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

Founder, Managing Partner

VC and serial entrepreneur with 30+ years in innovation, product, and early-stage investing. Founding GP at Dipalo Ventures and LP at multiple tech funds. 4x Founder. As an emerging fund manager and successful angel investor, Rafiq has a portfolio that includes 1 unicorn, 5 exits, an IRR of 19.13%, and a TVPI of 2.38x. Mentor at TechStars (Chicago, Indianapolis, Detroit), gener8tor Sustainability, and mHub. Co-founded Demibooks (acquired by EDUC) and was Principal, Consumer Experience Design at Motorola Mobility. MBA (Industrial Management); MS in Information Systems, Virginia Tech; BS in Electrical Engineering, WV Wesleyan.

LinkedIn→Prior Investments→
Mitul Patel

Mitul Patel

General Partner

Product expert in consumer electronics with 10+ patents. Founder of MPC (product design and development) and AMC (contract manufacturing). Principal Engineer at Google and Motorola. Established the Aarush M Patel Foundation for maternal and fetal health. MS in ECE and BS in Computer Engineering, UIUC.

LinkedIn→MP Consulting→
Venture Partners & Platform
Rezwan Shafique

Rezwan Shafique

Venture Partner

Banking and consulting leader with 20+ years at Credit Suisse, Deloitte, Capco, and Delta Capita. Former Partner & Head for Hong Kong at Capco and Head of Consulting UK at Delta Capita, where he built and scaled practices across London, Hong Kong, and the GCC. Specializes in digital banking, wealth management, and large-scale transformation across global financial markets. Early-stage investor. BA in Law, Coventry University, UK

LinkedIn→Elixirr→
Laurence Hayward

Laurence Hayward

Venture Advisor

Co-founder of Independence Equity (hard tech VC) and Cornerstone Angels. Led the startup advisory firm VentureLab since 2003. Brings deep experience in investment banking and early-stage support for founders and startup teams. MBA and BS in Psychology, UIUC.

LinkedIn→Atoms VC→
Monika Razdan

Monika Razdan

Platform & Ops

Manages Platform and Investor Relations with 5 years of experience at Dipalo Ventures, supporting fundraising, LP engagement, operations, and portfolio initiatives for early-stage deep tech and climate companies. Responsibilities include investor communications, diligence, deal sourcing, and portfolio storytelling. Board Member at Chicago:Blend (and former Venture Fellow, Fall 2022) and Vice Chair of The Ideal Candidate's Executive Board. Monika founded Mental Polaroids, a startup that normalizes mental health and builds community awareness, and Venture Club 101, which focuses on closing access gaps in tech and venture for underrepresented talent. MS in Marketing Analytics, Illinois Tech; BS in Computer Science, Punjab Technical University.

LinkedIn→Chicago:Blend→
Raquel Lourenço

Raquel Lourenço

Associate

Supports fundraising activities and ecosystem engagement at Dipalo Ventures, building and strengthening relationships with key stakeholders across the entrepreneurial and investment landscape, and contributing to the fund's growth and deal flow. She brings over seven years of hands-on experience at the intersection of innovation, sustainability, and financial markets. Before joining Dipalo Ventures, she spent five years leading corporate accelerator programs in Spain for global companies, including Unilever and Eli Lilly, designing and managing initiatives with a strong emphasis on sustainability and climate innovation. BS in Economics, NOVA University Lisbon, Portugal.

LinkedIn→
Greg Rublev

Greg Rublev

Entrepreneur in Residence

Serial entrepreneur, investor, and founder coach who brings deep operating experience to the Dipalo Ventures community. Having built and scaled multiple startups through successful exits. Greg now works closely with portfolio founders to accelerate growth, strengthen leadership, and build enduring companies. He is an investor in Dipalo Ventures, One Way Ventures, and several portfolio companies, and serves on the board of Zenblen. He has a BA in Computer Science from the University of Buffalo and an MBA from Northeastern University.

LinkedIn→Destination→
Expertise Network

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