Women in Venture: Funding the Future
In my first piece on Medium, I share my journey navigating the venture capital world’s biases and the struggle for women’s representation. Leading Augment Ventures, I’ve aimed to focus on an unconventional segment, break down gender barriers and emphasize the building of authentic connections. Through my story, I advocate for persistence, the power of community among women in VC to create a supportive ecosystem for innovation.
In a realm where the odds of your success might hinge on the degree to which you resonate with those in control of the capital, the venture capital domain starkly mirrors the ingrained biases of society at large. Envision a game devoid of explicit rules, yet deeply swayed by your identity, your origins, and even your preferences in wine!
‘Ultimately, venture capital at the early stages is a people thing, I’m betting on you. People are just more comfortable betting on somebody that is more like them, looks like them, talks like them……. it’s a comfort thing.,’ a male investor confessed in an interview from August 2015. This forthright acknowledgment unveils a disconcerting reality: there’s a tendency to invest in reflections of oneself, fostering a cycle of comfort and familiarity. Within this context, venture capital doesn’t merely act as a conduit for innovation but stands as a stronghold of existing societal norms, particularly in terms of gender dynamics.
Venture capital is notoriously a man’s game, with women starkly underrepresented both as venture-backed entrepreneurs and as VC investors. Startups founded solely by women scrape by with less than 3% of all venture capital investments, and women constitute less than 15% of the decision-makers writing the checks. Against this backdrop, Augment Ventures emerges not just as an exception but as a beacon of change, having established itself as a top quartile fund that defies the industry’s gender disparities.
Upon arriving in the United States, I was faced with the formidable challenge of establishing myself in an entirely new ecosystem. Without any ties to educational institutions or established professional networks in the country, I relied on my extensive experience as an investment banker in India, where I had honed my skills by working closely with innovative startups. This experience became the bedrock upon which I built my journey in the venture capital world. I was determined to leverage every ounce of my education and background, turning perceived obstacles into stepping stones.
As an immigrant woman venturing into the competitive realm of venture capital in the USA, I was acutely aware of the dual challenges of navigating a new cultural landscape while also making my mark in a field where women, especially those from diverse backgrounds, are underrepresented. I understood that to succeed, I needed to build a network from the ground up, engaging authentically with every individual I met within the ecosystem. These weren’t just meetings; they were opportunities to forge genuine, meaningful connections that would later become the cornerstone of Augment Ventures.
While not many women in venture capital gravitate towards hard tech sector, I chose it deliberately to have a generational impact on how we live, work and play. This choice was emblematic of my broader strategy: to not only distinguish Augment Ventures within a crowded market but also to champion the sectors that are foundational to our future. The growth of the fund and a unicorn exit represented not just the success of my venture but also a testament to the power of persistence and determination. My journey from an immigrant with no local credentials to now a national player in the venture capital community underscores a narrative of overcoming barriers and achieving the improbable. It’s a narrative that I hope will inspire others to pursue their ambitions, undeterred by the challenges they might face, and to pave their own unique paths.
Building on the foundation of overcoming barriers and achieving the improbable, my recommendation to women funders and founders is to embody persistence and foster authentic relationships throughout their journey. It’s important to recognize that this path will not be without its challenges; obstacles and rejections are part of the landscape. Yet, it’s crucial not to lose heart. For every thousand ‘nos’, there will be those pivotal ten ‘yeses’ that propel you forward. Embrace these moments, for they are the milestones of your progress. Along this journey, you’ll find supporters and champions — individuals who believe in your vision and will encourage you to persevere.
This brings me to the vision I am most passionate about: creating a community where all women funders and founders can thrive. I firmly believe that the true strength lies in collective growth — it’s always better to create a garden than to be a lone flower. This philosophy underpins my hope to foster an ecosystem where women can support each other, share insights, and celebrate successes together, turning the daunting venture landscape into a nurturing environment for innovation and collaboration.
Building on this philosophy, we recently celebrated International Women’s Day 2024: Inspire Inclusion, where we invited all our women funders and founders to honor their successes, recognize their support to both me personally and the fund, and reaffirm our commitment to fostering such communities. This celebration was not just an acknowledgment of their achievements but also a testament to the strength and impact of our collective efforts. It underscored our unwavering dedication to nurturing these communities through our continuous support and initiatives. The message was clear: we are committed to creating spaces where women can thrive, innovate, and collaborate, ensuring that the venture landscape is not only welcoming but also empowering for women. This event symbolized our ongoing promise to champion the cause of women in venture capital, celebrating every milestone and facing every challenge together, as we pave the way for a more inclusive and supportive ecosystem.
