good morning! Olivia Wilde launches investment firm, 23andMe finds new executives, and VC firm expands from backing female founders. I hope you have a wonderful Wednesday.
– More than a woman. BBG Ventures was founded 10 years ago. It was the height of the “girlboss” era, the same year that Sophia Amoruso’s book that coined the term was published and companies like Bumble were founded.
In the 10 years since then, BBG Ventures has supported women-founded companies across 100 investments. The founders have invested in businesses including April Cause Spring Health, acne patch brand Starface, and more. But partners Susan Lyne and Nisha Dua have always had an eye for a different kind of diversity. In a portfolio of over 100 companies, 70% have founders of color.
I reported today luckBBG Ventures announces its second $60 million fund with a new mission. The firm invests in founders who are women or otherwise diverse across race, age, and income. This is part of a thesis that the partners describe as “America’s multicultural future,” where aspects of consumer identity are inseparable and people make purchasing decisions based on intertwined factors. The idea is to do it.
Provided by: BBG Ventures
Although Dua and Line are excited about the new paper, “we knew there would be questions about this,” says Line about moving away from investing only in women. In an environment where there are many programs to support women in the technology industry. Shutting downGoldman Sachs and other large companies have ended programs to support women-founded companies, but all-female founding teams still receive funding. only 3% Since it represents VC funding, any changes could raise questions.
The founding partners of BBG Ventures stress that they will continue to scout female-led startups. “We’re going to continue to invest heavily in women,” Rein said. Dua adds: “If anything, we think the opportunities for founders who look different are greater than ever before. It’s more of a reflection of an evolving world… Gender isn’t the only difference. Race is the only difference. Not.”
Consumers see themselves beyond one element of their identity. Dua and Rhine hope their foundation can quickly capitalize on the idea.
Read the full text here.
emma hinchliffe
emma.hinchliffe@fortune.com
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Also featured in the headline
– Closing argument. Kamala Harris gave a speech last night that appeared to be her “closing argument” before Election Day. The vice president claimed that while he begins his term as president with a list of priorities, Donald Trump will reenter the White House with a list of enemies. CNN
– Into the clouds. Citigroup is moving some of its infrastructure to Google Cloud as part of CEO Jane Fraser’s efforts to emphasize the importance of Citi’s financial infrastructure in the global economy. The partnership is also part of the bank’s AI push, with Citi using Google’s technology to develop AI-powered financial tools for its customers. luck
– Multiple hyphenation. Olivia Wilde has launched an investment firm, Proximity Ventures, which focuses on corporate and consumer investments and plans to raise early-stage and growth-stage funds. Proximity has supported four companies since it was founded last year by the actor, director, producer, and now partner. bloomberg
– Powered by hydrogen. Electric aircraft developer Beyond Aero has raised $20 million in Series A funding led by Giant Ventures and Bpifrance. The company, along with CEO and co-founder Eloa Guillotin, aims to bring its first product, an electric jet capable of seating eight passengers and flying 800 nautical miles, to market by 2030. There is. wall street journal
– welcome. Anne Wojcicki’s 23andMe has appointed three new directors to its board of directors. mass resignation of the entire board last month. Even after leaving office, Wojcicki continues to push for the company to go private. CNBC
mover and shaker
Ross Stores announced that it has hired James Conroy to succeed its CEO. Barbara Rentler In early December. Mr. Rentler has been with the company since 1986.
Reese Witherspoon’s clothing and lifestyle brand has been named Draper James. Jinny Yu chief executive officer. Mr. Yu previously served as president of Adam Lippes.
Stellar Service Brands, a brand franchisor for the home improvement and service industry, takes over jessica wescott As CEO. She previously served as the company’s COO and CFO.
Securly is a provider of safety and wellness solutions for K-12 schools. Tammy Whincup chief executive officer. Most recently, Wincup served as a partner and investment committee member at Rethink Education.
Home warranty company Cinch Home Services appointed Sharena Ali As CEO. She previously served as president of CONNECT, operated by American Family Insurance.
Build-A-Bear Workshop Appointed Kim Outrout Appointed as SVP and Chief Brand Officer. Most recently, she served as General Manager of Franchise Leadership for The Coca-Cola Company.
Private investment company Creset is jessica malkin Chief Growth Officer and Managing Director. She will continue to serve as the company’s chief marketing officer.
on my radar
These women are the new center of power in the Senate. Axios
How Pill went from Women’s Lib sensation to TikTok’s albatross air mail
Salma Hayek Pinault redefined Hollywood. She’s now redefining philanthropy wall street journal
parting words
“To actually realize the benefits for people around the world, we need to invest in issues that are not sexy.”
— Bridget Mendler, founder of Northwood Space and former Disney star, said: On her company’s mission as a ground station startup
https://fortune.com/2024/10/30/bbg-ventures-closes-new-60-million-fund-with-focus-on-polycultural-founders/