Female Founders Fund wraps up sophomore fund at $27 mln

Female Founders Fund has closed its second fund at $27 million. The fund will focus on female-founded tech companies in the enterprise and consumer tech sectors.

PRESS RELEASE

NEW YORK – May 9, 2018 – Female Founders Fund (F3), a seed stage venture fund that invests exclusively in female-founded companies, today announced the final closing of Fund II at $27 million, a 5X increase in size from Fund I. With Fund II, F3 will be managing over $35 million of capital between two partners, Anu Duggal and Sutian Dong, and will be leading and co-leading deals at the seed stage. On the heels of closing, F3 will utilize the funds to continue investing in innovative female-founded technology companies operating across sectors in both enterprise and consumer tech. Early investments in Fund II include Thrive Global, Winky Lux, and Billie.

Launched by former female founder Duggal in 2014, the early-stage venture capital fund identified and acted upon the gender inequality issue in the venture capital community early and is using its position in the industry to highlight its thesis that innovation in technology is being defined by exceptional female-led startups. In addition to financial investments, F3 has built the strongest ecosystem of female operators and investors committed to investing in female founders by bringing together women as Limited Partners and also as part of the F3 Expert Network. This network of leading industry experts and CEOs with different areas of expertise provide the fund’s portfolio CEOs with access to an extended group of tactical experts.

“We are incredibly excited to continue building on our thesis that it is possible to achieve outsized returns by investing in women,” said Anu Duggal, founding partner of F3. “With the support of our remarkable and successful base of investors, both institutional and strategic, we will continue to build a brand that invests in and champions female founders, while underscoring the larger conversation about the shift in dynamics within venture capital.”

As part of Fund II, F3 has brought in strategic institutional partners and fellow female entrepreneurs that will support in the fund’s work with exceptional female founders building the technology companies of tomorrow. These include:

Melinda Gates – Co-Chair of Bill & Melinda Gates Foundation and Investor
Katrina Lake – Founder and CEO of Stitch Fix
Shan-Lyn Ma – Founder and CEO of Zola
Jenny Fleiss – Co-founder of Rent the Runway, Co-Founder and CEO of Code 8
Hayley Barna – Co-founder of Birchbox, Partner at First Round Capital
Elizabeth Cutler – Co-founder of Soulcycle, Founder of LifeShop
Reshma Saujani – Founder and CEO of Girls Who Code
Bumble founded by Whitney Wolfe Herd

“Female Founders Fund has done an incredible job of consistently creating value for their portfolio founders through their network and events,” said Arianna Huffington, F3 portfolio CEO and founder of Thrive Global. “Their values of supporting innovative female entrepreneurs and playing active roles in their growth is so important to us, and it’s been such an exciting journey working with them over the past year and-a-half. I’m honored to be a part of this community and to be a part of their growth story.”

“By creating a portfolio of 100% female-founded companies, we have the opportunity to demonstrate the potential of top-decile returns by investing exclusively in women-led businesses,” said partner Sutian Dong. Since launch, Female Founders Fund has invested in a number of companies started by female founders that have grown into market leaders in areas like women’s health, plus-size ecommerce, campus recruiting, weddings, and emerging market finance. Examples include companies like Zola, Maven Clinic, Tala, WayUp, and ELOQUII amongst others.

For additional information on Female Founders Fund, visit www.femalefoundersfund.com.