PROJECT SAGE 2 · 2019-04-10 · Project Sage 2.0 in 2018 identi"ed 87 total funds deploying...

FOUR FOR WOMEN

PROJECT SAGE 2.0TRACKING VENTURE CAPITAL WITH A GENDER LENS

Suzanne Biegel • Sandra M. Hunt • Sherryl Kuhlman

January 2019

PB

FOUR FOR WOMENPROJECT SAGE 2.0

2

The Wharton Social Impact Initiative (WSII) is Wharton’s cross-disciplinary center for research, training, and outreach to strengthen business-based solutions

to social and environmental challenges. Our mission is to build the evidence, talent, and community to advance business solutions for a better world.

Through our research, training, and outreach, we are growing the community of business leaders, investors, advisors, and scholars working to increase

the positive social and environmental impact of business and capital markets.

WSII has been researching impact investing since 2013. For the past several years, we have explored gender lens investing as one particularly interesting theme.

See our reports on gender lens investing – and more – at socialimpact.wharton.upenn.edu.

About The Wharton Social Impact Initiative

Suzanne Biegel is founder of Catalyst at Large Ltd and is a globally recognized expert on gender-smart investing. In 2015-2016 she piloted Women Effect, a global community of investors with a gender lens. She is also Co-Producer of the Gender-Smart Investing

Summit and a gender-smart investing advisor to foundations, DFIs, and other institutional investors. In addition to her advisory work, Suzanne has pioneered gender lens investing

with her personal portfolio.

About Suzanne Biegel

CAN INVESTING IN PUBLIC EQUITIES IMPROVE THE LIVES OF WOMEN?

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Table of Contents

PROJECT SAGE 2.0

4 Introduction

4 Goals and Audiences

5 Gender Criteria Framework

6 Executive Summary

7 Research Approach

8 Trends

12 Project Sage 1.0 Participants: Where are they now?

14 Is Your Gender Lens a Secret?

15 The Data

25 Looking Ahead

26 Acknowledgements

PROJECT SAGE 2.0

4

Gender lens investing (GLI) – investing with the goal of making financial returns and a positive impact on women – is on the rise. Stories of new funds and promising investments are shared widely, signaling the growth of this trend. We wanted to know exactly how big the gender lens investing ecosystem is and how fast it is growing. So, in October of 2017 we researched and published Project Sage: a Landscape of Structured Private Equity, Venture Capital, and Private Debt Vehicles with a Gender Lens. Recently, we conducted a second landscape analysis, Project Sage 2.0, to assess the current state of the field and to understand how things had evolved over one year. This report presents the results of our survey and analysis of private equity, debt, and venture capital funds that operate with a gender lens. The landscape captures the field through July 2018, when our data collection for this report ended.

Introduction

Name Here | Company and title would go here for the this person

The diversity of strategies, actors, and geographies in Project Sage 2.0 is so exciting to see. The market is clearly evolving, and the ability for investors with different priorities to deploy capital into these vehicles is getting sharper and sharper. Even better are the stories behind the funds, how theyare investing, and the types of companies and entrepreneurs they are backing.

Suzanne Biegel | WSII Senior Gender Lens Investing and Advisor and founder of Catalyst at Large Ltd

We wanted to:• Provide a current landscape of structured private equity, venture capital, and private debt vehicles that

operate with a gender lens.• Present trends in gender lens investing, as a follow-up to Project Sage 1.0.• Provide insight on why funds that consistently use a gender lens in their investments may not state it publicly.

This report is for: • Fund managers and financial advisors interested in how different funds construct their offerings. • Investors interested in using capital to drive profits and achieve impact.• Entrepreneurs and intermediaries aiming to understand the priorities of fund managers. • Researchers who help to drive further study of impact investing and gender lens investing in particular.

Goals and Audiences


5

PROJECT SAGE 2.0

In 2017’s Project Sage, we realized that looking for private equity, VC, and debt funds “using a gender lens” was too broad and simple a descriptor; the funds varied greatly in how they described the role of gender in their investment approach. After analyzing each fund’s investment criteria, we created a definitional structure

for categories of gender lens investing (see below). Our definitions are not a ranking of “goodness.” It should not be inferred that funds with “Quantified Gender Mandates” are better for women or are better or worse investments than those listed under “Gender Lens Not Referenced.” We’ve put forth this definitional structure to help the field use consistent and specific language, something we discuss throughout this report.

Gender Criteria Framework

CLASSIFYING GENDER CRITERIA: WSII’S APPROACH

Category Definition Example

Quantified Gender Positive screen with quantified We ensure over 50% of the Mandate threshholds on gender related founding team is female. metrics as part of stated investment criteria.

Gender Mandate Positive screen on gender related We make sure the founding team metrics as part of stated includes women. investment criteria.

Gender Consideration Gender as one factor of analysis. We consider the gender of founding team members.

Gender Lens Not Funds that consistently use a N/AReferenced a gender lens, but do not publicly state it.

PROJECT SAGE 2.0

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Executive Summary

Over the past several years, and specifically from 2017’s Project Sage 1.0 to 2018’s Project Sage 2.0, there has been a shift in how funds state their use of a gender lens, and what a gender lens means in practice. We see more funds using a gender lens as one of many strategies. These funds may not be marketed as

gender lens investments explicitly, or primarily, but their use of a gender lens becomes clear through conversation with the fund managers. We also see new language becoming part of the conversation. An example is “gender smart investing,” a term coined by Suzanne Biegel and her team for the Gender-Smart Investing Summit. As a result, it is increasingly difficult to determine which funds and which impacts fall under “gender lens investing.” Furthermore, beyond the already complex question of what targeted impacts are classified under gender lens investing (that the investor is a woman? the investment impacts women? the founder of the investee is a woman?), some maintain that measuring and reporting an investment’s impact on women is a requirement of any gender lens investing vehicle. To be sure, if you are an advocate of gender lens investing, the definitional challenges caused by increased activity in the field are good problems to have: more investors (and, thus, more fund managers) seem to be thinking about a gender lens as a part of their analysis. For researchers, however, this makes defining the population more difficult. The circle is widening, but the edges are becoming blurrier. We are considering this conceptual blurriness as we think about the design of Project Sage going forward. What had been a relatively clear criterion for inclusion in our study—the explicit and public use of a gender lens in investments—may no longer capture all the funds incorporating meaningful gender lens analysis. “Gender lens” is used quite differently from fund to fund and from investor to investor, and we are eager to add clarity to thiimportant term. To be clear, we are not making a value judgement regarding funds’ differing definitions of a gender lens; we are emphasizing that clarity and transparency are important. In short: there is an increase in the size of the private equity, venture capital, and private debt gender lens investing field and the diversity of its offerings, but still a lack of uniformity in investment processes and definitions.

Sandi M. Hunt | WSII Senior Director

Project Sage 2.0 shows that the volume – and rate – of capital being deployed with gender lens investing strategies is increasing. It also suggests that the specific impact on women being targeted by firms’ gender lens investing remains very broad.

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FOUR FOR WOMENCAN INVESTING IN PUBLIC EQUITIES IMPROVE THE LIVES OF WOMEN?

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PROJECT SAGE 2.0

Research Approach

Project Sage was released in the fall of 2017, to great response. Stakeholders in the gender lens investing ecosystem – funds, entrepreneurs, researchers – were pleased to have a consolidated point-in-time look at the field. The framework we put forth in Project Sage – see page 5 - was

a valuable tool for describing what it means to have an explicit gender lens. Building on Project Sage’s success, we aimed to have Project Sage 2.0 repeat what stakeholders found valuable in Project Sage 1.0, and more. We began Project Sage 2.0 with outreach to two groups: participants in Project Sage 1.0 and other funds we identified as potential fits. The latter came through industry knowledge and connections, as well as via industry lists and online research. We reached out to that combined list with the Project Sage 2.0 survey in early summer 2018. We were not looking for funds that were being led/managed by women but that did not have an explicit gender lens in other ways. Therefore, female leadership was not a requirement for inclusion. One of the challenges in creating our GLI categorization framework during Project Sage 1.0 was how to handle funds that do not publicly state their use of a gender lens but that – we knew through conversations, etc. – were using a gender lens. Often, these funds had clear reasons for why they do not want to state their GLI commitment publicly. We found this interesting, and sought to learn more. To do so, we surveyed funds that consistently use a gender lens while not saying so publicly. This small selection of funds are funds that openly emphasize their commitment to gender but do not explicitly include gender in their investment criteria. Project Sage 2.0 includes interesting new data from their feedback on an anonymous questionnaire about why they use a gender lens without saying so. Some fund managers provided us information for our aggregate numbers (about assets under management or amount raised, for instance) but requested that we not include the information in the public document. You will see that noted appropriately in the table that follows this report. It is important to acknowledge that, as was with Project Sage 1.0, there were surely some funds that we missed. Accordingly, this report does not present an exhaustive scan of the gender lens investing space. We are pleased to put forth this landscape and our summary of trends, as well as to share the complete dataset with you (with the exception of fields funds requested we do not share).

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PROJECT SAGE 2.0

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PROJECT SAGE 2.0

Trends1. The number of funds is growing.Project Sage 2.0 in 2018 identified 87 total funds deploying capital with a gender lens, up from 58 in 2017’s initial Project Sage report. Furthermore, in 2017, the reporting year for Project Sage 1.0, 19 funds launched that same year. Of the 87 total funds included in the most recent scan, 27 were launched in 2018, suggesting that the rate of launch is increasing. As one can imagine, the number of companies invested in is also growing. The total number of companies invested in by respondents in the first Project Sage was 524; respondents in Project Sage 2.0 reported that they had invested in 828 companies.

2. They are still predominantly first-time funds.Over two thirds — 69% — of funds were first-time funds, which are first funds from a given team with this theme (though the venture partners may not be first-time fund managers). This finding is consistent with the percentage of first-time funds in Project Sage 1.0.

3. Geographic diversity of targeted investments is increasing.North America was again the region of greatest targeted investment, with approximately 40% of funds including North America as one of their targeted investment areas. This demonstrates an increase in the diversity of targeted investment geography from Project Sage 1.0 only one year earlier, when approximately 80% of reported investments were U.S.-focused. It is worth noting that with the report authors in the U.S. and U.K., despite an effort to identify all pertinent funds around the globe, there is likely some selection bias in fund identification.

First Fund Second Fund Third Fund Forth Fund

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FOUR FOR WOMEN

Other

Advancing companies that improve the lives of womenin their ecosystem (supply chain members, etc.)

Advancing companies that treat femaleemployees well

Advancing products and services that improve the lives of women

Advancing women in corporate leadership:C-suite positions, on Boards, etc.

Advancing women in finance: more womenfund manager, on IC’s, etc.

0 10 20 30 40 50 60 70 80 90


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PROJECT SAGE 2.0

4. There is inconsistency in the definition of “having a Gender Lens.”When we gave funds six options for how they defined gender lens investing, and asked them to select all that apply, approximately 50% of funds included all five of the following classifications in their definition of gender lens investing, suggesting that this is still a very broad definition. Fifteen percent of funds also selected “other.” Based on the data, we suspect that in the absence of a clear, universal definition of a gender lens, many stakeholders are erring on the side of broadness and inclusiveness.

• Advancing women in finance: more women fund managers, on investment committees (ICs), etc.• Advancing women in corporate/enterprise leadership: C-suite positions, boards, etc.• Advancing products and services that improve the lives of women.• Advancing companies that treat female employees well.• Advancing companies that improve the lives of women in their ecosystem (supply chain members, etc.)

How Do You Define Gender Lens Investing?(Funds could select multiple options; 303 total responses)

5. Women continue to play important roles in these funds and investment committees, and women are significantly represented as limited partners (LPs).

• On average, 72% of venture partners are female.• On average, 69% of the investment committee is female.• On average, 54% of limited partners are female.

