Citrine Angels just closed $1M in investments in women-founded startups

After four years of operation, a local investment agency just passed the six-figure mark for investing — all targeted at female founders.

Citrine Angels, an angel investment-focused nonprofit org, just announced that it surpassed $1 million invested in primarily local founders. So far, its 40 women members have funded 18 startups, with investments averaging over $50,000 per company. Half of Citrine’s portfolio companies are based in the DMV, and the majority of its investors are also located in the area. Citrine announced the news at DC Startup Week, where it’s anchoring a Female Founders and Funders sub-track.

Stephanie Bauer Marshall, president of the Citrine board and the org’s cofounder, said that many of the investments came from first-time investors. Citrine keeps membership fees low, she told Technical.ly, to make it more accessible for interested investors.

“We started in September 2019 with the premise that if we’re going to change that pathetic little number of investment that goes to women, then we have to get more women writing checks,” Bauer Marshall said.

Citrine hosts six to eight pitch events per year where founders have the chance to present to members. Typically, it offers collaborative investments of $50,000 to $100,000. So far, 40% of its investments have been in early-stage consumer startups, with 26% in tech and 20% in medical and biotech.

There haven’t been any exits from portfolio companies yet, Bauer Marshall said, but some portfolio companies completed follow-on rounds. So, she’s hopeful about the future. Collectively, those companies have raised over $400 million.

“When you think about the number of investments that have been made over the last four years, to get to $1 million when most people are writing $5,000 to $10,000 checks, that’s significant,” Bauer Marshall said. “That’s volume in investment. This is a huge milestone for our organization.”

Citrine is hosting its next pitch event next week, Bauer Marshall said, and she’s eager to continue educating both investors and founders. In addition to the pitch events, Citrine also hosts office hours for entrepreneurs interested in pitching.

But for now, she’s eager to see where this new phase takes the org.

“We’re going to continue to grow, we’re going to continue to invest in great companies and hopefully, we’ll start to see some exits,” Bauer Marshall said. “I can’t wait to get to the next million.”