Dipalo [di-pa-lo]

1. From Bangla, the modern South Asian language rooted in Sanskrit
2. ‘Pra-dip’ (Bangla), ‘Pra-di-pa’ (Sanskrit) meaning “light, lantern”
3. ‘Alo’ meaning light

Team

Collectively, we represent a level of experience in product development and manufacturing generally not found in venture capital.

Rafiq Ahmed

Managing Partner

Rafiq is the Founder and Managing Director at Dipalo Ventures. As a serial entrepreneur and investor, Rafiq has over three decades of experience in innovation, user experience design, product development, management consulting, and early-stage ventures.

His investment focus areas include climate, industrial, manufacturing, and medical devices. Rafiq’s angel investment portfolio includes 1 unicorn, 5 exits, 19.13% IRR, and 2.38x TVPI. He co-founded the interactive storytelling platform Demibooks and exited to EDC (NASDAQ: EDUC). He is a Limited Partner in several Venture Capital Funds. Rafiq’s prior work included Motorola Mobility, Publicis Sapient, Fannie Mae, and PwC.

Studied MS in Information Systems, and holds an MBA and a BS in Electrical Engineering from West Virginia Wesleyan.

LinkedIn | Prior Investments

Rafiq Ahmed

Managing Partner

Mitul Patel

General Partner

Mitul works as a Venture Partner for Dipalo Ventures. He leads technical due diligence and the Dipalo Ventures Residency for Fund I.

Mitul is the Founder and CEO of M.P. Consulting (MPC) and contractor manufacturer AMC. He has more than 15 years of expertise designing consumer electronics for Motorola Mobility, Cuff., and MPC. He has worked on projects including wearables, smart homes, smartphones, and industrial sensors and has filed over ten U.S. Patents. In addition to his work at MPC, Mitul has made it his life’s mission to establish his son’s legacy with an initiative to benefit Maternal Fetal Medicine and Fertility with an intense focus on technology development, data analytics, and worldwide causes. Women’s Health is the centerpiece of Mitul’s operation, from MPC to AMC and his son’s namesake foundation: The Aarush M. Patel Foundation.

Mitul received a BS in Computer Engineering from the University of Illinois Urbana-Champaign and an MS in Computer and Electrical Engineering from the Illinois Institute of Technology.

LinkedIn | MP Consulting | The Aarush M. Patel Foundation

Mitul Patel

General Partner

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. 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. Holds a BA in Law.

LinkedIn

Rezwan Shafique

Venture Partner

Larry Hayward

Venture Advisor

Larry is a Venture Partner at Dipalo Ventures. Larry invests in researchers and engineers developing game-changing technology. Recent examples include microneedle medication delivery systems, self-healing coatings, tankless water, air heating, and wireless power technologies.

Larry is also a Partner and Co-founder of hard tech VC Fund Independence Equity, which focuses on efficient resource utilization in early-stage investments. He co-founded Cornerstone Angels, one of Chicago’s earliest angel networks. Since 2003, he has provided startup investment banking, governance, and management support through VentureLab. His prior work also included Arthur Andersen’s small business advisory division. He is a board member of the EcoMyths alliance and the executive-in-residence at the Chicagoland Entrepreneurial Center.

Larry received an MBA in Marketing and Finance and a BS in Psychology and Operational Behavior from the University of Illinois Urbana-Champaign.

LinkedIn | Independence Equity | Prior Investments

Larry Hayward

Venture Advisor

Greg Rublev

Entrepreneur in Residence

Greg Rublev is a 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.

LinkedIn

Greg Rublev

Entrepreneur in Residence

Monika Razdan

Platform

Monika Razdan serves in Platform and Investor Relations at Dipalo Ventures, where she supports fundraising, LP engagement, fund operations, and portfolio initiatives for early-stage deep tech and climate-focused companies. Her responsibilities include investor communications, diligence coordination, deal sourcing, and portfolio storytelling.

She was a Venture Fellow (Fall 2022) and is a Board Member at Chicago:Blend, and serves as Vice Chair on the Executive Board of The Ideal Candidate. Monika is also the Founder of Mental Polaroids, a startup dedicated to normalizing conversations around mental health and building community-driven awareness.

Monika holds an MS in Marketing Analytics from Illinois Tech’s Stuart School of Business and a BS in Computer Science from Punjab Technical University, India.

LinkedIn

Monika Razdan

Platform

Raquel Lourenço

Program Lead

An innovation and ecosystem builder with 12+ years of experience connecting startups, corporations, and investors across Europe. She has supported 55+ startups in food, energy, health, and smart cities.
Raquel, a Portuguese native, supports our Portugal-based Dipalo Heed Fund, driving partnerships and investor relations including the Golden Visa program.

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Raquel Lourenço

Program Lead

Screenshot

Zachary Gortowski

MBA Associate

Zachary Gortowski is a full-time (Class of 2026) MBA student at the University of Chicago Booth School of Business. He is interning with Dipalo Ventures through Booth’s PE/VC Lab.

Zach began his professional career as a product design engineer and test quality leader at an oil and gas company in Houston, where he helped commercialize Xcelis, a high-performance liner hanger system. His work focused on agile product development, lean manufacturing, and test workflow process and quality improvement.

After his years at Schlumberger, Zach joined Intuitive, where he worked with internal sales teams and Chicagoland hospitals to guarantee daVinci surgical systems’ uptime and performance via training, troubleshooting, repairs, and preventative maintenance.

Zach received a Bachelor of Engineering in Mechanical Engineering from the University of Illinois Urbana-Champaign.

LinkedIn