💸 Jenny Abramson and Heidi Patel's Rethink Impact Closes $250M Fund to Invest in Women-Led Startups
FemWealth Issue #176
Hi FemWealth Friends,
In the Spotlight 💸
Co-led by Jenny Abramson and Heidi Patel, Rethink Impact is the largest, US-based impact venture firm with a gender lens that invests in women-led startups.
The firm with offices in New York, San Francisco, and Washington, closed $250 million for its third fund. It now has more than $500 million under management.
“There are real examples now that people can look at of tech companies led by women that have had just outstanding growth.
“[Rethink Impact’s ] raise really makes clear that investors are realizing that investing in women and impact is really good business.” - Jenny Abramson, Founder and Managing Partner of Rethink Impact (via DealBook)
“The way that VC bubbles grow is by investors all chasing the same deals and the same types of deals, and that’s what drives up valuations to staggering numbers that are not sustainable and always burst over time. We are just playing a different game. Women are starting 40% of all tech companies and beyond that, are launching new businesses at two times the rate of men. So we just feel like the opportunity is enormous and completely untapped.” - Heidi Patel, Managing Partner of Rethink Impact (via Forbes)
The firm invests primarily in health, education, financial technology, and climate companies. Its portfolio includes Sallie Krawcheck’s robo-advisor Ellevest; Rachel Romer’s edtech company Guild Education; and April Koh’s mental health unicorn Spring Health, a.o.
Rethink Impact’s LPs are more than 10 university endowments and organizations, including Melinda French Gates’s Pivotal Ventures.
Read more: Meet The VCs Who Just Raised $250 Million To Back Women-Led Startups
FemWealth Favourites ❤️
Startups: Miami-based AI bookkeeping startup Finally has raised another big round: $200M in equity and debt - Co-founded by Glennys Rodriguez, Finally is an SMB-focused bookkeeping, accounting, and finance platform. The Miami-based startup raised $50 million in Series B funding from PeakSpan Capital. It also secured a $150 million credit facility from Encina.
Syndicated loan platform Versana raises $26m with plans for global expansion - Led by Cynthia E. Sachs, Versana is a syndicated loan market firm. The New York-based company raised $26 million from Barclays, Bank of America, Citi, Deutsche Bank, JPMorgan, Morgan Stanley, and Wells Fargo.
Copenhagen-based MATR secures €20M from EIB to expand production of its plant-based meat alternatives - Co-founded and led by Randi Wahlsten, MATR Foods makes plant-based meat alternatives. The Copenhagen-based company raised €20 million in debt funding from the European Investment Bank (EIB).
Brightflow SAS secures €16.5M for minimally invasive heart failure solution - Led by Sophie Humbert, Brightflow is developing an implantable cardiac medical device designed to treat end-stage heart failure. The Paris-based medtech secured €16.5 million in Series A funding from IVES Partners, Majycc Innovation Santé - UI Investissement, BNP Paribas Development, GO Capital, and Karista.
Glasgow-based Solasta Bio raises $14M Series A for green insecticides - Co-founded and led by Shireen Davies, Solasta Bio develops green insecticides. The Glasgow, Scotland-based company raised a $14 million Series A. Forbion, FMC Ventures, and Corteva led the round, with additional support from Cavallo Ventures, Rubio Impact Ventures, Scottish Enterprise, UKi2S, SIS Ventures, and the University of Glasgow.
Landbase unveils AI agent platform to transform go-to-market strategies, secures $12.5M in funding - Co-founded by Emily Zhang, Landbase provides an AI-powered platform to help B2B companies automate their go-to-market strategies. The San Francisco startup raised a $12.5 million Seed round co-led by A*, 8VC, and First Minute Capital, with Inovia Capital, Picus, and General Catalyst also participating.
Metabase Q Helps Risk Officers and CISOs Reduce Cybersecurity Risk With $11 Million in Series A Extension Funding - Co-founded by Louise Ireland, Metabase Q is a cybersecurity management platform that allows companies to monitor and protect their systems by automating tasks such as patch management and real-time threat detection. The San Francisco-based startup raised $11 million in a Series A extension led by SYN Ventures.
Operant AI Lands $10M Investment to Boost Runtime Protection for Cloud and AI - Co-founded by Priyanka Tembey and Ashley Roof, Operant AI is a runtime AI application protection platform. The San Francisco-based startup raised $10 million in a Series A funding co-led by SineWave Ventures and Felicis. Alumni Ventures, Massive, Calm Ventures, and Gaingels also joined.
Brico raises $8M to automate fintech licensing (Axios Pro $) - Co-founded and led by Snigdha Kumar, Brico provides SaaS for managing fintech and financial institution licenses. The San Francisco-based company raised $8 million in Seed funding led by Pear Ventures, with additional support from Flourish Ventures, Cambrian Ventures, and Restive Ventures.
