Though still a small sector of greater Silicon Valley, a growing number of venture capital firms have notably taken the initiative to fund female-led companies. These aren't pity investments or social/moral obligations, either — investing in women entrepreneurs makes financial sense.

“There is a perception that investing in women and POC-led/founded/invented companies is an impact investment play; as if somehow these deals are not as quality as traditional Silicon Valley deals and thus, investment is only made to create a better world. I disagree," said Rafferty Jackson, an angel investor who's invested in Ellevest, Poshly, and Goodworld via Astia Angels. “I see these opportunities as undervalued opportunities in which I can deploy my capital. By looking at the deals that Silicon Valley simply cannot sort, there is a ton of opportunity out there to invest and make money."

We reached out to VC firms with one goal: to see which were actually putting their money where their mouth is in terms of funding female-led businesses. (Note that while we see clear movement in angel networks as far as investing in female companies, we opted to focus on VC firms for this article.)

1. 112Capital

Founded: 2014

Location: San Francisco

Which female-led companies have you invested in? “We focus on deep-tech companies, and I'm very proud to see 15 percent of our portfolio companies have female founders and co-founders who are extremely technical in multiple disciplines. For example, Ginkgo Bioworks, CapellaBio,

Savioke, and," said Shelley Zhuang, founder and managing partner.

How much have you invested in each? > $2 M

What do you look for when investing in a female-led company? “The same things I would look for in any company: does the founder deeply understand the problem she is solving, what is the market size, what is the company's unique product/technology, why is it better than the competition, does the business model make sense? We love breakthrough technology companies in AI, AR, robotics, space, data-driven health."

Success Story: Ginkgo Bioworks (“the organism company"), co-founded by Reshma Shett, is now worth over $1 B.

2. 500 Startups

Founded: 2010

Location: San Francisco

Which female-led companies have you invested in? “Our entire thesis is really driven by investing in underrepresented founders. We believe talent is everywhere, but resources are not. Our collective portfolio is about 25 percent female founders at the moment, and companies with female leadership is closer to 40 percent," said Tanya Soman, a venture partner. Examples include Shearshare, Mejuri, Ellebox, Tradesy, Ipsy, Shippo, and Canva.

How much have you invested in each? $150k/company

What do you look for when investing in a female-led company? “I look for the same things if I were evaluating any other company. I assess the market size, the growth potential of this business in that space, and especially with early-stage companies, I look to see if this is the right team to execute. Female founders are great at building solutions for women. This is often times overlooked by men by nature of the problem. I am particularly interested in retail, beauty, and fashion innovation solutions."

Success story: “Ellebox is a monthly subscription of organic pads, tampons, and goodies. The company was founded by two sisters who have personally experienced the pain of toxic solutions for periods. They are building a company with a strong brand appealing to first entrants in the market: tweens."

3. Aspect Ventures

Founded: 2014

Location: San Francisco

Aspect focuses on helping companies bridge the gap between seed investment and late-stage ventures. Notable companies with female leadership they've invested in include Birchbox, Baublebar, Grokker, Nanostring, Stem, The Muse, The Real Real, UrbanSitter, and Vida.

Invested in each: Aspect closed their debut fund at $150 M and opened a second in June 2017 with a goal of $175 M.

Success story: Birchbox was founded in 2010 and is considered a pioneer in the world of “subscription boxes." Subscribers receive a monthly delivery of deluxe beauty and skincare samples, which they can then purchase online as full-sized versions. The company experienced rapid growth early on and boasts over one million subscribers and 4 M total customers.

4. Built By Girls (BBG) Ventures

Founded: 2014

Location: New York

BBG Ventures focuses solely on women-led technology companies at seed stage. They seek and support “founders who are creating market-defining consumer applications and services that make our lives simpler, better, more delightful. We believe the greatest untapped opportunity for venture capital lies in backing women who are using technology to address common life-challenges and transform daily habits," the website states. Portfolio examples include Glamsquad, rocksbox, Kiwi Crate Inc., Rockets of Awesome, LOLA, Full Harvest, and Spoon University.

