Local venture firm Rethink Impact closed on $182 million for its second fund, bringing its total assets under management to $300 million.
Launched in 2016, Rethink Impact has headquarters split between D.C., New York City and San Francisco. The venture firm primarily invests in women-led technology companies, with its investor base being 65% women hailing from nearly 40 states, per a press release. Some of those investors include Pivotal Ventures, the investment firm founded by Melinda Gates; Ford Foundation; W.K. Kellogg Foundation; and Swiss multinational investment bank UBS.
The $182 million was more than expected, per The New York Times.
“An unfortunate side effect of the COVID-19 pandemic has been the decline of diversity efforts in the venture industry,” said Jenny Abramson, founder and managing partner at Rethink Impact, in a statement. “While admittedly, it’s hard to break into networks that make up the venture landscape during this quarantine environment, the result is that female founders are being left out at a time when their ideas are needed most.”
Rethink Impact mainly makes investments in women-led companies at the Series A or Series B stage, according to Rethink Impact Managing Partner Heidi Patel. The firm has financially backed Denver-based Guild Education led by Rachel Carlson, New York-based Ellevest led by Sallie Krawcheck, Boston-based CareAcademy led by Helen Adeosun and more.
“If we want to expand women’s power and influence in tech, one of the best actions we can take is invest in female entrepreneurs, which is why organizations like Rethink Impact are so critical,” Gates said in a statement. “Ultimately, creating a more inclusive tech industry will not only lead to more innovation, but a society that benefits everyone.”
Read more about gender lens investing here.-30-