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PROJECT SAGE 2.0

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PROJECT SAGE 2.0

6. Funds are still predominantly raised in North America.

Investment Geography: Funds Raised

North AmericaAfrica

EuropeSoutheast Asia

Global Geo-agnosticSouth Asia

Latin AmericaEast Asia

Middle EastNorth Africa

AustraliaEastern Europe

0 10 20 30 40 50

7. Investment stages are early. We asked funds about their investment stage focus, noting that funds could – and many did – select more than one stage. Most investments are taking place at the seed, early, or Series A/B stage.

Investment Stage

80%

60%

40%

20%

0%Seed

($100,000 to $1 million USD)

Early($1 million to

$2 million USD)

Series A/B($2 million to

$10 million USD)

Series B/C($10 million to

$100 million USD)

Growth($100 million+

USD)

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PROJECT SAGE 2.0

8. Asset class is dominated by venture capital. (Frequency of responses)Over 70% of funds identifying this as their asset class.

Total

Venture Capital

Private Equity

Other

Evergreen/Holding Company

Debt

Collaborative Angel Fund

0 20 40 60 80 100

9. Other forms of diversity are showing up in investment criteria.We asked if there are other components of diversity beyond gender that are publicly stated in investment criteria. Eight percent of funds say they explicitly consider LGBTQI in their investments, and 21% of funds say that their investment criteria include racial/ethnic considerations.

10. Total capital raised has cleared $2.2B.Total raised, among those firms who allowed us to publish funds raised, was approximately $2,246,502,000.

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FOUR FOR WOMEN

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PROJECT SAGE 2.0

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PROJECT SAGE 2.0

11. Sectors and themes remain quite diversified.Tech, health, energy, and education are the four largest specific sectors or themes.

Tech

Healthcare/Health

Energy Clean Tech

All/Agnostic

Education

Other

Financial Services/InclusionEconomic Development

Agriculture

Elder/50+

Biotechnician

Film

Female Founder

0 5 10 15 20 25

Sectors and Themes (funds selected all that apply)

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PROJECT SAGE 2.0

Project Sage 1.0 participants: Where are they now?

With the benefit of comparing Project Sage 1.0 and 2.0, we took a close look at the 29 funds that participated in both Project Sage 1.0 and 2.0. There are a few interesting findings:

Assets Under Management • For those 28 funds that were willing to share AUM for both Project Sage 1.0 and 2.0: – The total AUM increased by $1,148,219,162 from 2017 to 2018. – 19 of the 28 respondents reported an increase in AUM. The lack of increase in AUM is in some

cases attributable to the fact that those funds had closed their fundraising and fully invested their funds.

There was no substantial change in the average percent of investment committeewho is female. • 1.0 in 2017: 76.73%• 2.0 in 2018: 74.03%

There was a drop of fifteen percentage points in average percent female venture partners.• 1.0 in 2017: 89.84%• 2.0 in 2018: 76.05%

It is worth noting that some funds that participated in Project Sage 1.0 do not appear in Project Sage 2.0. Reasons could include that the fund no longer has a gender lens priority, the fund closed, the fund didn’t receive our email, and/or the fund didn’t reply to our survey.

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FOUR FOR WOMEN

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PROJECT SAGE 2.0

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PROJECT SAGE 2.0

Is Your Gender Lens a Secret?

That was the click-bait subject line of the email we sent to funds that, as stated above, are well known in the industry to consider gender but who did not have a public commitment/reference to gender lens criteria or consideration in their main fund description. We were

eager to understand – and share – why they use, but do not publicly state the use of, a gender lens.

For the eight pertinent funds that replied to our follow-up questionnaire about this, the following trends emerged:

• 75% of responses from funds said they believe that their impact on women/gender is obvious in their work and they don’t feel the need to explicitly state it.

• 75% of responses from funds report that fear of a potential liability re: “gender discrimination” is not the reason they do not publicly state the use of a gender lens.

• 63% of responses from funds said that they do not publicly state their gender lens because they don’t want to discourage potential investors who don’t lead with this focus.

• 75% of responses from funds disagree with the statement, “We do not have an explicit gender lens besides having women leading the fund.”

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PROJECT SAGE 2.0

The Data

1843 Capital

Advance Global C

apital LtdAfrica Tech Ventures

Alante Capital

Alitheia IDF M

anagersAlpha Im

pact Investment M

anagement

PartnersAlphaM

undi Group

Anthem Asia

Astarte Ventures, LP

Firm Name

Firm Location - City (Country)N

ew Yo

rk (USA)

Lon

do

n (U

K)N

airobi (Ken

ya)U

SASo

uth

Africa

Palo Alto

, CA (U

SA)Sw

itzerland

Sing

apore

Yardley, PA (U

SA)

Fund name1843 C

apital Ventu

res, L.P.Ad

vanc

e Trade G

row

th Fu

nd

Africa Tec

h Ven

tures

Alante C

apital Fun

d 1

Alitheia ID

F Fun

dC

atalyticSo

cialAlph

a-BastionAn

them

Asia Myan

mar SM

E Ventu

resAstarte Ven

tures G

P Fun

d I

First fund, second, etc.First fu

nd

First fun

dFirst fu

nd

First fun

dFirst fu

nd

First fun

dFirst fu

nd

Seco

nd

fun

dFirst fu

nd

Asset classVen

ture C

apitalD

ebtVen

ture C

apitalVen

ture C

apitalPrivate Eq

uity

Ventu

re Capital

Debt

Ventu

re Capital

Ventu

re Capital

Investment vehiclePE Fu

nd

Invo

ice D

isco

un

ting

PE Fun

dEq

uity

PE Fun

dPE Fu

nd

Debt

PE Fun

dEq

uity

Inception (year)2017

20152018

20172018

20182009

20182012

Target Fund Size (USD)$50,000,000

$300,000,000$50,000,000

$30,000,000N

ot pro

vided

No

t provid

ed$50,000,000

$50,000,000$2,000,000

Fully raised?N

oN

oN

oN

ot pro

vided

No

t provid

edN

ot pro

vided

No

t provid

edN

ot pro

vided

No

t provid

ed

Percent Target Raised (%)14%

22%30%

No

t provid

edN

ot pro

vided

No

t provid

edN

ot pro

vided

No

t provid

edN

ot pro

vided

Fund Investment Minimum (USD)

$250,000$250,000

$250,000$250,000

$0$0

$150,000$1,000,000

$25,000

Investment StageEarly, Series A/B

Series B/CSeed

, Early, Series A/BSeed

, Early, Series A/BSeries A/B

Seed, Early, Series A/B, Series B/C

Early, Series A/B, Series B/CSeed


Sector and Theme FocusB2B So

ftware, C

yber, SilverTech

Finan

cial Servic

esTec

hn

olo

gy

Sustain

able ApparelAg

ribusin

ess, Co

nsu

mer G

oo

ds &

Servic

es (essential)

Clean

Tech

, Enviro

nm

ent

Sustain

able Agric

ultu

re, Ren

ewable En

ergy, Fin

anc

ial In

clu

sion

Co

nsu

mer, H

ealthc

are, Ed

uc

ation

, Co

mm

un

icatio

ns,

Log

istics

Health

care

Min Company Investment (USD)

$500,000$1

$150,000$200,000

$2,000,000$500,000

$250,000$250,000,000

$5,000

Max Company Investment(USD)

$4,000,000$7,000,000

$5,000,000$3,000,000

$5,000,000$10,000,000

$3,000,000$3,000,000

$750,000

Target GeographyN

orth

Americ

aG

lobal/G

eo-Ag

no

stic

No

rth Am

erica, Eu

rope

Africa

No

rth Am

erica, Latin

Americ

a, So

uth

east Asia, East Asia, Soiu

th

Latin Am

erica, Afric

aSo

uth

east AsiaN

orth

Americ

a, Euro

pe

# Portfolio Companies1

4020

10

1015

89

Summary of firm gender highlights, based on materials and conversations1843 C

apital has a preferen

ce fo

r d

iverse teams

Advan

ce G

lobal C

apital (AGC

) spec

ializes in fin

anc

ing

c

on

firmed

invo

ices o

f small an

d

med

ium

-sized en

terprises (SMEs)

thro

ug

h in

voic

e disc

ou

ntin

g in

em

ergin

g an

d u

nd

erserved

markets. AG

C u

nlo

cks th

e value

of in

voic

es as finan

ceable assets,

particu

larly for w

om

en-o

wn

ed

busin

esses, thro

ug

h lo

cal

finan

cial in

stitutio

ns (“fac

tors”)

or d

irectly via in

voic

ing

tec

hn

olo

gy platfo

rms.

ATV strives to h

ave a gen

der

balanc

e in th

eir ow

n team

, in th

e fo

un

ders it in

vests in an

d in

the

man

agem

ent team

s of its

portfo

lio c

om

panies.

We pro

actively elim

inate

un

co

nsc

iou

s bias in o

ur

investm

ent d

ecisio

n-m

aking

pro

cess an

d d

o n

ot d

iscrim

inate

again

st fou

nd

ers based o

n th

eir g

end

er, race o

r sexual id

entity.

The Alith

eia IDF Fu

nd

(AIF), has th

e strateg

y to pro

actively in

vest in

female fo

un

ders an

d c

o-fo

un

ders

wh

o ru

n h

igh

-gro

wth

, hig

h-

impac

t SMEs in

sub-Sah

aran Afric

a

50% o

f CEO

s and

fou

nd

ers in th

e AiiM

team’s po

rtfolio

were

wo

men

. The team

was lo

okin

g fo

r best in

vestmen

ts in every sec

tor

and

org

anic

ally end

ed u

p with

a po

rtfolio

co

mprisin

g o

f that

hig

h n

um

ber of w

om

en led

c

om

panies. O

n takin

g a c

loser

loo

k, we d

etermin

ed th

at the

team’s lac

k of bias ag

ainst g

end

er led

us to

ward

s that po

rtfolio

c

om

positio

n. G

oin

g fo

rward

at AiiM

, we are fo

rmalizin

g o

ur

dilig

enc

e, investm

ent ratin

g an

d

selectio

n c

riteria proc

esses to

inten

tion

ally build

upo

n o

ur

org

anic

ally develo

ped strateg

y an

d are also

add

ing

add

ition

al featu

res in o

ur in

vestmen

t fram

ewo

rk to in

clu

de w

om

en

entrepren

eurs are a prio

rity.

AlphaM

un

di is c

om

mitted

to

impro

ving

representatio

n o

f w

om

en w

ho

wo

rk at AlphaM

un

di

and

at ou

r portfo

lio c

om

panies.

In ad

ditio

n to

gro

win

g th

e n

um

ber of w

om

en em

ployees, w

e also

embed

gen

der an

alysis in o

ur

investm

ent pro

cess an

d in

vest in

busin

esses that pro

vide g

oo

ds

and

services th

at benefit w

om

en.

No

ne

Astarte Ventu

res invests in

c

om

panies th

at are develo

ping

tec

hn

olo

gy to

impro

ve the lives

of w

om

en an

d in

fants.

% of Female Venture Partners (Band)100%

100%50-74%

100%100%

100%50-74%

100%100%

% of IC Female100%

0%50%

100%80%

25%66%

67%100%

% of LPs Female50%

100%50%

50%n

/a60%

50%100%

100%

Firm website1843c

apital.co

mad

vanc

eglo

balcap.c

om

/wh

at-we-d

o/

https://www.africatechventures.co/bx/alan

tecapital.c

om

/approac

h/alith

eiaiden

tity.co

m/#strateg

y-and

-impac

taiim

partners.c

om

alpham

un

di.c

han

them

asia.co

mastarteven

tures.c

om

Definition of Gender Lens Investing (all that apply)

Advancing women in finance

XX

XX

XX

X

Advancing women in corporate leadership

XX

XX

XX

XX

Advancing products and services that improve the lives of wom

enX

XX

XX

XAdvancing com

panies that treat female em

ployees wellX

XX

XX

Advancing companies (supply chain m

embers, etc.) that im

prove the lives of wom

en in their ecosystem

XX

XX

X

Other?Fu

ture o

f wo

rk- suppo

rting

c

om

panies th

at provid

e a wo

rk en

viron

men

t and

benefits th

at eq

ually su

pport th

e suc

cess o

f all g

end

ers.

