Women-Owned Venture Capital Firm from NY Commits $300,000 to Pittsburgh Tech Startups
Invest In Women x Pittsburgh is a Chloe Capital signature program, in partnership with Ascender, and supported by the Richard King Mellon Foundation.
[RELEASE] May 24, 2022 – Pittsburgh, PA – Chloe Capital, a New York based venture capital firm that invests in women-led technology companies, is excited to share the success of Invest In Women x Pittsburgh (chloecapital.com/pittsburgh). The accelerator program’s final showcase was held on April 27, 2022, in Pittsburgh, PA in partnership with Ascender, a nonprofit incubator for Pittsburgh’s entrepreneurs, and supported by the Richard King Mellon Foundation.
Despite recent progress, in 2021, businesses solely led by women attracted just 2.2% of all capital raised by venture-backed firms in the U.S., while the global venture capital industry had a record shattering year, with a total of $643 Billion in investments made, according to Pitchbook and Crunchbase.
“We’re elated to have been a part of this event and to contribute to the growing startup culture in Pittsburgh alongside Chloe Capital and the Richard King Mellon Foundation,” said Nadyli Nuñez, executive director at Ascender. “Every city should have an #InvestInWomen program. Such immense benefit directly to founders in an efficient and effective way. This program is a game-changer for our local entrepreneurs.”
Five women entrepreneurs from the Pittsburgh area were chosen to participate in Invest In Women x Pittsburgh. This unique fundraising experience was designed to move capital to women and minority founders in Allegheny and Westmoreland counties. The cohort received the opportunity to connect with investors and industry leaders for critical feedback on how to scale their companies. In addition, a select group of Ascender startup members received pitch prep from Nuñez and mentoring from Chloe Capital’s Managing Partner, Elisa Miller-Out.
Leading up to the in-person experience, Pittsburgh-based entrepreneurs were invited to participate in virtual workshops to equip them with essential skills and knowledge for growing their businesses. Some topics included DEI recruiting and funding application writing tips for startups.
To round out the program, the Pittsburgh community was invited to the Founder Showcase held at the Kelly Strayhorn Theater to celebrate the local entrepreneurial community and hear live pitches. In addition to networking, attendees heard from Ascender member and founder of Sustainible, Talpha Harris; and SaLisa Berrien, trustee and graduate of the University of Pittsburgh, and founder of COI Energy. Berrien shared her experiences on being a Chloe Capital portfolio company after receiving an investment from Chloe Capital following her participation in Diversity in ClimateTech this past fall, a partnership with Cornell University and NYSERDA.
At the end of the evening, Chloe Capital announced to the audience a total of $300,000 in investments to three founders creating technology for good: Alison Alvarez of BlastPoint, Holly Adams of GoWell Benefits, and JJ Xu of TalkMeUp.
Additional members of the accelerator cohort to join the Chloe family included Lauren Golembiewski of Voxable and Nehal Bhojak of Lumis.
“We’re excited to be moving capital to women-led companies in Pittsburgh and contributing to this vibrant, growing tech ecosystem,” added Miller-Out.
Invest In Women x Pittsburgh was made possible by the generous support of the Richard King Mellon Foundation and extensive community of investors. Featured investors included Silvia Mah (Stella Impact Capital), Gabriela Isturiz (The Fund XX), Brandon Greer (HubSpot Ventures), Matt Harbaugh (Mountain State Capital), and Lu Zhang (Fusion Fund).
“We are excited to support these founders and help them accelerate their ventures through this partnership with Ascender and Chloe Capital,” said Sam Reiman, director of the Richard King Mellon Foundation. “From using AI in customer intelligence and workforce training to disrupting the insurance tech industry, we’re optimistic about the entrepreneurial future for women in our region.”
Contact
Elisa Miller-Out
Managing Partner, Chloe Capital
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About Chloe Capital
Chloe Capital is a venture capital firm that invests in women-led technology companies. In addition to investing with a gender and diversity lens, Chloe Capital partners with universities, foundations and corporations to host programs that help catalyze fundraising efforts for underrepresented founders. This collaborative approach to early stage investing has resulted in millions raised. Today, More than 20,000 people around the world have joined Chloe Capital’s Movement to #InvestInWomen. ChloeCapital.com
About Ascender
About Ascender: Ascender, a 501(c)3 and vibrant community of innovators located in East Liberty, helps entrepreneurs start and build their companies by offering educational programming, mentorship, expert coaching, incubation, and a collaborative coworking space. Annually Ascender touches 500 entrepreneurs across many industries and works with both venture track and small businesses. Ascenderpgh.com
About the Richard King Mellon Foundation
Founded in 1947, the Richard King Mellon Foundation is the largest foundation in Southwestern Pennsylvania, and one of the 50 largest in the world. The Foundation’s 2020 year-end endowment was $3.1 billion, and its Trustees in 2021 disbursed $152 million in grants and Program Related Investments. The Foundation launched a new ten-year Strategic plan in 2021, focusing funding on six primary program areas: conservation, economic development, economic mobility, health and well-being, organizational effectiveness, and social-impact investing. RKMF.org