A Portland-based venture capital fund has raised over $13 million for women-led tech startups.
Rogue Women's Fund II LP, an early seed stage venture capital fund managed by Rogue Women, has raised $13,217,240 from 31 investors, according to an April 19 regulatory filing with the U.S. Securities and Exchange Commission. The initial offering, filed with the SEC in August 2022, was $30 million. Managing Partner Caroline Lewis started fundraising in 2022.
Rogue Women's Fund invests in women-led business-to-business, software-as-a-service companies across the U.S. The fund has three partners and one principal.
"We actually find it's a huge advantage, because we do invest across the U.S.," said Lewis.
Rogue Women's Fund has 17 portfolio companies, including Source, a marketplace for design and construction finishes, and Stix, a provider of women's health products, according to its website. Lewis says the $13 million will be deployed across the fund's portfolio over a three-year period.
In the race for venture capital, women-led startups have historically lagged behind their male counterparts. Though U.S. VC funding has been trending up in recent years, according to PitchBook, women received just 2% of all venture capital investments in 2023.
Lewis said women-led startups are the ideal investment because they are often underfunded and overlooked by venture capitalists, despite generating a better return on investment.
"If you have an entire pool of highly talented, underfunded people where there's no competition to deploy capital to that pool, and they also are demonstrated to have the highest and most consistent returns, it seem(s) like a no-brainer to have a fund 100% dedicated to investing in that space," Lewis said.
