WASHINGTON & NEW YORK & SAN FRANCISCO--(BUSINESS WIRE)--In the midst of a venture market low, Rethink Impact defied the odds in raising its third and largest fund yet, taking the Firm to more than half a billion dollars – the largest US venture fund backing female-led companies (Forbes). The fact that the Fund raised more than $250 million, exceeding its goal, is significant in a market where VC funding is at a 10-year low (PitchBook) and during a time when established platforms are settling for fund sizes well below their targets.
For nearly a decade, Rethink Impact has been investing in female-led tech companies closing equity gaps in health, education, climate, and financial services. Portfolio companies range from Spring Health (precision mental healthcare juggernaut that recently raised at a $3.3B valuation) to Candidly (financial wellness platform with $1.2B in projected student debt savings) to Binti (tech tools digitizing foster care, reaching nearly 1 in 4 children in the system), to Regrow (regenerative ag software monitoring 1.3B+ acres of farmland globally).
Rethink Impact’s investor base includes 10+ university endowments, 10+ foundations, as well as limited partners from UBS and Cambridge Associates, solidifying the Fund as an institutional platform and officially ushering gender lens investing into the financial mainstream. Notably, the majority of Rethink Impact’s individual investors are women, ranging from self-made billionaires to global philanthropists to professional athletes.
“Some may have thought that investing in women was only a passing trend in the wake of the #metoo movement,” says Jenny Abramson, Founder & Managing Partner of Rethink Impact. “But this moment makes clear that investing in women and impact is good business, good for the economy, and certainly here to stay.”
“Our success to date and the incredible group of funds investing in Rethink Impact portfolio companies along with us are a testament to the powerful work that our talented portfolio CEOs are leading and the massive opportunity associated with working on the most pressing issues of our day,” says Heidi Patel, Managing Partner at Rethink Impact.
“We are doubling down on Rethink Impact in this critical moment for women,” says Erin Harkless Moore, Managing Director of Investments at Pivotal Ventures, Melinda French Gates’ organization. “When women have their full power in society, including access to capital to build large and successful businesses, we all thrive. We’re proud to be deepening our partnership with Rethink Impact in this work.”*
“CHOP is very much aligned with the focus of Rethink Impact,” says Jenny Chan, SVP & CIO of Children’s Hospital of Philadelphia. “Rethink Impact shares our dual commitment to excellence and diversity and is making a significant impact by investing in women entrepreneurs and networks.”*
“As someone who has experienced the challenges and thrills of being a founder, I’m energized by the work Rethink Impact is doing to support women building huge businesses that benefit society,” says Sara Blakely, Founder of Spanx.*
About Rethink Impact:
Rethink Impact is the largest venture firm in the country dedicated to investing in female leaders using technology to help solve the world’s biggest problems (Forbes) and believes the next generation of extraordinary companies will find success through their relentless pursuit of mission for the benefit of all communities. Follow Rethink Impact on X @RethinkImpact.
Jenny Abramson, Founder and Managing Partner (@abramsonjenny), is a tech CEO turned venture capitalist. She is a proven executive and entrepreneur having held a range of leadership roles across the tech and impact space–in education, personal data, and media. She has been covered in The New York Times and in The Washington Post, featured at SXSW, at the United Nations, at a G7 event, and on Capitol Hill, and was named one of Entrepreneur’s 100 Powerful Women, a DC Tech Titan, and a Forbes Impact 50. She received a BA with Honors and an MA from Stanford University, an MBA and the Dean’s Award from Harvard Business School, and was a Fulbright Scholar at The London School of Economics.
Heidi Patel, Managing Partner (@HeidiPatelSF), is a seasoned venture investor and former President of New Island Capital, an institutional-scale, impact investment advisor to a single ultra-high net worth individual, Director at Pacific Community Ventures, an impact-focused private equity firm, and founding member of AOL Time Warner Ventures, with additional experience in investment banking. She also worked with D.light Design as an Acumen Fund Fellow based in India. She has been covered in Forbes, NPR’s Market Place, Project Entrepreneur, and TechCrunch and was named a Wall Street Journal “Woman to Watch” in venture capital in 2018. Heidi earned an AB from Princeton University and an MBA from the Graduate School of Business at Stanford University, where she co-teaches (and co-created) the course on impact investing.
*Testimonials are based on unique experiences from current private fund investors and are not representative of all client experiences. These testimonials are unsolicited, and no cash or non-cash compensation is provided. Investing involves risk, including the possible loss of principal and fluctuation of value. Past performance is no guarantee of future results.
