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20SALES, a enterprise capital fund led by eight ladies, mentioned it has closed its $5 million inaugural fund, which it should make investments primarily in early-stage, business-to-business SaaS corporations.
The newly launched fund is an offshoot of enterprise agency 20VC, which was based by Harry Stebbings, however it’s a separate automobile fully. The fund plans to write down checks of $100,000 and above for pre-seed, seed and Series A corporations. It at present doesn’t have any reserves for follow-on investments and as a substitute will optimize for possession on the primary examine.
The fund hopes to put money into no less than 50 corporations over the following two years. Although the main target of the fund is not only to solely again ladies, it hopes to focus its efforts there when attainable.
20SALES’ founding companions are Jessica Arnold, Stevie Case, Kelly Bray, Liat Bycel, Kim Graves, Renu Gupta, Maggie Hott, and Lauren Schwartz. All will likely be staying at their jobs and dealing at this fund part-time.
Stebbings, as a restricted accomplice and advisor to the fund, managed its fundraising course of and mentioned the capital got here from the LPs of 20VC. “They rarely do first-time funds, if ever,” he mentioned of his personal LP base. “However, they immediately saw the unique positioning of the fund and the immense quality of the partnership. Given both these elements, it took a very short time to raise.”
Other LPs embody Harvard Management Company and Stewart Butterfield.
Speaking to TechCrunch, Hott mentioned the fund hopes to encourage the following technology of girls traders and have a fabric affect on the variety of ladies operators within the area.
The fund additionally goals to assist construct a founder group for girls. Female entrepreneurs obtain lower than 3% of all VC funds allotted in any given 12 months. “We want to fund more of them,” Hott mentioned. “Simple.”