experience
12
U.S. Patents
$1B+
Product Revenue Shipped
100+
Companies Backed
Partnership Board
Rafiq Ahmed

Rafiq Ahmed

Managing Partner · Chicago

30+ years in innovation, UX design, and product development. Angel portfolio includes one unicorn and five exits. 38x TVPI. Formerly Motorola Mobility, Publicis Sapient, Fannie Mae, and PwC. Co-founded Demibooks (exit to EDUC/NASDAQ).

Mitul Patel

Mitul Patel

General Partner · Chicago

Leads tech due diligence and the Residency program. Founder & CEO, M.P. Consulting. 15+ years at Motorola Mobility. BS Computer Engineering, UIUC. Expertise spans wearables, smart homes, smartphones, and industrial sensors.

Venture Partners & Platform
Rezwan Shafique

Rezwan Shafique

Venture Partner

20+ years across Credit Suisse, Deloitte, Capco, Delta Capita. Former Partner & Head HK at Capco. Led APAC transformation programs and cross-border deals.

Larry Hayward

Larry Hayward

Venture Advisor

Co-founder of Independence Equity and Cornerstone Angels — Chicago's earliest angel network. 20+ years in startup investment banking and 100+ board engagements. Board member, EcoMyths Alliance.

Monika Razdan

Monika Razdan

Platform & Investor Relations

Fundraising, LP engagement, fund operations, and portfolio storytelling. Board, Chicago:Blend. Founder, Mental Polaroids. MS Marketing Analytics, Illinois Tech.

Raquel Lourenço

Raquel Lourenço

Program Lead · US · Portugal

12+ years connecting startups across Europe. Leads European ecosystem partnerships and program development for Dipalo Ventures. Supported 55+ startups in food, energy, health, and smart cities.

Greg Rublev

Greg Rublev

Entrepreneur in Residence

Serial entrepreneur and founder coach with multiple successful exits. Works with portfolio founders to accelerate growth. Investor in Dipalo Ventures and One Way Ventures. Board, Zenblen.

Expertise Network

A network of operators, engineers, and domain experts across hard tech, energy, and advanced manufacturing.

+ 10 more advisors across energy, manufacturing, and life sciences.