Ucaneo Secures Funding To Build Cutting-Edge CO2 Removal Technology - Co-founded by Carla Glassl, Ucaneo provides direct air capture technologies for CO2 removal. The Berlin-based company raised €6.75 million in a Seed funding round co-led by Energie 360° and IBB Ventures. Plug and Play, Grantham Environmental Trust, Carbon Removal Partners, Nucleus Capital, Apprecia Capital, and FlixFounders (the fund managed by the founders of FlixBus).
Beebop raises $5.5 million for virtual power plant tech - Co-founded by Sandra Trittin, Beebop.ai provides software for utilities and OEMs to seamlessly integrate residential devices into the power grid. The Dutch startup raised a $5.5 million Seed round led by Angular Ventures, with participation from Contrarian Ventures.
Heart disease is the world’s biggest killer — this Cambridge Uni spinout is using AI to find new treatments - Co-founded by Thelma Zablocki, CardiaTec Biosciences employs computational methods to decode the biology behind cardiovascular disease. The Cambridge, UK-based company raised $6.5 million in a Seed round led by Montage Ventures, with participation from Continuum Health Ventures, Laidlaw Ventures, Apex Ventures, and angel investors.
Depop founder Simon Beckerman’s food marketplace Delli raises $6m - Co-founded and led by Marie Petrovicka, Delli is an independent food and drink marketplace. The London, UK-based startup raised a $6 million Seed extension led by Balderton and HV Capital.
Mother Games launches with $5M for mobile game Le Zoo - Co-founded by Kelsey Falter and Raissa Chagas, Mother Games is an arts and media company on a mission to create “transformative experiences designed to awaken players to their own mental programming and expand their inner worlds through play.” The New York startup raised a $5 million Pre-Seed round co-led by Shine and Lerer Hippeau and joined by BoxGroup.
M7 Health Announces $4M Seed Round Led by First Round to Modernize Nursing Workforce Management - Co-founded and led by Ilana Borkenstein RN, MBA, M7 Health aims to modernize nursing workforce management. The US startup raised a $4 million Seed round led by First Round Capital. 25M Health, Lakehouse Ventures, Banter Capital, and January Ventures pitching in.
Neurode wants to treat and track ADHD symptoms through a wearable headband - Co-founded by Nathalie Gouailhardou, Neurode provides a wearable headband designed to treat and track symptoms of ADHD. The Sydney startup raised a $3.5 million Pre-Seed round led by Khosla Ventures, with PsyMed Ventures also joining.
Vind AI raises €3M seed round to support global shift to energy from wind - Co-founded by Helene Bøhler and Hilde Kristin Njøten, Vind AI is developing an AI platform for wind project design. The Oslo, Norway-based startup raised a €3 million Seed round led by Norrsken VC and joined by Arkwright X.
Lil Bucks raises $3m in Series A funding to fuel retail growth, product innovation - Founded and led by Emily Griffith, Lil Bucks is a sprouted buckwheat brand. The San Diego, California-based brand raised $3 million in Series A funding from Proterra Investment Partners.
Deverium secures €2M to tackle cross-border identification challenges - Co-founded and led by Erika Maslauskaite, Deverium develops an identity verification product that aims to address cross-border identification challenges. The Lithuanian startup secured €2 million in EU funding.
How a viral AI image catapulted a Mexican startup to a major Adidas contract - Co-founded by Fatima Alvarez, Someone Somewhere works with rural artisans across Mexico’s poorest states to apply traditional handcrafts on clothing and accessories. The Mexico City-based startup raised $1.7 million in funding from Impact Ventures PSM, Dila Capital, GBM Ventures, Kalei Ventures, Louis Jordan, Soldiers Field Angels, and Unreasonable Capital.
UK STEM edtech Twin Science & Robotics secures £1.25M investment - Co-founded and led by Asude Altintas Guray, Twin Science & Robotics is a UK startup focused on STEM education. It raised £1.25 million in a funding round led by Soulmates Ventures and joined by APY Ventures.
Women in AI: The Godmother of AI Wants Everyone to Be a World Builder (Wired $) - Features renowned computer scientist and Stanford Professor Fei-Fei Li. Her AI startup World Lab secured $230 million at a $1 billion valuation to create “spatial intelligence.”
Women’s Health: Indian Hormonal Health Startup Laiqa Wellness Raises $1.78M in Seed Funding - Co-founded and led by Monica Bindra, Indian hormonal health startup Laiqa Wellness raised $1.78 million in Seed funding led by IvyCap Ventures.
How Radiant Health Partners Is Reimagining Women’s Health Through an Innovative Capital Structure - Founded by Stanford MBA graduates Sasha Pines and Emily Powers, Radiant Health Partners aims to redefine the standard of care for women, particularly those navigating the complexities of menopause. It is based on a search fund model that allows them to raise capital to acquire and grow existing businesses.
Bloomlife secures $12.2M in Series A funding to advance its remote maternal care platform. [male-founded and led]
Hello Inside raises €1.65M to advance metabolic health for women using CGM data. [male-founded and led]
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Until next Sunday,
Anamaria
Founder & Writer of FemWealth