VC Galaxy

37 Top Female-Led VC Funds to Know

May 23, 2024
4 min

It's a boy’s club out there in the startup ecosystem. From founders to boardrooms to, of course, investors, women are a rare sight.

Female-founded companies received only 2% of the total capital invested in VC-backed startups in 2022 in the United States. In Europe, the situation is even worse, with only 0.9% of VC funding going to female-founded companies in 2021.

While funding for female-founded companies is on the rise, there is still a long way to go to achieve gender equity. In the U.S., startups with at least one female founder raised about $38 billion in 2022, while those with only female founders raised $4.3 billion. In Europe, only 1.7% of all VC capital went to female founders from 2016 to 2020.

There's several reasons for the funding gap for female entrepreneurs, one of them being the male-dominated nature of the venture capital industry. Only 8.6% of venture capitalists, 8% of firm partners, and 7% of board seats at VC firms in the U.S. are held by women. In Europe, women in senior management positions and general partners represent only 5-15% of the industry.

It's no wonder thatfemale founders face significant challenges in securing capital compared to their male counterparts, and that only 10% of women founders report feeling highly confident in their ability to raise funding again.

While progress has been made, there’s still work to be done to create a more equitable and inclusive startup ecosystem.

The challenges are pretty clear: more diversity in the VC industry itself, providing more role models and mentors for female founders, and offering financial incentives for investing in women-led funds and startups are some of the key steps that need to be taken.

On a brighter note, although less than 10% of VC decision-makers are female, we’ve seen an incredible uptick in the number of female-led funds over the last few years.

Let’s review some of those who are changing the landscape:

⚫ 1. Acrew Capital

This early-stage venture capital firm invests in diverse sectors such as financial services, data security, e-commerce, and crypto. It prioritizes long-term partnerships and supports innovative companies with a focus on diversity and disruption. They emphasize teamwork, viewing venture capital as a collective effort, and provide comprehensive support to the teams they invest in.

→Based in: San Francisco, CA.

→Founded by: Theresia Guow, Lauren Kolodny, Asad Khaliq, Mark Kraynak, Vishal Lugani.

→Focus: Early-stage companies.

⚫ 2. Amplifyher Ventures

Amplifyher Ventures invests in diverse teams that have the ability to create growth flywheel effects in new markets. It also aims to increase the number of women in leadership positions by providing them with resources and capital to build their own C-suites. Part of the Beyond The Billion initiative, it addresses the financing gap for female entrepreneurs and helps create more mentors and paved paths for fellow female operators.

→Based in: New York City, NY.

→Founded by: Tricia Black

→Focus: Early-stage companies in commerce, care, and connectivity.

⚫ 3. Array Ventures

This San Francisco-based venture capital invests in early-stage startups in technology, AI, machine learning, and big data sectors, providing strategic guidance and equity-based investments to support their growth.

→Based in: San Francisco, CA

→Founded by: Shruti Gandhi

→Focus: Companies that seek to solve impactful problems using the best technology B2B enterprise software.

⚫ 4. Color Capital

Color Capital specializes in consumer products and emerging commerce platforms. Their portfolio includes consumer goods, web3, marketplaces, and social commerce.

→Based in: Portland, OR.

→Founded by: Jaime Schmidt, Chris Cantino

→Focus: Early-stage companies in consumer products, retail, and e-commerce.

5. Fearless Fund

This venture capital firm supports early-stage businesses led by women of color. The fund provides financing for women of color-led businesses seeking pre-seed, seed-level, or Series A financing.

→Based in: Atlanta, GA.

→Founded by: Arian Simone

→Focus: Pre-Seed, Seed, Series A.

⚫ 6. Fika Ventures

This VC invests in early-stage transformative startups in enterprise software, fintech, marketplaces, and health tech sectors.

→Founded by: Eva Ho, TX Zhuo

→Based in: Los Angeles, CA.

→Focus: Early-stage companies that leverage the power of data.

⚫ 7. Illuminate Ventures

The firm focuses exclusively on investing in B2B software companies, providing early-stage investments to companies in this space.

→Founded by: Cindy Padnos

→Based in: San Francisco, CA.

→Focus: Seed-stage companies in the B2B.