Firm Name

Firm Location - City (Country)

Fund name

First fund, second, etc.

Asset class

Investment vehicle

Inception (year)

Target Fund Size (USD)

Fully raised?

Percent Target Raised (%)


Investment Stage

Sector and Theme Focus



Target Geography

# Portfolio Companies

Summary of firm gender highlights, based on materials and conversations

% of Female Venture Partners (Band)

% of IC Female

% of LPs Female

Firm website





enAdvancing com


ployees wellAdvancing com

panies (supply chain mem

bers, etc.) that improve the lives of

women in their ecosystem

Other?

Avaana Capital Advisors LLP

Backstage Capital

Backstage Capital

Backstage Capital

BBG Ventures

Belle Michigan

Belle Michigan Fund

BRAVA Investments LLC

Calvert Im

pact Capital

Mu

mbai (In

dia)

Los An

geles, C

A (USA)

Los An

geles, C

A (USA)

Los An

geles, C

A (USA)

New

York C

ity (USA)

Detro

it, MI (U

SA)D

etroit, M

I (USA)

USA

Bethesd

a, MD

(USA)

Avaana C

apital Gro

wth

Fun

d I

Fun

d I-III

Fun

d I-III

Fun

d I-III

BBG1 an

d BBG

2Belle M

ich

igan

Impac

t Fun

d, LP

Belle Mic

hig

an Fu

nd

LPBRAVA In

vestmen

ts LLCC

alvert Impac

t Capital g

end

er equ

ity

First fun

dFirst fu

nd

First fun

dFirst fu

nd

Seco

nd

fun

dSec

on

d fu

nd

First fun

dFirst fu

nd

Third

fun

d

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Co

llaborative An

gel Fu

nd

Co

llaborative An

gel Fu

nd

Evergreen

/ Ho

ldin

g C

om

pany

Debt

PE Fun

dD

ebt and

Equ

ityD

ebt and

Equ

ityD

ebt and

Equ

ityEq

uity

Debt an

d Eq

uity

Debt an

d Eq

uity

Equ

ityD

ebt

20182015

20152015

20142018

20122016

2017

$75,000,000$4,000,000

$4,000,000$4,000,000

$20,000,000$10,000,000

$2,500,000N

ot pro

vided

$750,000,000

No

t provid

edN

ot pro

vided

No

t provid

edN

ot pro

vided

No

t provid

edN

oYes

No

t provid

edN

o

No

t provid

edN

ot pro

vided

No

t provid

edN

ot pro

vided

No

t provid

ed40%

100%N

ot pro

vided

54%

$1,000,000$25,000

$25,000$25,000

$0$100,000

$100,000$250,000

$20

Series A/BSeed

SeedSeed

SeedSeed


, Early, Series A/BEarly, Series A/B

Gro

wth

Co

nsu

mptio

n o

riented

and

an

cillary sec

tors: C

on

sum

er G

oo

ds &

Services, Fin

anc

ial Servic

es, Edu

catio

n, H

ealthc

are (w

ith c

on

sum

er elemen

t, lo

gistic

s, analytic

s etc.)

AllAll

AllTec

hn

olo

gy

SaaS, Health

care, Ad

v Mfg

, EdTec

h,

FinTec

hTec

hn

olo

gy-en

abled servic

es, Life sc

ienc

es/med

ical d

evices,

Mo

bile/Intern

et/IT Advan

ced

M

anu

factu

ring

, Clean

Tech

Health

care

Mu

ltiple

$2,000,000$25,000

$25,000$25,000

$250,000$100,000

$100,000$100,000

$1,000,000

$15,000,000$100,000

$100,000$100,000

$500,000$500,000

$350,000$500,000

$10,000,000

Sou

th Asia

No

rth Am

erica

No

rth Am

erica

No

rth Am

erica

No

rth Am

erica

No

rth Am

erica

No

rth Am

erica

No

rth Am

erica

Glo

bal/Geo

-Agn

ostic

0100

100100

652

142

120

Avaana is a g

end

er positive,

main

stream in

vestmen

t firm. W

e em

bed affirm

ative actio

n

thro

ug

ho

ut th

e investm

ent

cyc

le; and

believe that g

end

er po

sitive actio

ns an

d ec

on

om

ic

return

s on

investm

ent g

o h

and

in

han

d. W

e do

no

t believe in

havin

g "q

uo

tas" for fem

ale fo

un

ders o

r teams o

r wo

men

o

riented

prod

uc

ts, but brin

g th

e d

iversity agen

da to

each

investee

as appropriate to

their c

on

text. Th

e Avaana team

has a trac

k rec

ord

of c

ham

pion

ing

diversity

in th

e co

rporate w

orld

, and

a h

istory o

f advo

cac

y for w

om

en's

participatio

n in

the w

orkfo

rce -

inc

lud

ing

investin

g in

Female

Fou

nd

er Fun

ds, servin

g o

n th

e Ad

visory C

om

mittee o

f the

Wo

men

's Entrepren

eursh

ip Platfo

rm o

f the N

iti Aayog

- the

Backstag

e Capital in

vests in

co

mpan

ies led by w

om

en, peo

ple o

f co

lor an

d LG

BT fou

nd

ers.

Backstag

e Capital in

vests in

co

mpan

ies led by w

om

en, peo

ple o

f co

lor an

d LG

BT fou

nd

ers.

Backstag

e Capital in

vests in

co

mpan

ies led by w

om

en, peo

ple o

f co

lor an

d LG

BT fou

nd

ers.

We believe th

e greatest u

ntapped

o

pportu

nity fo

r ventu

re capital

lies in bac

king

wo

men

wh

o are

usin

g tec

hn

olo

gy to

add

ress c

om

mo

n life-c

hallen

ges an

d

transfo

rm d

aily habits.

The c

om

panies w

e invest in

will

have ac

cess to

no

t on

ly ou

r c

apital but a n

etwo

rk of

suc

cessfu

l investo

rs, wh

o w

ill h

elp them

suc

ceed

. New

impac

t fu

nd

website u

nd

er develo

pmen

t.

We in

vest in c

om

panies w

ho

have

female lead

ership o

r co

mm

it to

recru

iting

wo

men

to th

e C-su

ite an

d Bo

ard o

f Direc

tors. W

e seek team

s with

stron

g d

om

ain

expertise, and

proven

c

om

merc

ialization

and

en

trepreneu

rial experienc

e.

BRAVA is an in

vestmen

t co

mpan

y fo

cu

sed o

n d

elivering

exc

eption

al return

s for

investo

rs and

ach

ieving

m

easurable an

d bro

ad-based

ec

on

om

ic an

d so

cial im

pact fo

r w

om

en. Th

e Co

mpan

y targets

investm

ents in

the h

ealthc

are, c

on

sum

er and

edu

catio

n

ind

ustries - all sec

tors w

hic

h

dispro

portio

nally affec

t or

represent w

om

en. BRAVA em

ploys a

proprietary G

end

er Equ

ity Matrix

in o

rder to

screen

and

select

investm

ents w

hic

h prio

ritize o

utc

om

es (eco

no

mic

return

s) o

ver optic

s (e.g. fem

ale o

wn

ership).

N/A

100%100%

100%100%

100%100%

100%50-74%

50-74%

67%100%

100%100%

67%100%

100%50%

25%

10%30%

30%30%

n/a

100%97%

70%0%

avaanac

apital.co

mbac

kstagec

apital.co

mbac

kstagec

apital.co

mbac

kstagec

apital.co

mbbg

ventu

res.co

m/abo

ut/

mic

hbelles.c

om

/ou

r-approac

h/m

ission

/m

ich

belles.co

m/o

ur-appro

ach

/missio

n/

bravainvestm

ents.c

om

calvertim

pactc

apital.org

/initiatives/g

end

er

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

Advan

cin

g fo

un

ders w

ho

u

nd

erstand

the n

eeds an

d d

esires o

f the d

om

inan

t co

nsu

mer

Deliberate in

co

rporatio

n o

f g

end

er facto

rs to better in

form

in

vestmen

t dec

ision

s and

to

advan

ce g

end

er equ

ity

PROJECT SAGE 2.0

16

17

FOUR FOR WOMEN

Firm Name


Fund name


Asset class

Investment vehicle

Inception (year)


Fully raised?



Investment Stage




Target Geography




% of IC Female

% of LPs Female

Firm website





enAdvancing com






Other?

Cantera C

apitalC

apital 4 Developm

ent PartnersC

ARE Enterprises (CEI)

Chloe C

apitalD

BL PartnersD

FS LabEducate G

lobal FundEntreprenarium

ESPIRA Investments

Mexic

oU

trech

t (Neth

erland

s)N

ew Yo

rk, NY (U

SA)Ith

aca, N

Y (USA)

San Fran

cisc

o, C

A (USA)

Seattle, WA (U

SA)Lo

nd

on

(UK)

Dakar (Sen

egal)

Pragu

e (Czec

h Repu

blic)

Can

tera Capital I

Capital 4 D

evelopm

ent Asia Fu

nd

CEI G

row

th Fu

nd

ISPV I, SPV II

DBL Partn

ers IIIFu

ture o

f Fintec

h Fu

nd

Edu

cate G

lobal Fu

nd

1M

enIn

vestInW

om

enESPIRA Fu

nd

I

First fun

dFirst fu

nd

First fun

dFirst fu

nd

Third

fun

dFirst fu

nd

First fun

dFirst fu

nd

First fun

d

Ventu

re Capital

Ventu

re Capital

Oth

erVen

ture C

apitalVen

ture C

apitalVen

ture C

apitalPrivate Eq

uity

Ventu

re Capital

Private Equ

ity

Debt an

d Eq

uity

Equ

ity, Mezzan

ine, D

ebtD

ebt and

Equ

ityD

ebt and

Equ

ityEq

uity

Equ

ityPE Fu

nd

Equ

ityEq

uity

20182018

20182017

20152018

20152017

2017

$30,000,000$50,000,000

$50,000,000$550,000

$408,000,000$30,000,000

$60,000,000$25,000,000

$35,000,000

No

t provid

edN

oN

ot pro

vided

No

t provid

edYes

No

t provid

edN

ot pro

vided

No

No

No

t provid

ed60%

No

t provid

edN

ot pro

vided

153%N

ot pro

vided

No

t provid

ed10%

0%

$250,000$500,000

$250,000$5,000

$0$250,000

$100,000$5,000,000

$2,300,000

SeedSeed

, Early, Series A/B Series A/B

SeedEarly, Series A/B

SeedSeries A/B

Seed, Early

Early, Series A/B

Deep Tec

h applied

to H

ealth,

Agric

ultu

re and

Edu

catio

nH

ealthc

are, Retail, Agri

(proc

essing

), Clean

Energ

y, Ed

uc

ation

(skills trainin

g),

Finan

cial In

clu

sion

Agn

ostic

Tech

no

log

yC

lean Tec

h, En

viron

men

tFin

anc

ial Services

Health

, Nu

trition

, Sanitatio

n,

Energ

y, Tech

no

log

yAg

ricu

lture, Tec

hn

olo

gy,

Creative In

du

stries, Energ

y, C

on

sum

er Go

od

s

Co

nsu

mer G

oo

ds

$250,000$200,000

$500,000$50,000

$2,000,000$50,000

$5,000,000$100,000

$2,300,000

$1,000,000$4,000,000

$5,000,000$100,000

$15,000,000$2,000,000

$10,000,000$1,000,000

$3,500,000

Latin Am

erica, M

idd

le EastEast Asia, So

uth

AsiaSo

uth

east Asia, Sou

th Asia

No

rth Am

erica

No

rth Am

erica

Sou

th Asia, Afric

aAfric

aAfric

aEu

rope

2018

201

1413

836

0

Gen

der Eq

uality. C

antera h

as a g

end

er balanc

ed team

at the

man

agem

ent team

, investm

ent

co

mm

ittee and

adviso

ry board

levels. W

e actively seek d

iversity in

ou

r portfo

lio fo

un

ders an

d

teams. So

me o

f the d

evelopm

ent

go

als we c

ham

pion

in o

ur

portfo

lio in

clu

de im

proved

w

om

en’s h

ealth, ru

ral d

evelopm

ent an

d im

proved

girls’

acc

ess to ed

uc

ation

, inc

lud

ing

STEM

related field

s.

