Some quick stats I pulled from our cap table:
- 50% of our fund partners, 22% of our angels, & 33% of our total investors are women
- 67% of our total investors, our fund partners and our angels are POC
- 82% of our total investment value are associated to women partners, 92% are to POC
I’m proud of this breakdown given, only a meager 9% of women own the total value of equity (note: would be curious to find the POC stat!)
The special difference in our cap table from the norm could mean a couple things:
- Investors who I happened to talk to and committed early were women, who intro’ed me to their strong network of women & so on.
- Anecdotally, I will also say that some of my THE most helpful investors in the fundraising process, who actually kept to their word and promptly helped out were women.
- Men are more likely to fund men (less women [of color]). A term I learned is called “homophily” via this article studying VC’s “Me Too” moment.
- Women are more likely to fund women
- Non-POC are less likely to fund non-POC
- POC are more likely to fund POC. Etc…
(Btw if not clear, I identify as a woman and person of color.)
I can’t properly conclude that 1 or 2 or both or others are actual reasons. There’s only so much I can statistically test given such a small sample size.
But I also can’t deny there was implicit bias at play.
I can’t deny our experiences is likely only a small peak into the sorry state of bias & lack of diversity in tech as a whole.
I can’t deny the question: If I were a white male who pitched the exact same thing: Would I have gotten such a diverse, well distributed & fantastic cap table like we did?
Probably not. 😊