8. January Ventures

The firm invests in pre-seed and seed-stage companies, particularly those led by underrepresented founders. The firm is committed to diversity in its LP base, with 50% of its LPs being women, and has designed a Venture Fellow Program to give women and people of color their first step in a venture career.

→Founded by: Jennifer Keiser Neundorfer, Maren Bannon

→Based in Boston, MA.

→Focus: Early-stage companies in the future of work, healthcare, or commerce.

⚫ 9. Portfolia

This venture capital firm creates investment funds designed specifically for women in innovative companies that are working to bring breakthrough solutions to the world while providing returns to their investors. Portfolia is committed to diversity and inclusion in the venture capital industry, with 50% of its LPs being women.

→Founded by: Trish Costello

→Based in: San Francisco, CA.

→Focus: Pre-seed and seed-stage companies, particularly those led by underrepresented founders and operating in the B2B software space.

10. Rethink Impact, LP

This VC invests in female and non-binary leaders using technology to address global challenges. Their mission is to empower diverse leaders to create innovative solutions for positive social impact.

→Founded by: Jenny Abramson

→Based in: Washington, SF, NYC.

→Focus: Impact.

⚫ 11. SoGal Ventures

This company invests in early-stage startups in the consumer, healthcare, and technology sectors. Led by women, it supports women entrepreneurs and aims to back diverse entrepreneurs outside of Silicon Valley. The firm invests in innovative companies that address underserved problems and undercapitalized geographies.

→Founded by: Pocket Sun, Elizabeth Galbut

→Based in: New York City, NY.

→Focus: Companies shaping the future of how people work, live, and stay healthy.

⚫ 12. Urban Innovation Fund

This VC provides seed capital and regulatory support to entrepreneurs shaping the future of cities by investing in startups enhancing the livability, sustainability, and economic vitality of urban areas. The firm invests in sectors such as transportation, climate tech, proptech, edtech, fintech, public health & safety, civic tech, and food systems at the Pre-Seed and Seed stage.

→Based in: San Francisco, CA.

→Founded by: Clara Brenner, Julie Lein

→Focus: Pre-seed and Seed stage in sectors like transportation, climate technology, property technology, education technology, financial technology, public health and safety, civic technology, and food systems.

⚫ 13. 11.2 Capital

The firm invests in early-stage technology startups with a global vision, particularly in enterprise software, smart hardware, and health technology sectors. The name "11.2" is derived from the physics concept where 11.2 km/s is the escape velocity from Earth's gravity. The firm has a diverse portfolio and strongly emphasizes breakthrough technology companies in various sectors.

→Based in San Francisco, CA.

→Founded by: Shelley Zhuang

→Focus: AI, cybersecurity, quantum, robotics, new space, and data-driven healthcare.

14. 1843 Capital

This VC invests in technology and tech-enabled consumer product companies, with a focus on AgeTech, Longevity, FinTech, and Cybersecurity. The firm supports companies that are working towards solving problems related to the 100+ year health span, particularly in the AgeTech and Longevity sectors.

→Based in: Washington, D.C.

→Founded by: Tracy Chadwell

→Focus: Early-stage companies focused on AgeTech and longevity.

15. GingerBread Capital

This company invests in female founders leading high-growth businesses and emerging funds managed by women and underrepresented managers. The name pays tribute to the founder’s mother, Ginger Conrad, who founded a national magazine promoting business ownership for minorities and women and continues to lead an active life at 90 years old.

→Based in: San Francisco, CA.

→Founded by: Linnea Roberts

→Focus: Tech.

⚫ 16. BBG Ventures

The firm was launched in 2014 by Susan Lyne and Nisha Dua with the goal of putting capital into the hands of underrepresented women founders. They back female or diverse founders who are rethinking health, work, financial inclusion, climate, and consumer habits for the new majority.

→Based in: New York City, NY.

→Founded by: Susan Lyne, Nisha Dua

→Focus: Early-stage.

17. Halogen Ventures

Halogen Ventures is committed to investing in and supporting women founders in the consumer technology space. The firm's focus on providing capital, connections, and strategic guidance to its portfolio companies has made it a valuable partner for female entrepreneurs looking to scale their businesses.