To be q

ualified

to be in

clu

ded

in

the g

end

er lens fo

cu

s of th

e fu

nd

, the in

vestee mu

st have th

e fo

llow

ing

ch

aracteristic

s: (1) eq

ual to

or g

reater than

51%

ow

nersh

ip held

by on

e or m

ore

wo

men

prior to

any in

vestmen

t; O

R (2) of th

e follo

win

g: (i) eq

ual

to o

r greater th

an 20%

ow

nersh

ip h

eld by a o

ne o

r mo

re wo

men

prio

r to an

y investm

ent; an

d (ii) 1

or m

ore w

om

en as C

hief Exec

utive

Offic

er or C

hief O

perating

Offic

er (Presid

ent/Vic

e-Presiden

t) or

equ

ivalent level w

ithin

100 days

of th

e investm

ent; an

d (iii) eq

ual

to o

r greater th

an 30%

of th

e bo

ard o

f direc

tors (o

r similar

go

vernan

ce g

rou

p) being

wo

men

w

ithin

100 days o

f the in

vestmen

t w

here a fo

rmal bo

ard exists.

We w

ill apply a gen

der len

s ac

ross o

ur en

tire investm

ent

cyc

le to in

vest in bu

sinesses th

at d

irectly em

pow

er wo

men

. We seek

to in

crease ac

cess to

capital to

fem

ale-led bu

sinesses, im

prove

wo

rkplace eq

uity at th

e emplo

yee an

d lead

ership level, an

d

inc

rease acc

ess to pro

du

cts an

d

services th

at bring

wo

men

into

th

e form

al eco

no

my.

We in

vest in team

s with

at least o

ne fem

ale leader an

d are

co

nsc

iou

sly inc

lusive o

f fo

un

ders fro

m o

ther

un

derrepresen

ted g

rou

ps.

Do

uble Bo

ttom

Line in

vest in

co

mpan

ies that c

an d

eliver top-

tier ventu

re capital retu

rns,

wh

ile wo

rking

with

co

mpan

ies to

enable so

cial, en

viron

men

tal and

ec

on

om

ic im

provem

ent. Exam

ples o

f do

uble bo

ttom

line prac

tices

inc

lud

e co

ntrac

ting

with

q

ualified

loc

al wo

men

, min

ority

suppliers an

d c

on

tracto

rs; Su

pportin

g/c

ultivatin

g w

om

en in

sen

ior m

anag

emen

t roles. D

BL Partn

ers III has 64%

wo

men

fo

un

ders o

r C-level exec

utives (at

12/31/17), a key gen

der m

etric th

at D

BL has trac

ked sin

ce 2005.

N/A -- n

oth

ing

on

website

cu

rrently

Edu

cate G

lobal m

akes private eq

uity in

vestmen

ts in pu

rpose-led

bu

sinesses to

deliver stro

ng

retu

rns, to

impro

ve edu

catio

n

delivery fo

r ch

ildren

, and

to

lead in

clu

sive job c

reation

for

wo

men

and

you

ng

people.

ENTREPREN

ARIUM

laun

ch

ed th

e M

enIn

vestInW

om

en (M

iW) Fu

nd

- a private in

vestmen

t platform

w

hic

h m

obilizes $25 m

illion

from

50 o

f the m

ost su

cc

essful m

ale bu

siness lead

ers on

the Afric

an

co

ntin

ent. Th

is Fun

d aim

s to

eng

age m

en as ag

ents o

f ch

ang

e fo

r gen

der eq

uality in

the

eco

no

mic

sphere. Th

rou

gh

the

MiW

Fun

d, th

e fun

ders are takin

g

co

nc

rete actio

n to

stimu

late th

e develo

pmen

t of an

eco

system

of pro

fitable wo

men

-ow

ned

bu

sinesses, w

hic

h c

on

tribute to

th

e co

ntin

ent’s g

row

th an

d th

e ac

celeratio

n o

f wo

men

eco

no

mic

c

itizensh

ip.

On

e elemen

t of ESPIRA’s

investm

ent ph

iloso

phy is o

ur

foc

us o

n c

om

panies m

anag

ed by

balanc

ed team

s of m

en an

d

wo

men

. We believe th

at diversity

in d

ecisio

n m

aking

and

leadersh

ip c

an lead

to su

perior resu

lts, and

w

e reco

gn

ize the po

tential o

f su

ch

co

mpan

ies and

wan

t to

beco

me th

e partner fo

r their

furth

er gro

wth

75-99%25-49%

50-74%100%

1-24%1-24%

50-74%1-24%

100%

57%n

/a0%

100%50%

25%30%

60%100%

30%n

/a0%

90%50%

0%0%

100%30%

can

tera.co

c4d

partners.c

om

https://www.careenterprises.netc

hlo

ecapital.c

om

dblpartn

ers.vcd

fslab.net

edu

categ

lobalfu

nd

.org

men

investin

wo

men

.co

mespirain

vestmen

ts.co

m/

XX

XX

XX

X

XX

XX

XX

X

XX

XX

XX

XX

XX

XX

XX

XX

XX

X

Investin

g in

wo

men

-ow

ned

bu

sinesses

Acc

ess to fin

anc

ing

for w

om

en

entrepren

uers


17

PROJECT SAGE 2.0

PROJECT SAGE 2.0

18

Firm Name


Fund name


Asset class

Investment vehicle

Inception (year)


Fully raised?



Investment Stage




Target Geography




% of IC Female

% of LPs Female

Firm website





enAdvancing com






Other?

Experior Venture FundFem

ale Founders FundFuture Perfect Ventures

GAM

ECH

ANG

ER FILM FU

ND

, LLCG

lobal PartnershipsG

lobal PartnershipsG

lobal PartnershipsG

o BeyondG

olden Seeds

Polan

dN

ew Yo

rkN

ew Yo

rk City (U

SA)N

ew Yo

rk City (U

SA)Seattle, W

A (USA)

Seattle, WA (U

SA)Seattle, W

A (USA)

Luxem

bou

rgN

ew Yo

rk (USA)

Experior Ven

ture Fu

nd

Female Fo

un

ders Fu

nd

Futu

re Perfect Ven

tures

Gam

ech

ang

er Films

Soc

ial Ventu

re Fun

dSo

cial In

vestmen

t Fun

d 5.0

Soc

ial Investm

ent Fu

nd

6.0Risin

g Tid

e Euro

pe2011 Fu

nd

First fun

dSec

on

d fu

nd

Seco

nd

fun

dFirst fu

nd

Fou

rth fu

nd

Fou

rth fu

nd

Fou

rth fu

nd

Third

fun

dFirst fu

nd

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Oth

erVen

ture C

apitalD

ebtD

ebtC

ollabo

rative Ang

el Fun

dVen

ture C

apital

Equ

ityEq

uity

Equ

ityFilm

Finan

cin

g Veh

icle (Eq

uity)

Equ

ityD

ebtD

ebtEq

uity

Debt an

d Eq

uity

20132014

20142013

20162013

20152015

2011

$22,000,000N

ot pro

vided

$50,000,000N

ot pro

vided

$5,000,000$50,000,000

$75,000,000$5,000,000

$30,000,000

No

t provid

edN

ot pro

vided

No

No

t provid

edYes

YesN

oN

ot pro

vided

No

No

t provid

edN

ot pro

vided

0%N

ot pro

vided

100%100%

84%N

ot pro

vided

88%

$0N

ot pro

vided

$0$100,000

$100,000$250,000

$250,000$10,000

$0

Seed, Early, Series A/B

SeedSeed


SeedG

row

thG

row

thEarly

Seed

Tech

no

log

yTec

hn

olo

gy

Bloc

kch

ainFilm

Edu

catio

n, En

ergy, H

ealth, W

ater, San

itation

& Livelih

oo

ds

Liveliho

od

s, Edu

catio

n, En

ergy,

Health

, Ho

usin

g, San

itation

, W

ater

Liveliho

od

s, Edu

catio

n, En

ergy,

Health

, Ho

usin

g, San

itation

, W

ater

AllAll

$200,000$500,000

$250,000$100,000

$75,000$500,000

$500,000$50,000

$100,000

$5,000,000$500,000

$5,000,000$100,000

$500,000$3,500,000

$3,500,000$150,000

$1,000,000

Euro

peN

orth

Americ

aG

lobal/G

eo-Ag

no

stic

No

rth Am

erica, G

lobal/G

eo-

Agn

ostic

Afric

aLatin

Americ

a, Africa

Latin Am

erica, Afric

aEu

rope

No

rth Am

erica

1735

3010

642

3816

30

no

ne

WE KN

OW

… th

at the best

inn

ovatio

ns w

ill co

me fro

m th

e m

ost d

iverse teams, an

d w

e are fu

nd

ing

exceptio

nal

entrepren

eurs w

ith g

lobal

ambitio

ns th

at share o

ur visio

n

and

values.

Gam

ech

ang

er is the first fu

nd

to

provid

e equ

ity finan

cin

g to

n

arrative feature film

s direc

ted

by wo

men

.

Glo

bal Partnersh

ips (GP) is an

im

pact-first in

vestor d

edic

ated

to expan

din

g o

pportu

nity fo

r peo

ple living

in po

verty. We in

vest at th

e edg

e of th

e market,

emph

asizing

approac

hes th

at in

clu

de peo

ple marg

inalized

by d

epth o

f poverty, g

end

er, and

/or

geo

graph

y, inc

lud

ing

wo

men

and

th

e rural po

or.

Glo

bal Partnersh

ips (GP) is an

im

pact-first in

vestor d

edic

ated

to expan

din

g o

pportu

nity fo

r peo

ple living

in po

verty. We in

vest at th

e edg

e of th

e market,

emph

asizing

approac

hes th

at in

clu

de peo

ple marg

inalized

by d

epth o

f poverty, g

end

er, and

/or

geo

graph

y, inc

lud

ing

wo

men

and

th

e rural po

or.

Glo

bal Partnersh

ips (GP) is an

im

pact-first in

vestor d

edic

ated

to expan

din

g o

pportu

nity fo

r peo

ple living

in po

verty. We in

vest at th

e edg

e of th

e market,

emph

asizing

approac

hes th

at in

clu

de peo

ple marg

inalized

by d

epth o

f poverty, g

end

er, and

/or

geo

graph

y, inc

lud

ing

wo

men

and

th

e rural po

or.

Gen

der Len

s Investin

g (G

LI) and

“Pro

fit Planet Peo

ple” are co

re c

riteria: we w

ill proac

tively seek c

om

panies th

at live ou

r values

and

co

mm

un

icate th

em stro

ng

ly. W

e will be lo

okin

g fo

r en

trepreneu

rs wh

ose bu

siness

will g

reatly benefit fro

m h

aving

a g

lobal c

om

mu

nity o

f wo

men

as in

vestors. W

e will n

ot

auto

matic

ally invest in

wo

men

en

trepreneu

rs but w

ork to

id

entify an

d su

pport w

om

en

entrepren

eurs. N

eed to

have at

least on

e of th

e follo

win

g (1)

cu

rrently ad

herin

g to

values o

r (2) sh

are fun

dam

ental

values/prin

ciplesis am

on

g

team/bo

ard ; G

LI criteria: n

eeds

to h

ave a positive im

pact o

n

wo

men

thro

ug

h at least o

ne o

f (1) in

ternal o

peration

s (e.g.,

leadersh

ip, hirin

g prac

tices,

Go

lden

Seeds ac

cepts

applicatio

ns fro

m w

om

en-led

c

om

panies d

om

iciled

in th

e U.S.

These c

om

panies m

ust h

ave at least o

ne w

om

an in

an o

perating

ro

le at the C

-suite level.