Invested in each: Investments range from $100,000 to $250,000.

Success story: Lola takes a modern approach to feminine care by offering 100 percent organic tampon delivery on a monthly basis to subscribers. They're credited with “changing the tampon industry" and giving women more options when it comes to menstrual care.

5. Boulder Food Group

Founded: 2014

Location: Boulder, Colorado

Which female-led companies have you invested in? Examples include MALK Organics, 4th & Heart, Birch Benders, Quinn, Caulipower, and Greenspoon

How much have you invested in each? “We typically invest between $1 to $5 M in a particular business," said Abby Oppenheim for BFG.

What do you look for when investing in a female-led company? “We don't think we go out in the market actively looking for female entrepreneurs, but as it happens, much of our portfolio is comprised of female-led businesses. We think this stems from the fact that we view these deals as real partnerships, and when looking for businesses to invest in, we are seeking founders that are humble, kind, driven, and easy to work with. What is great about the food and beverage industry is that there are simply more female leaders than other industries like tech, healthcare, and biotech that traditional skew more male. As far as trends, we are looking for large and growing categories and businesses that have a better-for-you angle."

Success Story: “Caulipower launched only ten months ago, but has already clearly struck a nerve with the American consumer. By taking a lot of the carbs and sugar (and gluten, obviously) out of traditional frozen pizza, it is not only opening the category to consumers who were not able to eat pizza in the past, but also providing a healthier option for folks that love pizza but don't want to feel so guilty about eating it. This easy value proposition has allowed Caulipower to gain access to over 6,000 points of distribution in its first year of business."

6. Chloe Capital

Founded: November 2017

Location: Ithaca and Saratoga Springs, New York

Which female-focused companies have you invested in? Chloe Capital is a brand new micro VC fund that's first investment was Mi Padrino, founded by Kim Gamez. “Our thesis is around diversity, innovation and impact. We invest in frontier technologies and diverse, rapidly growing markets that are currently underserved by technology innovation," said Elisa Miller-Out.

How much have you invested? $50 K

What do you look for when investing in a female-driven company? “Our technology focus includes: SaaS, Blockchain, AI, Chatbots, Voice, IoT, Clean Energy Tech, AR and VR. We also invest in a handful of high growth companies from other sectors that have an innovation focus."

Success Story: Here's the story from our accelerator program and our first investment.

7. Crystal Towers Capital

Founded: 2015

Location: San Francisco

Which female-focused companies have you invested in? Fifteen percent of the companies CTC has invested in have a female CEO, and roughly 30 percent have either a female CEO or at least one female founder. Examples include Tushy, Sweeten, Eligible, Flex, Able Health, Medal, Care Revolutions, Stork Club. “We pursue awesome founders, irrespective of gender. I do think the fact I'm a woman and I make up 50 percent of our fund's partners — relative to less than 10 percent in the general VC world — may have something to do with our relatively high number of female founders. But to his credit, my partner Tikhon Bernstam has always been very gender-blind and non-discriminatory; several of the bigger investments we made in female founders were spearheaded by him," said Arianna Simpson.

How much have you invested in each? In aggregate, over $10 M.

What do you look for when investing in a female-driven company? “Really the same things I look for in male founders: drive, passion, deep domain expertise, founder-market fit, and a certain charisma."

Success Story: “Miki Agrawal, the founder of Tushy, was previously the founder of Thinx, which she grew from zero to tens of millions in revenue. Miki is a force to be reckoned with and makes it her mission to disrupt taboos, be it menstruation or pooping!"

8. Female Founders Fund

Founded: 2013

Location: New York

“Women experience greater successes — and fewer failures — than their male counterparts. Yet traditional venture capital does not reflect this. Female Founders Fund was founded to change that," states the FFF website. They're a seed fund that invests solely in businesses with female founders. Their focus is e-commerce, web-enabled products and services, marketplaces, and platforms, and their portfolio includes Rent the Runway, Zola, Ringly, Eloquii, Maven, Rockets of Awesome, WayUp, Winky Lux, and

Invested: As of April 2017, FFF's “Fund I portfolio of 25 companies has built over $1B of enterprise value and raised over $400M of venture capital funding. In total, these companies led by female founders employ over 600 people in New York, San Francisco & Los Angeles."

