Editor's note: Each year, DC Inno and the Washington Business Journal publish the Fire Awards spotlighting the founders, funders and fast-growing companies helping to power Greater Washington’s innovation economy. Click here to read our other profiles.
Citrine Angels was founded in 2019 with a simple mission of women helping women.
Since then, it has invested $1.4 million in 20 women-owned business, making it the largest female-focused angel investor in Greater Washington. Those 20 companies have an overall value of $400 million, according to PitchBook, “illustrating that we’re picking the right companies at the early stage,” said Citrine Angels Director Elyssa Haynes.
Citrine Angels, founded by Allyson Redpath, is unlike other angel investor organizations in that it has no full-time employees. Rather, it’s a membership organization made up of women investors who collectively decide which companies to invest in — and its success in picking companies is attracting the attention of other investors.
Since the start of 2023, it has more than doubled its number of investors, to around 90 today, and since late last year has brought in more than $400,000 in new investment capital.
Among the startups Citrine Angels has backed are: OxiWear, an Arlington company developing a wearable device that monitors blood-oxygen levels and alerts wearers when they drop; and No Limbits, a Richmond company that makes clothes for amputees, wheelchair users and other people with disabilities. About half of its portfolio companies are based in the District, Maryland or Virginia, as are most of its investors.
Deal flow is, of course, important, but Haynes said the broader mission is to provide a welcoming environment for both women investors and founders. Its members have access to pitch meetings, social networking and educational sessions, and membership fees are kept low to encourage participation and reduce barriers to entry, she said.
“Similarly, we want to break down barriers to entry for founders,” she said. “No referral or introduction is required. Any founder can apply to pitch on our website and will be seriously considered by our deal flow committee.”
Citrine Angels
- Founder: Allyson Redpath
- Director: Elyssa Haynes
- Headquarters: Bethesda
- Capital deployed to date: $1.4 million