1-24%100%

100%75-99%

50-74%25-49%

25-49%100%

75-99%

3%100%

100%83%

29%22%

22%100%

80%

5%60%

2%75%

32%56%

56%100%

71%

evf.co

m.pl/en

/h

ttp://ww

w.fem

alefou

nd

ersfun

d.c

omfu

tureperfec

tventu

res.co

m/h

om

e/g

amec

han

ger-film

s.co

m/

glo

balpartnersh

ips.org

/abou

t-us/

glo

balpartnersh

ips.org

/abou

t-us/

glo

balpartnersh

ips.org

/abou

t-us/

go

-beyon

d.biz

go

lden

seeds.c

om

/entrepren

eurs/in

vestmen

t-criteria/

XX

XX

XX

XX

XX

X

XX

XX

XX

XX

XX

XX

XX

19


19

PROJECT SAGE 2.0

Firm Name


Fund name


Asset class

Investment vehicle

Inception (year)


Fully raised?



Investment Stage




Target Geography




% of IC Female

% of LPs Female

Firm website





enAdvancing com






Other?

Graca M

achel TrustH

alogen VenturesIllum

inate VenturesIllum

inate VenturesIllum

inate VenturesIm

pact Engine Managem

entIm

pact Investment Exchange (IIX)

Impact Investm

ent Exchange (IIX)Im

pact NH

Fund

Nairo

bi (Kenya)

Santa M

on

ica, C

A (USA)

Oaklan

d, C

A (USA)

Oaklan

d, C

A (USA)

Oaklan

d, C

A (USA)

Ch

icag

o, IL (U

SA)Sin

gapo

reSin

gapo

reM

anc

hester, N

H (U

SA)

GM

T Capital

Halo

gen

Ventu

resIllu

min

ate Ventu

res Fun

d I

Illum

inate Ven

tures Fu

nd

IISpo

tligh

t Fun

dIm

pact En

gin

e IV, LLCIIX G

row

th Fu

nd

IIX Wo

men

's Liveliho

od

Bon

dIm

pact N

H Fu

nd

First fun

dFirst fu

nd

First fun

dSec

on

d fu

nd

First fun

dFo

urth

fun

dFirst fu

nd

First fun

dFirst fu

nd

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Private Equ

ityD

ebtC

ollabo

rative Ang

el Fun

d

Debt an

d Eq

uity

Equ

ityEq

uity

Equ

ityEq

uity

Equ

ityPE Fu

nd

Debt

Royalty, Eq

uity, D

ebt

20182016

20132017

20112015

20182017

2017

$30,000,000$10,400,000

$20,000,000$30,000,000

$2$10,000,000

$25,000,000$8,000,000

$1,000,000

No

t provid

edYes

YesYes

YesYes

No

t provid

edYes

No

t provid

ed

No

t provid

ed100%

100%100%

100%100%

No

t provid

ed100%

No

t provid

ed

$200,000$500,000

$0$0

$0$0

$250,000$200,000

$2,500

SeedSeed


, EarlySeed

, EarlySeed


Early, Series A/B, Series B/CSeed

Agn

ostic

Tech

no

log

yTec

hn

olo

gy

Tech

no

log

yTec

hn

olo

gy

Soc

ial Impac

t Tec

h fo

cu

sed o

n

Eco

no

mic

Empo

werm

ent,

Edu

catio

n, H

ealth an

d Reso

urc

e Effic

ienc

y

Clim

ate Resilienc

e (Clean

Tec

h/En

viron

men

t, Sustain

able Ag

ricu

lture), W

om

en's

Empo

werm

ent

Finan

cial Servic

esAg

no

stic

$50,000$100,000

$500,000$500,000

$250,000$25,000

$250,000$1,000,000

$25,000

$1,000,000$500,000

$1,000,000$1,000,000

$250,000$250,000

$3,000,000$3,700,000

$100,000

Africa

No

rth Am

erica

No

rth Am

erica

No

rth Am

erica

No

rth Am

erica

No

rth Am

erica

Sou

theast Asia

Sou

theast Asia

No

rth Am

erica

3029

615

222

13

2

• Wo

men

as fou

nd

er • Prod

uc

ts an

d servic

es that targ

et and

ben

efit wo

men

• Supply an

d valu

e c

hain

s that in

tegrate a

sign

ifican

t amo

un

t of w

om

en

entrepren

eurs

Female in

fou

nd

ing

team an

d

female fo

rward

values.

Research

sho

ws w

hat m

any h

ave lo

ng

suspec

ted: w

om

en

entrepren

eurs are po

ised to

lead

the n

ext wave o

f gro

wth

in

glo

bal tech

no

log

y ventu

res.

Research

sho

ws w

hat m

any h

ave lo

ng

suspec

ted: w

om

en

entrepren

eurs are po

ised to

lead

the n

ext wave o

f gro

wth

in

glo

bal tech

no

log

y ventu

res.

Research

sho

ws w

hat m

any h

ave lo

ng

suspec

ted: w

om

en

entrepren

eurs are po

ised to

lead

the n

ext wave o

f gro

wth

in

glo

bal tech

no

log

y ventu

res.

We are in

the pro

cess o

f relau

nc

hin

g o

ur w

ebsite with

a revised

approac

h to

talking

abo

ut im

pact in

vesting

. Wh

ile we

do

no

t use spec

ific g

end

er c

riteria wh

en m

aking

ou

r in

vestmen

t dec

ision

s, both

ou

r team

and

ou

r investm

ent trac

k rec

ord

(41% fem

ale CEO

s) d

emo

nstrate o

ur stro

ng

suppo

rt o

f wo

men

-led bu

sinesses.

Wo

men

Empo

werm

ent is o

ne o

f th

e co

re foc

us areas – th

e fun

d

will prio

ritize investm

ents th

at are led

by wo

men

fou

nd

ers or

wh

ere a sign

ifican

t portio

n o

f en

d ben

eficiaries are w

om

en.

IIX’s Wo

men

’s Liveliho

od

Bon

d

(WLB)™

is an $8 m

illion

debt

secu

rity desig

ned

to u

nlo

ck

capital fo

r Impac

t Enterprises (IEs)

and

Mic

rofin

anc

e Institu

tion

s (M

FIs) that are part o

f the

sustain

able liveliho

od

s spectru

m

for w

om

en in

Sou

th-East Asia

(Cam

bod

ia, Vietnam

and

the

Philippin

es). The W

LB™ h

as em

pow

ered o

ver 385,000 wo

men

w

ith ac

cess to

cred

it, to m

arket lin

kages, an

d to

afford

able g

oo

ds an

d servic

es. This w

ill, in

turn

, help th

em tran

sition

from

su

bsistenc

e to su

stainable

liveliho

od

s and

redefin

e the

do

min

ant n

arrative from

viewin

g

wo

men

as victim

s to rec

og

nizin

g

them

as solu

tion

s to

develo

pmen

t, ch

ang

e and

pro

gress.

Wo

men

-led c

om

panies in

NH

, ME,

VT, MA

100%100%

100%100%

100%100%

1-24%1-24%

75-99%

50%100%

50%50%

100%50%

3%50%

83%

10%70%

75%75%

75%38%

0%0%

80%

grac

amac

heltru

st.org

/wo

men

s-investm

ent-fu

nd

s/h

alog

envc

.co

millu

min

ate.co

m/w

hitepaper/

illum

inate.c

om

/wh

itepaper/illu

min

ate.co

m/w

hitepaper/

theim

pacten

gin

e.co

miixg

lobal.c

om

/iix-gro

wth

-fun

d/

iixglo

bal.co

m/po

rtfolio

-item/iix-w

om

ens-livelih

oo

d-bo

nd

/im

pactn

hfu

nd

.org

XX

XX

XX

XX

X

XX

XX

XX

XX

X

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

Prom

otin

g represen

tation

, partic

ipation

and

gro

wth

of

wo

men

entrepren

eurs in

secto

rs w

here th

ey are un

der

represented

Trainin

g w

om

en in

private in

vesting

in o

rder to

inc

rease th

eir participatio

n in

the an

gel

netw

orks

PROJECT SAGE 2.0

20

Firm Name


Fund name


Asset class

Investment vehicle

Inception (year)


Fully raised?



Investment Stage




Target Geography




% of IC Female

% of LPs Female

Firm website





enAdvancing com






Other?

Invest2InnovateInvestH

ER VenturesJane VC

Karm

ijn Kapitaal

Makondo Im

pact VenturesM

ann Deshi N

orthern Arc Investments

Marigold C

apitalM

ergeLaneM

indshift Capital

Islamabad

/Karach

i (Pakistan)

Ch

icag

o, IL (U

SA)U

SA & U

KTh

e Neth

erland

sBo

go

ta (Co

lom

bia)In

dia

Toro

nto

(Can

ada)

Bou

lder, C

O (U

SA)D

ubai (U

AE)

i2i Ventu

resIn

vestHER Ven

tures

Jane VC

Fun

d 1Karm

ijn Kapitaal Fu

nd

II Co

öperatief

Mako

nd

oAltern

ative Investm

ent Fu

nd

for W

om

enM

arigo

ld C

apital I LPM

ergeLan

e Hig

hw

ay Fun

dM

ind

shift C

apital Fun

d 1, LP

First fun

dFirst fu

nd

First fun

dSec

on

d fu

nd

First fun

dFirst fu

nd

First fun

dSec

on

d fu

nd

First fun

d

Ventu

re Capital

Oth

erVen

ture C

apitalPrivate Eq

uity

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Equ

ityD

ebt and

Equ

ityEq

uity

Equ

ityM

ulti-in

strum

ent

Debt

Debt, Eq

uity, Ro

yalties & Blen

ded

Finan

ce

Equ

ityEq

uity

20182016

20182015

20182018

20172014

2018

$15,000,000N

ot pro

vided

$2,000,000$105,934,500

$50,000,000$1,500,000

$15,000,000$20,000,000

$50,000,000

No

t provid

edN

ot pro

vided

No

t provid

edYes

No

t provid

edN

oN

ot pro

vided

No

t provid

edN

ot pro

vided

No

t provid

edN

ot pro

vided

No

t provid

ed100%

No

t provid

ed7%

No

t provid

edN

ot pro

vided

No

t provid

ed

$50,000$0

$0$1,200,000

$1,000,000$100,000

$200,000$0

$250,000

SeedSeed

, EarlySeed

, EarlySeries A/B, Series B/C

EarlySeries A/B

Seed, Early


Early, Series A/B

Agn

ostic

Tech

no

log

yTec

hn

olo

gy, tec

h-en

abled, o

r d

isruptive bu

siness m

od

elsAll, espec

ially Prod

uc

tion

, Trade,

Services, H

ealthc

are and

Tec

hn

olo

gy

Mu

ltipleFin

anc

ial Services

Foc

us o

n th

emes o

ver secto

rs; pro

du

cts an

d servic

es with

vario

us c

usto

mer types an

d

busin

ess mo

dels em

pow

ering

th

rou

gh

preventio

n an

d

rehabilitatio

n; Ed

uc

ation

, Fin

anc

ial inc

lusio

n, SRH

R

Tech

no

log

yEd

uc

ation

, Health

, Foo

d, Fin

tech

$100,000$50,000

$25,000$1,200,000

$500,000$100,000

$230,000$100,000

$500,000

$1,000,000$250,000

$2,000,000$15,000,000

$5,000,000$1,500,000

$1,500,000$1,000,000

$5,000,000

Sou

th Asia

No

rth Am

erica

Glo

bal/Geo

-Agn

ostic

Euro

peAfric

aSo

uth

east AsiaN

orth

Americ

aN

orth

Americ

aN

orth

Americ

a, Euro

pe, Mid

dle

East0

151

1212

1030

390

i2i Ventu

res is a female-led

fun

d

co

mm

itted to

a gen

der len

s and

in

clu

sive approac

h to

investin

g

into

startups in

Pakistan.

