There’s plenty of data that shows startups led by women outperform their male-founded counterparts, growing faster and producing more revenue. Still, a staggering gender gap persists in the world of venture capital.
Bumble, the woman-first social networking app that empowers women to make the first move in dating, friendship, and professional networking, is aiming to change that. The company was founded with equality in mind, with an 85% female workforce.
In 2017, startups with women at the helm received just 2% of all venture capital funding. For black, Latinx, and other women from underrepresented groups, that statistic is even bleaker.
Bumble Fund will help those women largely ignored by the venture capital establishment
Bumble Fund will focus on early-stage investments, primarily in businesses founded and led by women of colour and those from underrepresented groups.
“Innovation and creativity play a vital role in the community. For us at Bumble, this is about providing opportunities for women entrepreneurs to pitch their best ideas, and we’ll help support them by opening more pathways to success, while also encouraging them to make the first move with their business ventures” – Priti Joshi, Vice President of Strategy at Bumble
Bumble’s chief operating officer Sarah Jones Simmer will lead Bumble Fund’s investment strategy along with senior advisor Sarah Kunst. Some of the brands involved in their first round of investments include:
- BeautyCon, the world’s most in-demand, influential and diverse beauty experience, uniting a global community of thought leaders, creators, fans and brands;
- Cleo Capital, a venture fund empowering female founders to invest;
- Female Founders Fund, an early-stage fund investing in the exponential power of exceptional female talent;
- Mahmee, a HIPAA-secure platform that makes it easy for hospitals, health systems, and their patients to coordinate comprehensive prenatal and postpartum healthcare from anywhere;
- Sofia Los Angeles, a swimwear company founded and led by Anasofia Gomez, one of the winners of our inaugural Bumble Bizz Pitch Competition.
Bumble Fund will continue to identify promising businesses and founders to support, including via Bumble Bizz, the business networking platform within the Bumble app.
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