Female Angel Investors Network | Empowering Women & Non-Binary Investors

Addressing the Gender Gap in Angel Investing

Historically, the realm of angel investing has largely been dominated by men with established networks and access to exclusive opportunities. Amanda Robson, a principal at Cowboy Ventures, is actively working to rectify this imbalance by fostering an informal network specifically for women and non-binary individuals who possess the financial capacity for angel investments, yet have faced barriers to entry.

Unequal Access to Investment Opportunities

Robson highlights a systemic issue where women and non-binary individuals are often excluded from angel investing circles. She observed that many of her female friends, recently attaining VP-level positions, expressed interest and had the financial means to participate, but lacked the necessary access to deals.

This disparity contrasted sharply with the experiences of their male counterparts. Male executives and founders frequently received invitations from venture capital friends to participate in investment rounds, a privilege not extended to their female colleagues.

A Sourcing Problem and the Need for Diversity

Robson initially found this exclusion surprising, given her firm’s commitment to diversity in cap tables. However, she discovered that the issue wasn’t always a lack of intent, but rather a challenge in identifying and reaching potential female and non-binary investors. A clear sourcing problem existed.

Bridging the Gap Between Investors and Deals

Recognizing a potential solution, Robson leveraged her six years of experience in venture capital and her extensive network of VC relationships. She aimed to connect female and non-binary founders and operators with potential investors, effectively bridging the existing gap.

This situation mirrors the experience of Diana Murakhovskaya, general partner and co-founder at Artemis Fund. Prior to launching her fund in 2019, she noticed a significant underrepresentation of women at networking events in Houston, prompting her to host dinners to understand the reasons behind this disparity.

From Dinners to a Dedicated Network

Murakhovskaya discovered that many financially capable women had simply never been invited to invest. This realization led to the formation of Artemis Fund, dedicated to changing this dynamic.

Robson adopted a different strategy, utilizing her existing network and leveraging social media. She created a database of potential angel investors, gathering information on their backgrounds, interests, and risk tolerance.

Building a Comprehensive Database

The database includes details such as preferred investment sectors, typical check sizes, and prior investment experience. Robson actively sought to expand her network beyond her immediate contacts, recognizing the importance of inclusivity.

She utilized Twitter to solicit interest from female and non-binary individuals interested in angel investing, ensuring a broader and more diverse pool of potential investors. Typical check sizes range from $15,000 to $50,000, though smaller investments of $5,000 or less are becoming increasingly common.

Addressing the Dual Problem

Lisa Wallace, co-founder at Assemble, found Robson’s network particularly valuable. She highlighted a dual benefit: access to deal flow for diverse angels and a readily available network for founders seeking diverse cap tables.

“I think there are two parts to the problem,” Wallace explained. “I want access to deals as a diverse angel, but it would have been easy to connect with Amanda when I was raising my round to build a diverse cap table.”

Providing Access and Education

Stella Garber, a former CMO at Trello and angel investor since 2016, also praised the network for providing access to a wider range of investment opportunities. She emphasized the importance of due diligence, but appreciated the curated deal flow.

Recognizing that not all members have prior angel investing experience, Robson also organizes workshops to educate interested individuals on the intricacies of this investment type.

The Importance of a Personal Touch

Robson acknowledges the significant time commitment required to manage the network, emphasizing the value of her firsthand knowledge of both the venture capital and angel investor landscapes. She believes this personal touch is difficult to outsource.

While seeking assistance to scale the network, Robson remains committed to maintaining the quality and curation of deals. To date, she has facilitated 18 deals, all of which garnered substantial interest from the network.

Cultivating a Network of Successful Angels

Ultimately, Robson’s goal is to cultivate a thriving community of successful angel investors. She envisions a network of “rock star angels” with a proven track record of identifying and investing in promising startups. Her focus is on empowering these angels, rather than leading the group herself.