Exclu

sively invest in

female

fou

nd

ersJan

e VC in

vests in visio

nary fem

ale en

trepreneu

rs with

big id

eas. Ou

r g

oal is to

create a m

ore ro

bust

and

dyn

amic

startup ec

osystem

, o

ne fem

ale led startu

p, tech

lead

er, and

investo

r at a time.

Karmijn

believes in th

e pow

er of

diversity. Th

ey invest in

c

om

panies th

at are led by a m

ixed

man

agem

ent team

, existing

of a

balanc

ed c

om

binatio

n o

f wo

men

an

d m

en. Key are th

e differin

g

vision

s, man

agem

ent styles an

d

priorities in

divid

uals brin

g to

th

e team. Th

ey believe this

diversity o

f leadersh

ip styles lead

s to better d

ecisio

n m

aking

.

We bu

ild an

inc

lusive an

d

sustain

able post-c

on

flict

Co

lom

bia by investin

g in

c

om

panies th

at solve c

om

plex so

cial pro

blems fo

r the m

ajority.

We fo

cu

s on

full-stac

k busin

esses th

at open

acc

ess to essen

tial servic

es, eco

no

mic

oppo

rtun

ities an

d a su

stainable en

viron

men

t to

wo

men

, marg

inalised

po

pulatio

ns an

d c

on

flict

victim

s.

Mo

ving

Tow

ards Pro

sperity: A fu

nd

for W

om

en M

icro

En

trepreneu

rs in In

dia • Th

is fo

cu

sed Altern

ative Investm

ent

Fun

d (AIF) fo

r Wo

men

Mic

ro

Entrepren

eurs aim

s to pro

vide

first-stage in

stitutio

nal c

apital to

wo

men

mic

ro en

trepreneu

rs. • It w

ill enable w

om

en m

icro

en

trepreneu

rs to bu

ild th

eir c

redit h

istory an

d fin

anc

ial trac

k reco

rds, preparin

g th

em

for fu

ture ro

un

ds o

f capital

infu

sion

from

main

stream

institu

tion

s. • The AIF ties in

to

the m

ission

of bo

th M

ann

Desh

i an

d N

orth

ern Arc

Investm

ents

wh

ich

is to be respo

nsive to

w

om

en’s n

eeds, to

create

oppo

rtun

ities for th

eir gro

wth

, an

d to

ensu

re that every

ind

ividu

al and

every enterprise

has c

om

plete acc

ess to fin

anc

ial

https://m

arigo

ld-

capital.c

om

/wh

o-w

e-are/ Above

all else, we are c

om

mitted

to

gen

der len

s investin

g. W

e wo

rk to

un

co

ver – and

capitalize o

n –

‘hid

den

’ issues an

d valu

e acro

ss an

org

anizatio

n’s team

, prod

uc

t an

d servic

es, busin

ess mo

del, an

d

supply an

d valu

e ch

ains, w

hic

h

allow

s us to

co

nsid

er o

pportu

nities th

at wo

uld

n

orm

ally be exclu

ded

from

trad

ition

al impac

t investin

g. W

e w

ant to

build

a wo

rld w

here all

org

anizatio

ns h

ave inten

tion

al po

sitive soc

ial benefit – m

aking

all in

vestmen

ts are impac

tful. W

e believe th

at greater

inten

tion

ality, analytic

s and

d

isciplin

e thro

ug

ho

ut th

e in

vestmen

t cyc

le leads to

better pro

cesses, system

s, people an

d

results. W

e use tran

sparent

Co

mpan

ies with

at least on

e w

om

an in

leadersh

ipW

e invest in

co

mpan

ies with

at least o

ne fem

ale fou

nd

er wh

o is

on

the m

anag

emen

t team.

100%100%

100%100%

25-49%100%

50-74%100%

100%

60%100%

100%67%

33%50%

67%60%

100%

17%100%

60%33%

0%100%

67%51%

60%

invest2in

no

vate.co

min

vestherven

tures.c

om

janevc

.co

m/

karmijn

kapitaal.nl

man

nd

eshifo

un

datio

n.o

rg &

no

rthern

arc.c

om

marig

old

-capital.c

om

/wh

at-we-d

o/

merg

elane.c

om

/fun

derato

rm

ind

shiftc

apital.co

m

XX

XX

XX

XX

X

XX

XX

XX

X

XX

XX

XX

XX

XX

XX

XX

XX

21


21

PROJECT SAGE 2.0

Firm Name


Fund name


Asset class

Investment vehicle

Inception (year)


Fully raised?



Investment Stage




Target Geography




% of IC Female

% of LPs Female

Firm website





enAdvancing com






Other?

Next W

ave Impact

Nordic Im

pact FundsPatam

ar Capital

Pique VenturesPortfolia and N

ext Wave Im

pactPortfolia

PortfoliaPortfolia

Portfolia

Bou

lder, C

O (U

SA)C

open

hag

en (D

enm

ark)/Nairo

bi (Ken

ya)San

Franc

isco

, CA (U

SA)Van

co

uver, BC

(Can

ada)

Wo

od

side, C

A (USA)

Wo

od

side, C

A (USA)

Wo

od

side, C

A (USA)

Wo

od

side, C

A (USA)

Wo

od

side, C

A (USA)

Next W

ave Impac

t Fun

d I

No

rdic

Impac

t Fun

d I

Investin

g in

Wo

men

Fun

dPiq

ue Fu

nd

Rising

Tide Pilo

tPo

rtfolia Ac

tive Agin

g Fu

nd

Portfo

lia Enterprise

Portfo

lia Co

nsu

mer Tec

h Fu

nd

Portfo

lia Fem Tec

h

Seco

nd

fun

dFirst fu

nd

Seco

nd

fun

dFirst fu

nd

First fun

dSec

on

d fu

nd

Fou

rth fu

nd

Third

fun

dFo

urth

fun

d

Ventu

re Capital

Private Equ

ityVen

ture C

apitalVen

ture C

apitalVen

ture C

apitalVen

ture C

apitalVen

ture C

apitalVen

ture C

apitalVen

ture C

apital

Debt an

d Eq

uity

PE Fun

dEq

uity

Equ

ityEq

uity

Equ

ityEq

uity

Equ

ityEq

uity

20182018

20172014

20152015

20162017

2018

$4,250,000$75,000,000

$2,000,000$800,000

$1,020,000$750,000

$700,000$672,000

$3,500,000

YesN

oYes

No

No

t provid

edN

ot pro

vided

No

t provid

edN

ot pro

vided

No

t provid

ed

100%27%

100%56%

No

t provid

edN

ot pro

vided

No

t provid

edN

ot pro

vided

No

t provid

ed

$30,000$1,000,000

$0$4,000

$10,000$50,000

$10,000$10,000

$10,000

SeedSeries A/B

SeedSeed

Seed, Early


EarlyEarly, Series A/B

Mu

ltipleSo

cial im

pact BO

PAg

no

sticTec

hn

olo

gy

Gen

eralFo

cu

sed o

n 50

market

Tech

no

log

yC

on

sum

er Go

od

sW

om

en's H

ealth

$100,000$1,000,000

$200,000$20,000

$25,000$25,000

$50,000$50,000

$100,000

$500,000$7,000,000

$300,000$100,000

$100,000$100,000

$100,000$100,000

$250,000

No

rth Am

erica

Africa

Sou

theast Asia

No

rth Am

erica

No

rth Am

erica

No

rth Am

erica

No

rth Am

erica

No

rth Am

erica

No

rth Am

erica

130

37

106

76

0

Inc

lusive C

om

mu

nity – Bu

ildin

g a

stron

g in

teractive c

om

mu

nity o

f in

vestors an

d en

trepreneu

rs th

at shares g

oals fo

r suc

cessfu

l im

pact in

vesting

and

embrac

es a fu

ll rang

e of d

iverse backg

rou

nd

an

d experien

ces; Alig

n w

ith o

ther

impac

t and

gen

der-len

s in

itiatives to fu

rther d

rive in

clu

sion

.

No

rdic

Impac

t Fun

ds is lo

okin

g

to in

vest in c

om

panies th

at solve

ch

alleng

es of th

e poo

r and

c

reate jobs an

d in

co

me in

partic

ular fo

r wo

men

.

Patamar C

apital has set u

p a d

edic

ated veh

icle to

invest in

six to

eigh

t hig

hly sc

alable wo

men

’s SM

Es over th

e next tw

o years,

acro

ss the pro

gram

’s target

co

un

tries of In

do

nesia, th

e Ph

ilippines, an

d Vietn

am.

Piqu

e Fun

d, an

inc

lusive an

gel

fun

d fo

cu

sing

on

leadersh

ip d

iversity and

BC-based

wo

men

-led

ventu

res.

Posh

ly in N

YC, Parrable in

M

ich

igan

/SFW

here W

om

en M

ake Markets

Wh

ere Wo

men

Make M

arketsW

here W

om

en M

ake Markets

Wh

ere Wo

men

Make M

arkets

100%50-74%

1-24%100%

100%100%

100%75-99%

100%66%

60%2%

100%100%

100%100%

80%

100%10%

100%79%

100%100%

98%100%

98%

nextw

aveimpac

t.co

m/abo

ut-u

sn

ord

icim

pactfu

nd

s.co

mpatam

ar.co

m/patam

ar-capital-lau

nc

hes-im

pact-in

vestmen

t-fun

d-d

rive-gro

wth

-wo

men

s-smes-so

uth

east-asia/piq

ueven

tures.c

om

/fun

d/

portfo

lia.co

mpo

rtfolia.c

om

portfo

lia.co

mpo

rtfolia.c

om

portfo

lia.co

m

XX

XX

XX

XX

X

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

X

Mo

re wo

men

investo

rs/LPs, also

thin

king

abou

t ho

w to

id

entify/d

evelop/w

ork w

ith m

ale allies.

PROJECT SAGE 2.0

22

Firm Name


Fund name


Asset class

Investment vehicle

Inception (year)


Fully raised?



Investment Stage




Target Geography




% of IC Female

% of LPs Female

Firm website





enAdvancing com






Other?

Red Capital Partners

Reign VenturesReinventure C

apital GP, LLC

Rethink Impact

Root Capital

SEAFShe C

apital LLPShinsei C

orporate Investment Lim

itedSofia Fund

Mad

rid (Spain

)N

ew Yo

rk City (U

SA)Bo

ston

, MA (U

SA)W

ashin

gto

n D

C, N

ew Yo

rk City, San

Franc

isco

(USA)

Cam

bridg

e, MA (U

SA)W

ashin

gto

n D

C (U

SA)N

ew D

elhi (In

dia)

Tokyo

(Japan)

St Paul (M

inn

esota)

Red Ven

tures Fu

nd

IReig

n Ven

tures

Reinven

ture C

apital LPReth

ink Im

pact

Roo

t Capital

SEAF Wo

men

's Oppo

rtun

ity Fun

d II

She C

apitalJapan

Impac

t Investm

ent I LPS

Sofia An

gel Fu

nd

II, LLC

First fun

dFirst fu

nd

First fun

dFirst fu

nd

First fun

dSec

on

d fu

nd

First fun

dFirst fu

nd

Seco

nd

fun

d

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Debt

Private Equ

ityVen

ture C

apitalVen

ture C

apitalVen

ture C

apital

Equ

ityEq

uity

Debt an

d Eq

uity

Equ

ityD

ebtPE Fu

nd

Equ

ityEq

uity

Equ

ity

2018718

20182016

19992018

20182017

2015

$58,000,000$25,000,000

$50,000,000$112,000,000

$85,000,000$100,000,000

$50,000,000$5,000,000

$5,500,000

No

t provid

edN

ot pro

vided

No

t provid

edYes

YesN

ot pro

vided

No

t provid

edYes

Yes

No

t provid

edN

ot pro

vided

No

t provid

ed100%

100%N

ot pro

vided

No

t provid

ed100%

100%

$1,160,000$250,000

$250,000$0

$25,000$1,000,000

$0$1,000,000

$0

Series A/BSeed


Early, Series A/B, Series B/CEarly

Series A/BSeed

, EarlyEarly, Series A/B, Series B/C


Tech

no

log

yTec

hn

olo

gy

Agn

ostic

Health

, Edu

catio

n,

Enviro

nm

ental Su

stainability,

Eco

no

mic

Empo

werm

ent

Agric

ultu

reC

om

panies pro

pelling

wo

men

's ec

on

om

ic em

pow

ermen

t in th

e w

orkplac

e and

the m

arketplace

Health

care

Co

mpan

ies eng

agin

g in

busin

ess su

ch

as ch

ildc

are, after-sch

oo

l c

are, edu

catio

n, h

ou

seho

ld

suppo

rt, suppo

rting

families

carin

g bo

th c

hild

ren an

d eld

ers in

parallel, and

suppo

rting

the

wo

rk-life balanc

e

Tech

no

log

y

$3,000,000$200,000

$500,000$2,000,000

$50,000$2,000,000

$200,000$200,000

$100,000

$6,000,000$2,000,000

$5,000,000$7,000,000

$2,500,000$15,000,000

$4,000,000$1,500,000

$500,000

Euro

pe, Mid

dle East

No

rth Am

erica

No

rth Am

erica

No

rth Am

erica

Latin Am

erica, So

uth

east Asia, Afric

aSo

uth

east AsiaSo

uth

AsiaEast Asia

No

rth Am

erica

1220

015

1710

24

5

The w

ebsite is no

t finish

ed yet

Reign

Ventu

res has a c

om

mitm

ent

to bu

ild a po

rtfolio

with

at least 50%

female an

d m

ino

rity fo

un

ders.

