The Billion Dollar Fund for Women (TBDF), a global consortium of venture funds tackling the gender funding gap, has reached its goal of mobilizing $1 billion in pledges, according to a statement.
The consortium was created to mobilise capital to invest in women-founded companies within the next decade.
A total of over 70 funds from six continents and over 25 countries have so far pledged to deploy capital towards women-founded companies by 2020, equating to a total of $1 billion.
“Today marks a great milestone on our journey to ensuring parity for undervalued founders. We are extremely proud of the meaningful commitments made by our partner venture funds dedicated to fostering equitable access to funding for women-founded companies. Fund partners from all around the world have pledged their support to a common purpose: backing and scaling innovative companies with female founders,” said TBDF co-founders and managing partner Shelly Porges.
“The over one billion dollars pledged to be invested through the end of 2020 will have a decisive impact on not only the female economy but the economy at large, even as it delivers outsize returns for investors,” she added.
TBDF acts as a consortium of venture funds with each venture fund retaining its independence and managing and sourcing its own deal flows to fulfill the pledges made to invest in women-founded companies (WFCs).
The consortium also parters with The Financial Alliance for Women, the only global consortium of financial institutions dedicated to supporting its members to capture the opportunity of the Women’s Market.
Supporters of the fund are Different Funds, Endeavor Catalyst, Gobi Partners, Golden Gate Ventures, Golden Seeds Fund, Mindshift Capital, Rethink Impact and Teja Ventures, government-backed entities such as Singapore’s SGInnovate and newer additions including Astia Fund and Motley Fool Ventures in the US, Aster, RED Capital and Espira in Europe, Cycle Capital, Loyal VC, Marigold Capital, MaRS Catalyst and Quantius in Canada and many others.
Recently, we had reported that Valhalla Private Capital, a Canada-based early-stage investor, is targeting to raise a $25-50 million fund focused on female-led startups based in Southeast Asia.