Productive Monday everyone!
Starting from today, I will be personally greeting you every week with news, trends and achievements of women in capital - venture and private equity.
Recent appointment of Jess Lee as the first female investment partner at Sequoia Capital was something the venture capital industry had been long crawling towards. Such great things don't happen often, so after a week-long celebration, everybody got ready for another round of work to help women step up and stand out.
However, stars must have aligned in women's favor this October, and the industry can now also cherish Therese Tucker, the first woman to lead venture capital funded company into IPO: her accounting software firm BlackLine filed papers to Nasdaq last Friday. Media landscape also got a woman to lead the beloved Term Sheet daily newsletter started by Dan Primack: Erin Griffith has taken over it after Dan's departure to a media startup. These are the women from who we should all learn how to pitch the vision right. I was talking more about that with Anne Ravanona in my interview to Huffington Post.
Renata George, Chair at Women.VC
Carmen Chang of New Enterprise Associates has been promoted to General Partner and now named Chairman and Head of the firm in Asia. “China was able to develop a lot of innovative business models, which arose in a different kind of economy,” said Ms. Chang, “Whether or not we admit it here in Silicon Valley, it’s had an impact on us and our thinking.”
New book co-authored by Jackie VanderBrug and Joseph Quinlan of U.S. Trust, Bank of America Private Wealth Management, is worth your attention. I've been saying for years that women are not only a huge market men tend to neglect, but they are also a tremendous force of social change, which the world economy can definitely benefit from. The book explains why women are one of the world's greatest underutilized assets, and why gender is material to economic prosperity and investment performance. It will also show the ways to use a gender lens to assess products, companies and sectors. Buy on Amazon.com
Women VCs' portfolio
Biologically-inspired vision sensors Chronocam backed by Alexia Perouse iBionext raised $15B Bround led by Intel Capital.
Hixme, a startup developing group insurance for large companies, and backed by Beth Seidenberg of KPCB raised $14.1M in new round.
Leslie Frécon, founder and partner of LFE Capital led $6.85M B round for the guide to mindfulness eMindful.
Sarah Sommer of LevelEquity led $8.25M round for enterprise legal management software Onit.
Numbers and facts to know
Audit commissioned by the Rockefeller Foundation showed that 80% of press reports about female CEOs involved in a crisis cited the chief as the source of the problem. When a man was at the helm, only 31% of stories blamed them.
Meetup, the startup that helps connect people with common interests, was largely white and male back in 2013. Read how CEO Scott Heiferman made a concerted effort to reinvent the company and bring women to 3 of the startup's 7 senior exec chairs and 5 of its 11 directors'.
In 50 American financial services companies, women hold only 20% of executive committee roles and 22% of board positions. But only 12% of the CEO of large U.S. financial firms are women.