We see em

ergin

g, vibran

t n

etwo

rks of in

no

vative en

trepreneu

rs, man

y of w

ho

m are

of c

olo

r and

wo

men

, overlo

oked

by m

ainstream

investo

rs.

Rethin

k Impac

t foc

uses o

n

investin

g in

co

mpan

ies with

g

end

er diverse lead

ership team

s (w

ith at least o

ne fem

ale on

the

leadersh

ip team)

We in

vest in th

e gro

wth

of

agric

ultu

ral enterprises so

they

can

transfo

rm ru

ral c

om

mu

nities. Th

ey co

nn

ect

smallh

old

er farmers to

markets

and

help im

prove th

eir farmin

g

practic

es. With

gro

wth

, these

busin

esses beco

me en

gin

es of

impac

t that c

an raise in

co

mes

and

create jo

bs, empo

wer w

om

en

and

you

ng

people, su

stain peac

e, an

d preserve vu

lnerable

eco

systems. Spec

ific C

riteria: Years in

Operatio

n: at least 3

Min

imu

m An

nu

al Revenu

e: $250,000 Lo

catio

n: M

ust be leg

ally establish

ed in

on

e of Ro

ot

Capital’s len

din

g c

ou

ntries

with

in Afric

a, Latin Am

erica, o

r So

uth

east Asia (see sidebar).

Do

cu

men

tation

: Mu

st present

aud

ited o

r man

agem

ent-prepared

fin

anc

ial statemen

ts from

the

Becau

se wo

men

are often

u

nd

ervalued

in th

e marketplac

e an

d in

the w

orkplac

e du

e to

gen

der biases, SEAF c

an so

urc

e attrac

tively priced

o

pportu

nities, w

ith sig

nific

ant

poten

tial in w

hic

h to

build

valu

e, from

the fo

llow

ing

areas: 1. W

om

en-led

busin

esses 2. In

secto

rs with

hig

h prevalen

ce o

f w

om

en em

ployees 3. Bu

sinesses

provid

ing

vital prod

uc

ts and

servic

es that m

eet the u

niq

ue

need

s of w

om

en an

d g

irls 4. En

trepreneu

rs already

dem

on

strating

a co

mm

itmen

t to

wo

men

thro

ug

h o

wn

ership &

pay eq

uity, lead

ership, w

orkplac

e, ben

efits, wo

rkforc

e participatio

n

& valu

e ch

ains.

Ou

r go

al is to in

vest in stellar

hig

h g

row

th bu

sinesses th

at d

eliver superio

r return

s wh

ile en

abling

gen

der eq

uality

thro

ug

h in

vesting

in - C

om

panies

with

female fo

un

ders - C

om

panies

that po

sitively impac

t lives of

wo

men

and

girls th

rou

gh

their

prod

uc

ts and

services - C

om

panies

wh

ose em

ployee base c

om

prises of

majo

rity wo

men

The Fu

nd

(also kn

ow

n as C

hild

-c

are Suppo

rt Fun

d) is an

impac

t in

vestmen

t fun

d an

d pro

vides

investm

ents to

early-to-later

stage c

om

panies en

gag

ing

in

busin

esses suc

h as c

hild

care,

after-sch

oo

l care, ed

uc

ation

, h

ou

seho

ld su

pport, su

pportin

g

families c

aring

both

ch

ildren

an

d eld

ers in parallel, an

d

suppo

rting

the w

ork-life balan

ce

of w

orkin

g w

om

en.

The averag

e wo

man

-ow

ned

bu

siness m

akes 20% m

ore reven

ue

with

50% less in

vestmen

t than

o

ther c

om

panies. Im

agin

e wh

at th

e above-averag

e can

do

. We’re

Sofia Fu

nd

. And

we fin

d, in

vest in

and

gro

w th

ose exc

eption

al w

om

en-led

co

mpan

ies.

1-24%1-24%

50-74%50-74%

1-24%75-99%

50-74%100%

100%

66%100%

50%50%

25%17%

33%50%

100%

111%50%

0%n

/a0%

0%33%

0%80%

redc

apital.partners

reign

vc.c

om

reinven

turec

apital.co

mreth

inkim

pact.c

om

roo

tcapital.o

rg/im

pact_areas/w

om

en/

seaf.co

m/

shec

apital.vcsh

inseiban

k.co

m/c

orpo

rate/en/n

ews/pd

f/pdf2016/170130_im

pactin

vestmen

t_e.pdf

sofiafu

nd

.co

m

XX

XX

XX

XX

XX

X

XX

XX

XX

XX

XX

XX

XX

23


23

PROJECT SAGE 2.0

Firm Name


Fund name


Asset class

Investment vehicle

Inception (year)


Fully raised?



Investment Stage




Target Geography




% of IC Female

% of LPs Female

Firm website





enAdvancing com






Other?

SoGal Ventures

StandUp Ventures

thenextwom

en and startgreenThe AEC

FThe H

elmThe Jum

pFundTheN

extWom

enThe 22 Fund

True Wealth Ventures

New

York (U

SA)To

ron

to, O

N (C

anad

a)Am

sterdam

Kenya

Los An

geles, N

ew Yo

rk (USA)

Ch

attano

og

a, TN (U

SA)Am

sterdam

Los An

geles, C

A (USA)

Austin

, TX (USA)

SoG

al Ventu

res IStan

dU

p Ventu

resBo

rski Fun

dAEC

FTh

e Helm

Fun

d I

Jum

pFun

d II, L.P.

TheN

extWo

men

Fun

dTh

e 22 Fun

dTru

e Wealth

Ventu

res Fun

d I

First fun

dFirst fu

nd

Seco

nd

fun

dFirst fu

nd

First fun

dSec

on

d fu

nd

First fun

dFirst fu

nd

First fun

d

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Ventu

re Capital

Equ

ityEq

uity

Co

nvertible an

d Eq

uity

Ch

alleng

e Fun

dEq

uity

Debt an

d Eq

uity

Debt an

d Eq

uity

Equ

ityEq

uity

20172017

20182008

20172017

20142017

2016

$15,000,000$11,500,000

$40,000,000$500,000,000

No

t provid

ed$5,265,000

$1,160,000$100,000,000

$19,100,000

No

t provid

edN

oN

ot pro

vided

No

No

t provid

edYes

No

No

t provid

edYes

No

t provid

ed33%

No

t provid

ed62%

No

t provid

ed100%

86%N

ot pro

vided

100%

$100,000$200,000

$300,000$100,000

$0$50,000

$12,000$0

$250,000

SeedSeed

, EarlySeed

, EarlySeed

, EarlySeed


SeedSeries B/C

, Gro

wth


Tech

no

log

yTec

hn

olo

gy

Female Fo

un

der (sec

tor ag

no

stic)

Agribu

siness an

d Ren

ewable

Energ

yTec

hn

olo

gy

Tech

no

log

y, Health

care,

Edu

catio

n, Fin

anc

ial Services,

Oth

er

Female Fo

un

ders

Man

ufac

turin

gSu

stainable C

on

sum

er &

Co

nsu

mer H

ealth

$50,000$200,000

$500,000$100,000

$75,000$100,000

$12,000$2,000,000

$250,000

$350,000$625,000

$3,000,000$1,500,000

$200,000$500,000

$60,000$10,000,000

$500,000

No

rth Am

erica, Eu

rope, Au

stralia, So

uth

east Asia, East AsiaN

orth

Americ

aEu

rope

Africa

No

rth Am

erica

No

rth Am

erica

Euro

peN

orth

Americ

aN

orth

Americ

a

155

0266

59

260

3

SoG

al Ventu

res invests in

diverse

fou

nd

ing

teams th

at are revo

lutio

nizin

g h

ow

the n

ext g

eneratio

n lives, w

orks, an

d stays

health

y.

The fo

un

din

g team

mu

st have at

least on

e female m

ember in

a "C"

role

We targ

et to in

vest in c

om

panies

with

at least on

e female (c

o-)

fou

nd

er. In exc

eption

al c

ircu

mstan

ces th

e Fun

d w

ou

ld

also bac

k ventu

res run

by men

bu

t on

ly if tho

se co

mpan

ies stim

ulate in

no

vation

s that

co

uld

drive fem

ale gen

der

equ

ality or are g

eared to

ward

w

om

en, bu

t it will seek fem

ale co

-fo

un

ders to

add

to th

e team.

AECF rec

og

nises th

at in o

rder to

ac

hieve th

e sustain

able d

evelopm

ent g

oals n

um

ber 2, 5, 7 an

d 13 o

n en

din

g h

un

ger,

ach

ieving

gen

der eq

uality an

d

ensu

ring

acc

ess to su

stainable

clean

energ

y is no

t on

ly pertin

ent, bu

t urg

ent to

add

ress th

e soc

ial no

rms an

d c

ultu

ral prac

tices th

at hin

der w

om

en’s

mean

ing

ful ec

on

om

ic

participatio

n in

the ec

on

om

y. As Afric

a loo

ks to m

eet the

Sustain

able Develo

pmen

t Go

als by 2030, th

e full partic

ipation

of

wo

men

as prod

uc

ers, co

nsu

mers,

busin

ess ow

ners an

d key d

ecisio

n-

makers c

an be a po

tent fo

rce fo

r c

han

ge. As part o

f ou

r c

om

mitm

ent to

add

ressing

g

end

er ineq

ualities th

rou

gh

m

arket-based appro

ach

es, AECF h

as d

esign

ed a spec

ific in

itiative

To q

ualify as a po

tential

investm

ent fo

r The H

elm, yo

u

mu

st be an early-stag

e, tec

hn

olo

gy-en

abled c

om

pany

helm

ed by a fem

ale CEO

Female-led

, at least on

e wo

man

in

a C-level ro

le with

sign

ifican

t eq

uity in

the c

om

pany. Lo

cated

in

the so

uth

eastern U

nited

States. Led

by stron

g, d

iverse teams

ideally w

ith experien

ce in

their

ind

ustry sec

tor. Establish

ed LLC

o

r C-C

orpo

ration

s with

a stron

g

busin

ess mo

del an

d exit strateg

y. Ability to

scale rapid

ly in exc

ess o

f $20 millio

n an

d ac

hieve stro

ng

retu

rns fo

r investo

rs.

TheN

extWo

men

Cro

wd

Fun

d aim

s to

offer a platfo

rm fo

r female

investo

rs to jo

intly in

vest in a

simple m

ann

er, thereby

enc

ou

ragin

g en

trepreneu

rship.

