Verve Super is a superannuation fund co-founded by women that’s determined to stay majority female-owned.
As such, they looked to female investors in order to achieve their latest, massive $2.6 million capital raise – finding investors willing to invest in a start-up for the first time. Their new investors include Carol Schwartz, as well as other prominent businesswomen, human rights lawyers and activists.
Their successful raise goes against current trends in the startup and investor community, where male-founded startups typically dominate the ranks of those attracting Venture Capitalist funding in Australia. Less than one in three startups receiving VC funding are either founded or co founded by women, according to the 2019 The Women & Entrepreneurship report.
And this latest round also highlights the interest in impact investing, especially from (but not only) female investors.
Co founded by Christina Hobbs as well as Alex Andrews and Zoe Lamont to create a dedicated super fund for women, Verve now has more than 5000 members and manages close to $180 million in funds.
Verve said they were determined to raise money from those who shared their passion for women’s economic equality, as well as for impact investing in female-led companies.
That meant avoiding the VCs who were looking for nothing but the “next billion-dollar business”, as Hobbs explains on this latest round. They struggled to find interest in their purpose as a mission-led business, including how they wanted to use superannuation to explore opportunities for closing the gender wealth gap. “It was often impossible to find a common language,” Hobbs said.
Christina Hobbs at the 2019 Women’s Agenda Leadership Awards, where she won the Emerging Entrepreneur of the Year category
So what did they do? They looked elsewhere. Particularly to the businesswomen and impact investors who may have never thought
This story was published at WomensAgenda.com.au- Business and provided for your interest.