Success story: WayUp connects students and recent college graduates to great jobs. In 2016, they hit the “one million users" milestone, and in less than a year, that number hit 3.5 million.

9. Halogen Ventures

Founded: 2016

Location: Los Angeles

Halogen Ventures, founded by Jesse Draper, is an early stage VC fund focused on female-founded consumer technologies. Their portfolio includes BeautyCon, Werk, Clover Letter, Sugarfina, Eloquii, Carbon38, The Flex Company, and Barn and Willow.

Invested: Halogen Ventures has raised over $10 M.

Success story: Werk is an unprecedented job placement model for females in the workplace. “The founders are two moms, who realized that they couldn't continue to work unless they made work more flexible. They offer full-time time job placement options for motivated women who want to keep their foot on the gas [pedal]," Draper told Forbes.

10. Illuminate

Founded: 2009

Location: Oakland, California

Which female-focused companies have you invested in? “Over 40 percent of our CEOs have been women. It is not part of our investment criteria, but we go out of our way to ensure that we have a very inclusive deal flow strategy, and then we simply pick the best investment opportunities," said Cindy Padnos. Their portfolio includes Vivant, Wild Pockets, Red Aril (acquired by Hearst Corporation), Allocadia, Jacobi Strategies, Peerlyst, PEX, Modsy, and Xactly Corporation. “Also important to note is that 80 percent of our portfolio companies have diverse founders, and roughly half have one founder that was born outside of the US," she added.

How much have you invested in each?Eight-figure investments across multiple funds into these companies.

What do you look for when investing in a female-led company? “We look for the same attributes in a woman co-founded startup as any other company we consider for investment. We start with people first: is this a team that brings a unique set of skills and experience to address a clear business problem with a demonstrable ROI? Are they passionate leaders who can attract top talent and business partners to support their vision?"

Success Story: “I was launching my own firm in parallel with Shanna launching her first startup, WildPockets, a web-embedded 3D development platform that could be used to build mobile games and for other business applications. We became Shanna's first institutional equity investors from outside of the Pittsburgh region, and helped her gain access to other similar investors. Three years and two rounds of venture financing later the company was acquired by Autodesk. They established a significant base of operation in Pittsburgh as a result."

11. Forerunner Ventures

Founded: 2007

Location: San Francisco

Forerunner focuses on early-stage ventures in commerce. More that 40 percent of their investment portfolio is made up of businesses founded or co-founded by women, including Birchbox, Draper James, Glossier, Joor, Guildery and PS Dept.

Invested: We were unable to reach Forerunner Ventures for comment, but can report that they have three funds for which they've raised over $215 M.

Success story: Guildery is a platform that brings “mass customization to the $200 B home décor market with robust digital printing technology allowing anyone to create and customize fabric and soft home goods," the website states. It was acquired by Minted in 2016.

12. The JumpFund

Founded: 2013

Location: Chattanooga, Tennessee

The JumpFund invests only in female-led ventures in the Southeastern portion of the United States. This location-based focus is the JumpFund's response to the fact that less than six percent of venture capital is directed towards female-led companies in the area compared to the nation's already low 15 percent. Their portfolio includes eDivv, Coursicle, Torch, Rooibee Red Tea, Stony Creek Colors, and Fleetwood Coffee.

Invested: We were unable to reach The JumpFund for comment, but can report that they have invested roughly $5 M to date.

13. MergeLane

Founded: 2015

Location: Boulder, Colorado

“MergeLane discovers, accelerates and invests in high-potential startups with at least one woman in leadership," states their website. Their portfolio includes Alchemie, EV Match BallotReady, Hidrate Spark, Mapistry, Parkifi, and Kidizen.

Invested: Since launch, MergeLane has 37 portfolio companies for which they've raised $23.8 M.