We in

vest in d

ifferent areas,

wh

ere we feel th

at wo

men

-led

co

mpan

ies really make a

differen

ce, m

arketplace, fem

tech

, platfo

rms an

d ed

uc

ation

The 22 Fu

nd

targets w

om

en an

d

min

ority o

wn

ed bu

sinesses.

The strateg

y of th

is fun

d is to

in

vest in m

ore w

om

en lead

ers w

ho

have pro

ven to

finan

cially

ou

tperform

in m

arkets wh

ere w

om

en are m

aking

the vast

majo

rity of pu

rch

ase dec

ision

s w

ith a fo

cu

s on

hig

h-g

row

th

green

er and

health

ier prod

uc

ts an

d bu

sinesses.

100%50-74%

50-74%1-24%

100%100%

100%75-99%

1-24%

100%66%

66%50%

100%100%

100%75%

100%

68%100%

30%0%

70%90%

100%100%

80%

sog

alventu

res.co

mstan

du

pvc.c

om

startgreen

.nl/n

l/aec

fafrica.o

rg/po

rtfolio

/aecf_g

end

er_lens_in

vestmen

tth

ehelm

.co

/investin

g-in

-female-led

-inn

ovatio

nth

ejum

pfun

d.c

om

/pitch

-criteria

then

extwo

men

.co

m/fu

nd

ing

/th

e22fun

d.c

om

/strategy/

truew

ealthvc

.co

m/abo

ut/

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

XX

Female fo

un

der an

d w

om

en

equ

ity led c

om

panies

Advan

cin

g w

om

en's w

ealth

thro

ug

h en

surin

g sig

nific

ant

wo

men

's equ

ity in in

vestmen

t c

om

panies an

d in

vesting

wo

men

's c

apital in an

gel/ VC

fun

d

Female fo

un

ders an

d w

om

en w

ith

equ

ity-led c

om

panies

PROJECT SAGE 2.0

24

Firm Nam

e


Fund name


Asset class

Investment vehicle

Inception (year)


Fully raised?


Fund Investment M

inimum

(USD)

Investment Stage


Min Com

pany Investment (USD)

Max Com

pany Investment(USD)

Target Geography


Summ

ary of firm gender highlights, based on m

aterials and conversations

% of Fem

ale Venture Partners (Band)

% of IC Fem

ale

% of LPs Fem

ale

Firm w

ebsite


Advancing wom

en in finance

Advancing wom

en in corporate leadership

Advancing products and services that improve the lives of w

omen

Advancing companies that treat fem

ale employees w

ellAdvancing com



wom

en in their ecosystem

Other?

TW

V C

apitalU

rban Innovation FundV

ictus Global C

apitalV

oulez Capital

Wom

en's World B

anking X

Factor Ventures

Da

llas, T

X (U

SA)

San

Fra

nc

isco

, CA

(USA

)U

nit

ed K

ing

do

mLo

nd

on

(UK

)N

ew Yo

rk

, NY (U

SA)

USA

Tex

as W

om

en V

ent

ur

esU

rba

n In

no

va

tio

n Fu

nd

Impa

ct

Fun

d I

Vo

ulez

Ca

pita

l Clu

b LLPW

om

en's W

or

ld Ba

nk

ing

Ca

pita

l Par

tn

ers

XFa

ct

or

Ven

tu

res

Fou

rt

h fu

nd

First

fun

dFir

st fu

nd

First

fun

dFir

st fu

nd

First

fun

d

Priv

at

e Equ

ity

Ven

tu

re C

apit

al

Ven

tu

re C

apit

al

Ven

tu

re C

apit

al

Priv

at

e Equ

ity

Ven

tu

re C

apit

al

PE Fun

dEq

uit

yD

ebt a

nd

Equ

ity

Equ

ity

Equ

ity

Equ

ity

20032016

20182018

20122017

$25,000,000$22,500,000

$50,000,000$5,000,000

$50,600,000$3,000,000

No

t pr

ov

ided

YesN

oN

ot

pro

vid

edYes

Yes

No

t pr

ov

ided

100%0%

No

t pr

ov

ided

100%100%

$100,000$0

$1,000,000$600,000

$100,000$100,000

Series A

/BSeed

Seed, Ea

rly, Ser

ies A/B

Seed, Ea

rly

Series B/C

, Gr

ow

th

Seed, Ea

rly

Tec

hn

olo

gy

Tec

hn

olo

gy

Ag

ric

ult

ur

eW

ide sec

to

r fo

cu

s inc

lud

ing

T

ech

, Hea

lth

ca

re, Ed

uc

at

ion

, IoT

, R

enew

ables, et

c.

Fina

nc

ial Ser

vic

esT

ech

no

log

y

$250,000$100,000

$250,000$300,000

$1,000,000$100,000

$7,000,000$500,000

$10,000,000$1,500,000

$7,500,000$100,000

No

rt

h A

mer

ica

No

rt

h A

mer

ica

Afr

ica

Eur

ope

Glo

bal/G

eo-A

gn

ost

icN

or

th

Am

eric

a

715

153

921

TW

V C

apit

al h

as m

or

e th

an

$25 m

illion

un

der

ma

na

gem

ent

d

edic

at

ed t

o in

vest

ing

in w

om

en-

ow

ned

an

d w

om

en-led

co

mpa

nies

loc

at

ed in

Tex

as a

nd

th

e gr

eat

er

Sou

th

west

.

Th

e Ur

ban

Inn

ov

at

ion

Fun

d

inv

ests in

sta

rt

ups sh

apin

g t

he

fut

ur

e of c

ities. W

e pro

vid

e seed

ca

pita

l an

d r

egu

lat

or

y suppo

rt

t

o st

ar

tu

ps ta

ck

ling

ou

r

to

ug

hest

ur

ban

pro

blems --

helpin

g t

hem

gr

ow

int

o

to

mo

rr

ow

's mo

st v

alu

ed

co

mpa

nies. T

he U

rba

n

Inn

ov

at

ion

Fun

d is c

om

mit

ted

to

g

end

er a

nd

ra

cia

l div

ersit

y in

ou

r po

rt

folio

co

mpa

nies, a

nd

c

ur

ren

tly 71%

of o

ur

sta

rt

ups

ha

ve a

wo

ma

n o

r per

son

of c

olo

r

on

th

e fou

nd

ing

tea

m.* * N

ot

e: T

his pa

ra

gr

aph

is no

t o

n o

ur

w

ebsite, bu

t is pu

blicly

co

mm

un

ica

ted

to

ou

r in

vest

or

s, t

o pr

ess, an

d t

hr

ou

gh

even

ts

Wo

men

-led a

nd

/or

Wo

men

-fo

cu

sed A

gr

i-busin

esses. Vic

tu

s G

loba

l is foc

used

on

t

ra

nsfo

rm

ing

ag

ric

ult

ur

e an

d

empo

wer

ing

wo

men

in A

fric

a

th

ro

ug

h in

vest

men

t, c

apa

cit

y bu

ildin

g a

nd

inc

rea

sed in

tr

a-

Afr

ica

an

d in

ter

na

tio

na

l tr

ad

e. C

rea

tin

g so

cia

l ch

an

ge t

hr

ou

gh

d

evelo

ping

inv

estm

ent

veh

icles,

wh

ich

aim

to

ac

hiev

e sign

ifica

nt

a

nd

system

ic g

end

er-ba

sed so

cia

l c

ha

ng

e, an

d sh

ift g

end

er po

wer

r

elat

ion

s.

We in

vest

in o

ut

sta

nd

ing

fema

le fo

un

der

s build

ing

sca

lable

busin

esses an

d c

rea

tin

g r

eal

va

lue a

nd

in pr

od

uc

ts a

nd

ser

vic

es th

at

impr

ov

e th

e lives o

f w

om

en, o

f wo

rk

ing

par

ent

s, of

ch

ildr

en a

nd

of fa

milies.

Wo

men

’s Wo

rld

Ban

kin

g C

apit

al

Par

tn

ers is a

priv

at

e equ

ity

limit

ed pa

rt

ner

ship t

ha

t m

ak

es d

irec

t eq

uit

y inv

estm

ent

s in

wo

men

-foc

used

fina

nc

ial

inst

itu

tio

ns. T

his in

vest

men

t

str

at

egy bu

ilds o

n o

ur

belief t

ha

t in

vest

or

s ca

n in

fluen

ce

inst

itu

tio

ns t

o en

sur

e th

at

w

om

en a

re pa

rt

of t

heir

gr

ow

th

st

ra

teg

y an

d fu

tu

re pr

ofit

abilit

y. T

his v

ent

ur

e, wit

h m

or

e th

an

U

S$50 millio

n u

nd

er m

an

ag

emen

t

seeks t

o d

emo

nst

ra

te w

ha

t

Wo

men

’s Wo

rld

Ban

kin

g h

as lo

ng

m

ain

ta

ined

: pro

vid

ing

wo

men

w

ith

ac

cess t

o fin

an

cia

l serv

ices

is pro

fita

ble busin

ess for

ban

ks,

wh

ile co

nt

ribu

tin

g t

o t

he

eco

no

mic

gr

ow

th

an

d w

elfar

e of

fam

ilies an

d c

om

mu

nit

ies.

XFa

ct

or

Ven

tu

res is fo

cu

sed o

n

ma

kin

g pr

e-seed a

nd

seed st

ag

e in

vest

men

ts in

co

mpa

nies w

ith

billio

n d

olla

r m

ar

ket

o

ppor

tu

nit

ies th

at

ha

ve a

t lea

st

on

e fema

le fou

nd

er.

75-99%100%

100%100%

1-24%100%

75%100%

100%50%

80%100%

90%11%

0%0%

30%60%

tw

vc

apit

al.c

om

ur

ban

inn

ov

at

ion

fun

d.c

om

vic

tu

sglo

bal.c

o.u

kv

ou

lez-c

apit

al.c

om

wo

men

swo

rld

ban

kin

g.o

rg

/abo

ut

-us/c

apit

al-pa

rt

ner

s-gen

der

-lens-in

vest

ing

/x

fac

to

r.v

ent

ur

es/abo

ut

/

XX

XX

XX

XX

X

XX

XX

XX

XX

`X

XX

Inv

est in

wo

men

-led, pr

iva

tely-

held

co

mpa

nies

25


25

PROJECT SAGE 2.0

Looking Ahead

As was the case with Project Sage 1.0, what we learned in Project Sage 2.0 has led to interest in additional dimensions and trends. The following questions present opportunities for further research:

• What does the intersection of gender lens investing and impact investing look like? Says Suzanne Biegel of this often asked question: “People have been asking me ‘how many of these funds are impact funds?’ First, it is not our role to say what is impactful or not. But I think about 30% of the funds would be either self-defined impact funds (funds that invest with the intention to address a social or environmental issue and commitment to measure social impact) or would be considered impact funds.”

• What are the goals for financial and gender performance in each of these funds? How are they verifying and/or reporting their results? What level of transparency is publicly provided?

• Has gender criteria evolved for these funds? If so, how?

• What investor trends are funds seeing? As more millennials and women report the importance of aligning investments with values, is their capital being moved?

As was the case last year, we’d love to hear how people are using this information. As a leading research-led business school, Wharton is building the evidence base for impact investing. We look forward to continuing to share our work with you.

If you’d like to participate in future fund research with the Wharton Social Impact Initiative, please email us at [email protected]. For all other inquiries, please email [email protected].

27

FOUR FOR WOMEN

27

PROJECT SAGE 2.0

26

PROJECT SAGE 2.0

Acknowledgements

We are appreciative of the funds participating in this research; thank you for taking the time to advance research in this field.

We thank Alyssa Matteucci for her research assistance and input in the creation of this report.

With thanks, Suzanne Biegel, Sherryl Kuhlman and Sandi M. Hunt

27


27

PROJECT SAGE 2.0

Notes

PB

FOUR FOR WOMEN

socialimpact.wharton.upenn.edu

PROJECT SAGE 2 · 2019-04-10 · Project Sage 2.0 in 2018 identi"ed 87 total funds deploying...

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