→Based in: Los Angeles, CA

→Founded by: Jesse Draper

→Focus: Pre-Seed, Seed, or Series A companies in the consumer technology space.

⚫ 18. Baukunst

This company takes a unique approach to venture capital by leveraging the expertise of its creative technologists to support startups at the intersection of technology and design. The firm's multidisciplinary team and focus on virtual heritage add an interesting dimension to its investment thesis and portfolio.

→Based in: San Francisco, California

→Founded by: Kate McAndrew

→Focus: Early-stage startups at the intersection of technology and design.

⚫ 19. Cowboy Ventures

This venture capital firm helps startups find talent, ship products, and build a well-oiled go-to-market operation. They have a high seed to Series A graduation rate and a hands-on approach, providing valuable connections and support to help build generational companies.

→Based in: Palo Alto, California

→Founded by: Aileen Lee

→Focus: Early-stage investments in Enterprise, SaaS, Fintech, Software Infrastructure, Healthcare, Consumer, and Future of Work.

⚫ 20. Operator Collective

This VC firm utilizes its Collective Venture Model®, which involves over 200 Operator Limited Partners, experienced executives leading tech companies who provide valuable support and connections to the startups they invest in. Operator Collective’s inclusive and diverse approach prioritizes diversity, equity, and access for founders and investors. The firm aims to generate industry-leading returns through its unique network of operators.

→Based in: San Francisco, California

→Founded by: Mallun Yen

→Focus: Early-stage B2B venture investments.

21. Brave14 Capital

This company focuses on investing in technology-based startup companies, particularly in the artificial intelligence (AI) industry in the US. The firm was founded by Taarini Kaur Dang, a high school student, with a mission to address the gender gap in the venture capital industry.

→Based in: Fremont, California

→Founded by: Taarini Kaur Dang

→Focus: technology-based startup companies, particularly in the artificial intelligence.

22. Construct Capital

This early-stage venture capital firm invests in founders building transformative technologies to reshape foundational industries.

→Based in:  Boston, Massachusetts

→Founded by: Dayna Grayson and Rachel Holt

→Focus: Early-stage founders who are rebuilding and transforming the most foundational industries of the economy.

23. Converge

Converge VC focuses on investing in transformational technologies that enable innovation in healthcare and life sciences, The firm aims to build value for both its community and investors by supporting entrepreneurship and scientific discovery.

→Based in: Boston, Massachusetts

→Founded by: Nilanjana Bhowmik and Maia Heymann

→Focus: Pre-seed, Series Seed to Series B entry point with current investment interests in Generative AI, cloud and edge computing, robotics, manufacturing automation, and digital transformation of legacy industries.

24. Hometeam Ventures

This San Francisco-based venture capital firm invests in double bottom-line startups that improve the construction industry by reducing costs, increasing speed, and enhancing quality. Its founders have a background in addressing global homelessness through their nonprofit, New Story, and support startups that drive innovation in construction.

→Based in: San Francisco, California.

→Founded by: Alexandria Lafci

→Focus: Startups in the construction industry, particularly those that support construction's digital revolution and aim to address the global housing crisis.

⚫ 25. Grit Capital Partners

This company’s primary investment focus is on high-potential entrepreneurs who aim to disrupt industries by leveraging technology and data. They have a global vision to bring about significant changes and maintain relationships with top-tier institutional investors, banks, financial institutions, and large corporations.

→Based in: New York.

→Founded by: Jennifer Byrne

→Focus: Investing in high-potential entrepreneurs who aim to disrupt industries with technology and data.

26. Foster Ventures

Foster Ventures nurtures startup founders and acts as an extended team to help with product-market fit, customer introductions, and go-to-market strategy. They have a team of advisors who offer valuable guidance and growth hacks. They also assist with customer success strategy, finance operations, value-driven discussions, and global expansion.

→Based in: Foster City, California

→Founded by: Priya Ramachandran

→Focus: Early-stage B2B Enterprise SaaS companies.

⚫ 27. Chai Ventures

This pre-seed and seed stage fund invests in women-led companies solving critical problems with businesses that deliver impact. The firm focuses on supporting women in their capacities as founders, funders, and operators, aiming to improve the ecosystem for women in the venture capital industry.

