A new initiative spearheaded by venture capital firm Chloe Capital and in partnership with nonprofit startup incubator Ascender and the Richard King Mellon Foundation is looking to host a series of events for underrepresented entrepreneurs in the Pittsburgh area starting next year.
Dubbed Invest In Women x Pittsburgh, the initiative will feature a series of online events starting next spring aimed at supporting women-led technology companies as these startups look to address issues in the climate, education, finance, health and workplace sectors. Workshops at these events will be hosted by different coaches with backgrounds in productivity, diversity and inclusion, finance and others.
The online events will then lead up to a 48-hour in-person program in Pittsburgh where five high-growth tech companies with women executives will participate in a fundraising effort aimed at connecting underrepresented founders to investors and other industry leaders. Upon the program's completion, Chloe Capital will make at lease once investment in a company that is located in or is willing to relocate to Allegheny or Westmoreland counties.
"Leaders of community-focused organizations and foundations like Ascender and the Richard King Mellon Foundation are a driving force behind innovation in Pittsburgh," Myneco Ramirez, Chloe Capital chief experience officer, said in a release. "We're excited to collaborate on an initiative that fuels the global expansion of underrepresented founders by moving capital to women in Pittsburgh. With the face of venture capital and entrepreneurship changing, this collaboration is a great example of how the public and private sectors can work together to do well by doing good."
Chloe Capital said that participants in its programs tend to on average raise $2 million in funding within a year of participation.
"We're committed to addressing inequality, quality of life and economic development in Pittsburgh, and we're ready to showcase our region's talent, resources and opportunities with Chloe Capital's global network," Nadyli Nuñez, executive director at Ascender, said in the release. "Invest In Women x Pittsburgh is a win for underrepresented founders, investors around the world, and our community."
Applications for seed- to Series A-funded women-led technology companies to enroll in the program are now open. Information sessions about the program will be held in January and February, with applications closing on Feb. 11.
