Lisa-Marie Fassl and Nina Wöss, founders of Female Founders, are launching a new VC fund focused on pre-seed investments in gender-diverse teams in Europe.
Fund F is a new venture capital fund that now invests in technology start-ups with at least one woman on the founding team. The focus is on pre-seed and seed start-ups working on products and technologies that have a positive impact on humanity. Focus sectors include ClimateTech, HealthTech, FemTech, FinTech and HR Tech. The EUR 20m fund had its oversubscribed first closing with more than EUR 12m in October 2022 and is backed by institutional investors, successful founders and leading business angels.
Big network
Fund F is a new venture capital fund that now invests in technology start-ups with at least one woman on the founding team. The focus is on pre-seed and seed start-ups working on products and technologies that have a positive impact on humanity. Focus sectors include ClimateTech, HealthTech, FemTech, FinTech and HR Tech. The EUR 20m fund had its oversubscribed first closing with more than EUR 12m in October 2022 and is backed by institutional investors, successful founders and leading business angels.
"Through Female Founders, we have had contact with hundreds of tech founders from all over Europe over the last six years. We have supported them with our network and know-how, especially in early-stage financing. A fundamental driver for changing the status quo in the startup ecosystem is capital. Not only the landscape of founders, but also that of investors must become more diverse. That's exactly where we come in." - says Lisa-Marie Fassl, GP at Fund F.
Less capital for women-led start-ups
"In 2021, 1.1% of all VC funding in Europe went to women-only startups and 8% went to mixed-gender teams. While the reasons for these sobering numbers are many, we know that one thing is the case - these numbers do not reflect the high quality and quantity of deal flow to mixed-gender teams that is available, especially at the early stage." - explains Nina Wöss, GP at Fund F. "In order to address the many global crises we are currently facing, technological solutions need to be developed by all for all. Investing in a much more diverse group of founders is the only way to achieve this." - she adds.
Fund F's investor base: 36% women and 2 institutional investors
Over a third of the investors supporting Fund F are women, and as a group they bring a wide variety of backgrounds and experiences. The fund has two strong anchor investors: aws with its Venture Capital Initiative and RLB Steiermark. Super-Angel Hansi Hansmann, successful male and female entrepreneurs, such as the founders of Runtastic and Busuu, and active business angels, including Nikolaus Futter and Karin Kreutzer, are also invested in the fund. In addition, Speedinvest, one of the most active seed funds in Europe, has invested in Fund F as a fund of fund investor.
Fund F has good access to female founders
Oliver Holle, CEO & Managing Partner at Speedinvest: "It's hard not to be aware of the huge gender gap in all aspects of the tech community and now is the time to act. The European VC ecosystem desperately needs players like Fund F. The team behind the fund has proven its ability to identify and attract the best founders, build trust and support them. Fund F has a unique position when it comes to accessing mixed-gender teams in Europe."
Hansi Hansmann, Angel Investor & Founder of Hanswomen Group: "Female Founders has developed into a top European player and has already had a noticeable impact on the entire ecosystem. Fund F is now the logical next step, which is not only of the highest relevance on an economic and socio-political level, but also has an enormously important signal effect for Austria as a startup and fund location. As a Cornerstone investor and long-time supporter, I am pleased to set an example for more diversity in the startup and VC world.
Ariane Pfleger, Managing Director of RLB Stmk: "Raiffeisen Styria has always seen itself as a promoter of innovative ideas for a sustainable future. That is why we as a bank are very happy to support the "Fund F" platform, so that women in particular can be strengthened with their ideas and visions in this environment. Because in order to shape a future worth living together and to be able to overcome challenges, different perspectives and networked thinking are needed.
Fund F's Investment Committee: Industry Leaders
The team was also able to recruit well-known people for the Investment Committee. A group of entrepreneurs, experts and investors representing the core areas of the fund. It consists of Florence Aretz - General Manager at TIER Mobility France, Johannes Braith - CEO & Co-Founder at Storebox, Katharina Klausberger - Investor & Co-Founder and former CEO Shpock, Elisabeth Löwenbourg-Brzezinski - Investment Professional & Member of the Sustainable Finance Council of the German Government and Deepali Nangia - Partner at Speedinvest & Co-Founder Alma Angels.
New leadership for Female Founders
With the launch of Fund F, the leadership of Female Founders will be handed over to two new people who have already played a major role in the company's development in the past: Carina Klaffl (previously Head of the company's Startup Accelerator) and Amelia Suda (previously Head of Talent at Female Founders). As Fassl and Wöss will fully focus on Fund F, Klaffl and Suda will take on co-CEO roles with immediate effect to continue working on promoting equal opportunities for female entrepreneurs in the European tech ecosystem.
Photo: Female Founders (seen here: the two co-founders and the CEOs)
Anke Dembowski is a financial journalist and author of various investment fund-related and other financial books. She is also a co-founder of the "Fondsfrauen" network.