Good morning! Olivia Wilde founded an investment firm, 23andMe finds a new board, and a VC firm expands from backing female founders. Have a wonderful Wednesday.
– More than a woman. BBG Ventures was founded a decade ago—it was the peak of the “girlboss” moment, the same year Sophia Amoruso’s book coining the term was published and that companies like Bumble were founded.
In the decade since, BBG Ventures has backed female-founded companies across 100 investments; its founders have invested in April Koh’s Spring Health, the acne patch brand Starface, and other businesses. But the whole time, partners Susan Lyne and Nisha Dua have had an eye toward other kinds of diversity; 70% of its portfolio of 100+ companies has a founder of color.
Today, I reported for Fortune, BBG Ventures announced a second, $60 million fund with a new mandate: The firm will invest in founders who are female or diverse in some other way, across race, age, and income. It’s part of a thesis the partners describe as the “polycultural future of America,” the idea that aspects of consumers’ identities are inseparable and people make purchasing decisions based on an interwoven web of factors.
While Dua and Lyne are excited about their new thesis, “we knew we would get questions about this,” Lyne says of moving beyond investing only in women. In an environment in which programs supporting women in tech are shutting down, big firms like Goldman Sachs have ended programs that back female-founded companies, and women-only founding teams still receive just 3% of VC dollars, any change is likely to spark questions.
BBG Ventures’ founding partners emphasize that they will still be scouting for women-led startups. “We are still going to be investing in women in a big way,” Lyne says. Adds Dua, “If anything we believe the opportunity for founders who look different is bigger than ever. It’s more of a reflection of the world evolving…Gender is not the only difference. Race is not the only difference.”
Consumers see themselves beyond one factor of their identity. Dua and Lyne are hoping their fund can be among the first to capitalize on that idea.
Read the full story here.
Emma Hinchliffe
emma.hinchliffe@fortune.com
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ALSO IN THE HEADLINES
- Closing arguments. Kamala Harris made a speech last night seen as her “closing argument” before Election Day. The vice president argued that she would begin her term as president with a list of priorities, while Donald Trump would reenter the White House with a list of enemies. CNN
- Head in the clouds. Citigroup is moving parts of its infrastructure to Google Cloud, part of CEO Jane Fraser’s efforts to emphasize the importance of Citi’s financial infrastructure to the global economy. The partnership is also part of the bank’s push into AI, with Citi developing AI-powered financial tools for its customers using Google’s technology. Fortune
- Multi-hyphenate. Olivia Wilde launched investment firm Proximity Ventures, which is focused on enterprise and consumer investments and plans to raise an early-stage and a growth-stage fund. Proximity has backed four companies since it was founded last year by the actor-director-producer, and, now, partner. Bloomberg
- Hydrogen-powered. Electric aviation developer Beyond Aero raised $20 million in Series A funding, led by Giant Ventures and Bpifrance. The company, with CEO and co-founder Eloa Guillotin, is aiming to bring an initial product—an electric jet that can fly eight passengers 800 nautical miles—to market by 2030. Wall Street Journal
- Welcome aboard. Anne Wojcicki’s 23andMe appointed three new directors to its board, following the mass resignation of the entire board last month. Following their departure, Wojcicki has continued to push for taking the company private. CNBC
MOVERS AND SHAKERS
Ross Stores announced that they have hired James Conroy to replace CEO Barbara Rentler in early December. Rentler has been with the company since 1986.
Draper James, Reese Witherspoon’s clothing and lifestyle brand, named Jeannie Yoo chief executive officer. Previously, Yoo was president of Adam Lippes.
Stellar Service Brands, a home improvement and service industry brands franchisor, appointed Jessica Wescott as CEO. She was previously the company’s COO and CFO.
Securly, a K-12 school safety and wellness solutions provider, named Tammy Wincup chief executive officer. Most recently, Wincup was a partner and investment committee member at Rethink Education.
Cinch Home Services, a home warranty company, appointed Sharena Ali as CEO. She was previously president at CONNECT, powered by American Family Insurance.
Build-A-Bear Workshop appointed Kim Utlaut as SVP and chief brand officer. Most recently, she was general manager for franchise leadership at The Coca-Cola Company.
Cresset, a private investment firm, named Jessica Malkin chief growth officer and executive managing director. She will continue to serve as the firm’s chief marketing officer.
ON MY RADAR
These women are the Senate’s new center of power Axios
How the pill went from women’s-lib sensation to TikTok albatross Air Mail
Salma Hayek Pinault redefined Hollywood. Now she’s redefining philanthropy Wall Street Journal
PARTING WORDS
“To actually fulfill the benefit of people in the world, you have to invest in unsexy problems.”
— Bridgit Mendler, founder of Northwood Space and former Disney star, on her company’s mission as a ground-station startup
