Female Founders Rise Up During COVID-19
ECMC Foundation and Chloe Capital deploy $1.25 Million in capital
to female founders over six months
NEW YORK, NY – In partnership with ECMC Foundation, Chloe Capital’s Invest in Women Tour has successfully rallied the masses once again in support of women defining the Future of Work & Education. In the last six months, ECMC Foundation and Chloe Capital have deployed over $1.25 million to female founders around the world.
Jessica Haselton, ECMC Foundation director of program-related investments, reports, “The impact we’ve made for women entrepreneurs has been phenomenal. I’m thrilled to be a part of this effort to make venture capital accessible to often overlooked communities and founders.” In addition, ECMC Foundation has provided ~$2M in rapid response grants to organizations affected by the pandemic and has helped catalyze another ~$4M in grants to provide emergency aid to college students in crisis.
With only two percent of all venture capital going to female founders, the need to unite investors, entrepreneurs, and community members to Invest in Women did not stop at the onset of the pandemic. The decision to create a virtual experience became concrete as government leaders began issuing stay-at-home orders.
Kathryn Cartini, Chloe Capital partner explains, “We traveled to Los Angeles in December, made a stop in New Orleans in February, and we were just about to take off for Charlotte when the pandemic hit. While we were saddened, this is no time to let funding for women fall to the wayside. Instead, we converted our program online, and more than 600 people from around the world joined us. That’s the Movement in action.”
After reviewing each company’s investment potential in the months leading up to the program, five founders were selected to participate in the 24-hour virtual experience, designed to connect female founders with active investors. Each Chloe Capital program ends with a “Shark Tank”-style pitch event. Community members are invited to join the Movement to Invest In Women by sharing resources and connections.
Janna Westbrook, co-founder and CEO of Provider Pool, recently received a portion of the $1.25M in investment opportunities from both Chloe Capital and ECMC Foundation. Westbrook gave the opening remarks during the virtual program, providing inspiration to all. Provider Pool works on the frontlines against COVID-19 by connecting healthcare organizations to nurses. “Work and the workforce are changing right now before our eyes. This is an opportune time to focus on education in the workforce. To the founders, pitch your company from a place of victory, understanding that you’ve already won. And good luck.”
At a time when companies like Provider Pool are responding to urgent needs created by the COVID-19 crisis, funding opportunities for women entrepreneurs will help scale needed solutions to meet new demands.
Elisa Miller-Out, Chloe Capital managing partner shares why investing in women makes sense for investors, especially now. “Women leaders are used to overcoming bias, they’re over-prepared, and often held to a higher standard than male founders. In these difficult times, we’re seeing the women of the Chloe Capital portfolio rise up and lead the way forward through crisis.”
The five founders selected to participate in our virtual program are shining examples of this. Each has seen an incredible increase in demand for their solutions to some of the most urgent Workforce and Education needs in the world today, including childcare and student retention.
Congratulations to BridgeCare’s Jamee Herbert, CEO and co-founder, and JC Kirst, CTO and co-founder, who received a $100,000 investment from Chloe Capital. BridgeCare makes it easy for working parents to find and afford the quality child care that every family deserves.
ECMC Foundation welcomes EdSights co-founders and sisters, Claudia and Carolina Recchi to its portfolio with a $150,000 investment opportunity. EdSights, a conversational AI to solve the college dropout crisis, produces some of the most profound retention outcomes in the student success space.
Paul Singh, ECMC board member and Rezon8 Capital managing director, also extended an impact investment of $25,000 to Amanda DoAmaral, founder and CEO of Fiveable. Fiveable is a social learning platform for students and teachers to collaborate through live streams, live trivia, and interactive community threads. A crowd favorite, Fiveable is currently focused on AP exam prep.
In addition to Singh, several investors provided valued feedback and connection including: Deborah Quazzo, GSV Ventures; Del Johnson, Indie.vc; Elizabeth Garlow, Lumina Impact Ventures; Anne Kennedy, Outlines Venture Group / Mastersfund; and Marissa Lowman, Village Capital.
View all founders, investor panelists, and speakers who participated in the Movement’s first-ever virtual experience at ChloeCapital.com/Virtual.
About ECMC Foundation___________
ECMC Foundation is a Los Angeles-based, nationally focused foundation whose mission is to inspire and facilitate improvements that affect educational outcomes—especially among underserved populations—through evidence-based innovation. It is one of several affiliates under the ECMC Group enterprise based in Minneapolis. ECMC Foundation makes investments in two focus areas: College Success and Career Readiness; and uses a spectrum of funding structures, including strategic grantmaking and program-related investments, to invest in both nonprofit and for-profit ventures. Working with grantees, partners and peers, ECMC Foundation’s vision is for all learners to unlock their fullest potential. ECMCFoundation.org
About Chloe Capital_______________
In 2017, Chloe Capital set out to #InvestInWomen. Today, the New York-based VC firm is being recognized as a Movement that empowers 10,000 supporters, investors and women-led innovation companies. The firm partners with foundations, universities and corporations to host fundraising programs for women entrepreneurs in cities across the U.S. The Chloe Capital Fund makes investments in the most promising women-led companies in their network. ChloeCapital.com