14. Renewal Funds

Founded: 2008

Located: Vancouver, British Columbia in Canada

Which female-led companies have you invested in?Goddess Garden, Sweet Earth Foods, Better Bean, Prana Foods, Farmhouse Culture

How much have you invested in each? $2 to $5 million

What do you look for when investing in a female-driven company? “We seek out environmentally sustainable companies in organics and envirotech that are shifting the needle in terms of how we live on this planet," said Kate Storey.

Success Story: “Sweet Earth is a great example of a sustainable company that can have a profound impact on the environment, while generating a fantastic financial return for all stakeholders. When we met CEO Kelly Swette and President Brian Swette in 2014, they had set out to create delicious products that would make it easy for families to adopt plant-based diets. Kelly and her team systematically built an innovation platform of globally inspired plant-based foods and launched award-winning products across multiple categories into over 10,000 stores. The company was acquired by Nestle USA — the largest food manufacturer in the world — this fall."

15. Rivet Ventures

Founded: 2015

Location: San Francisco

“We invest in companies in women-led markets where female usage, decision-making, and purchasing are crucial to company growth. We back both male and female founders," the website states. Over 50 percent of the businesses they've invested in have female leadership, including Ritual, Weav, GoldieBlox, and

Invested: They've raised over $50 M since inception.

16. SoGal Ventures

Founded: February 2017

Location: Singapore and New York City

Which female-led companies have you invest in?: “All of our portfolio companies have female co-founders or are focused on the female market," said Pocket Sun. For example: EverlyWell, Function of Beauty, SWAAY, Trustify, Unbound, and HelloAva.

How much have you invested in each? “Our first check is usually $100,000 to $300,000.

What do you look for when investing in a female-driven company? We are interested in tech-enabled companies that are revolutionizing how the next generation lives, works, and stays healthy. We're currently very interested in aging care, frontier tech, and blockchain."

Success Story: “ is a digital health company that delivered at-home health testing kits to your door, so that you can enjoy affordable, convenient and accurate healthcare at the comfort of your own home. It recently was featured on Shark Tank, and the CEO Julia Cheek walked away with $1 M funding from Lori Greiner, which is one of the biggest deals ever done on Shark Tank!"

17. Valor Ventures

Founded: 2015

Location: Atlanta, Georgia.

Which female-led companies have you invested in? “We have a unique sourcing model. We benchmark what real founders look like and then make sure we source our investments from a balanced pipeline. It's just like making sure you interview a full spectrum of qualified candidates for any critical opportunity. We know 40% of founders are women or minorities, so we make sure our pipeline reflects reality. Investing in women, or minority-led companies, is a result of our strong sourcing strategy for today's top innovators," said Lisa Calhoun. Examples include MyAgData and Smart Commerce.

What do you look for when investing in a female-driven company? “We look for the same things in all our investments: an early stage software business that's scalable and currently experiencing hypergrowth."

Success Story: “Consider a true pioneer in agtech, Deb Casurella, CEO of MyAgData. After years of working in the ag insurance industry at the highest levels, she realized she could build a mobile ag insurance model that's truly revolutionizing the industry. Hear her testifying to the Senate this summer on the incredible opportunities of mobile ag insurance.

18. Women's Venture Capital Fund

Founded: 2012

Location: Portland, Oregon and Los Angeles

Which female-led companies have you invested in? “We commit our capital and only invest if there is a woman as part of the senior leadership. Seven out of eight of the companies we've invested in have a female CEO, and in the eighth case there's women in C-Suite," said Edith Dorsen. For example: Vow to be Chic, Newsela, Decorist, Omni Retail Group, EdSurge, Nvoicepay, Proxio, and Ivytalk.

What do you look for when investing?“For us, the first fund was relatively opportunistic. We have been largely focused on Series A companies (generally raised a few million) and are demonstrating revenue traction. It's largely been in consumer internet, enterprise staff, and educational technology."

Success Story: “Nvoicepay is one of our earlier investments. They help companies pay their suppliers electronically and started out focused on the automotive sector. When we looked at the company, we saw great potential for them to expand into other verticals. We were the first institutional investor, and last fall they did a significant P/E round and the company is demonstrating rapid growth."