Published Date : Aug 29, 2018
Gender equality is a major concern in the tech startup world these days with male entrepreneurs far outstripping their female counterparts. To undo the skew, brand new venture capital fund Cleo Capital of Sarah Kunst has decided to raise $10 million. Its main function would be to provide funding to female entrepreneurs who act as scouts.
As scouts, their main function is to find out startups in an early stage for firms to invest. They would then get a part of the profits on the investments.
Incidentally, for Sarah Kunst this is not the first female focused fund. A senior advisor in dating app Bumble, which she joined at the start of this year, she has had exposure to it for even Bumble declared a female-focused venture capital fund this month. It targets early-stage startups helmed by women. In the VC, Sarah alongside COO of Bumble Sarah Jones Simmer takes care of the fund strategy.
Kunst efforts to support companies founded by female entrepreneurs was predictable given her active role in advocating minority group and female founders for long. Besides, she was an active partaker in the tech industry’s #MeToo movement.
As per PitchBook data, in 2017 just about 11.3% of partners at venture capital firms were women. And founders who were female raised a measly 2.2% of overall venture funding.
This year, however, has been better. Venture capital firms run by women, have already mopped up $2.5 billion so far. This is quite close to previous years $3.2 billion which is the highest in a decade.