→Based in: New York, NY

→Founded by: Alex Chung

→Focus: Pre-seed and seed stage companies in sectors where the Total Addressable Market (TAM) is dominated by women in some capacity, either through spending power or impact.

⚫ 28. Emmeline Ventures

This female-founded VC firm invests in female-led startups that empower women. The company was established in 2022 to bridge the gender gap in venture capital. Its unique approach and commitment to diversity make it a notable player in the early-stage investment landscape.

→Based in: Los Angeles, California

→Founded by: Naseem Sayani (she/her)

→Focus: Pre-seed and seed-stage investments in female founders building game-changing businesses that empower women to manage their health, build their wealth, and live in a cleaner, safer world.

⚫ 29. Cartan Capital

This VC invests in early-stage companies in sports and health technology, providing financial support, strategic guidance, and industry expertise.

→Based in: San Francisco, California

→Founded by: CiCi Bellis

→Focus: Early-stage companies in sports and health technology markets.

⚫ 30.  Embedded Ventures

This venture capital firm focuses on investing in early-stage deep tech companies. It was co-founded by Jenna Bryant and Jordan Noone. They invest in sectors such as digital engineering, advanced manufacturing, and space infrastructure.

→Based in: Los Angeles, California

→Founded by: Jenna Bryant

→Focus: Early-stage deep tech companies in sectors such as digital engineering, advanced manufacturing, and space infrastructure.

31. Basecase Capital

Basecase Capital specializes in startups focused on technology. They provide a hands-on approach, with the founder sharing observations and suggestions for founders working on developer tools or AI companies.

→Based in: San Francisco, California

→Founded by: Alana Goyal

→Focus: Early-stage technology and AI companies.

32. Human Ventures

The Human Ventures team invests in companies that cater to a broad range of essential human needs: from health and wellness to innovations in the workplace, from how we connect as communities to exploring transformational changes in how and where we spend our time.

→Based in: New York City, New York

→Founded by: Elise King, Heather Hartnett

→Focus: Health & wellness, future of work, media.

⚫  33. Female Founders

Female Founders is a seed-stage venture capital fund investing in the next generation of female talent and backing category-defining female leaders.

→Based in: New York.

→Founded by: Nina Woss and Lisa-Marie Fassl

→Focus: Climate tech, healthcare, beauty & personal care, vertical software solutions, and generative AI & emerging tech.

⚫  34. Serena Ventures

Serena Ventures aims to empower founders to change the world through a champion mindset and network.

→Based in: San Francisco

→Founded by: Serena Williams

→Focus: Investing in early-stage and growth-stage companies in areas such as AI & Data, Applied AI, Blockchain, Consumer, Enterprise Software, Fintech, and Healthcare.

⚫  35. RH Capital

This impact-first venture capital fund invests in early-stage startups focused on revolutionizing women's health and improving health equity in the US.

→Based in: San Francisco

→Founded by: Elizabeth Bailey and Stasia Obremskey

→Focus: Their key investment areas include contraception, maternal health, and other underserved areas in women's health.

⚫  36. Amboy Street Ventures

Amboy was the first venture capital fund focused on investing in women's health and sexual health technology startups.

→Based in: Los Angeles

→Founded by: Carli Sapir

→Focus: Their key investment areas include fertility, menopause, maternal health, LGBTQ+ health, menstruation, hormonal health, sexual health, and contraception

⚫  36. FemHealth Ventures

FemHealth Ventures focuses on investing in women’s health innovation, and has developed a structured evaluation process called the "FemHealth Framework," which reimagines women's health as conditions that appear only in women, mostly in women, or differently in women. This framework is used to identify and support novel solutions to health challenges faced by women.

→Based in: San Francisco

→Founded by: Maneesha Ghiya

→Focus: The firm emphasizes the importance of understanding the unique aspects of women's health, including the impact of sex on disease presentation and treatment.

⚫  37. Coyote Ventures

This VC fund invests in early-stage startups focused on women's health and wellness.

→Based in: San Francisco

→Founded by: Jessica Kar

→Focus: Investment areas include maternal health, menstrual health, and racial equality in healthcare.

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