2 white, male startup founders just raised a $2 million seed round from only female VCs, thanks to a tweet

shruti gandhi array ventures

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Array Ventures founding partner Shruti Gandhi called it a “Christmas miracle.” Late last month, Capsule, a startup that makes tools for editing short-form video, closed a $2 million round of seed funding from all female investors. 

Gandhi, who led the round, said she’s typically the only woman in a deal. Women hold less than 5% of partner jobs at US venture capital firms, according to Women in VC, the largest self-reported database of female investors.

The deal was led by Array with participation from Bloomberg’s investment arm, Bloomberg Beta — founding partner Karin Klein spearheaded the deal — as well as a syndicate of female angels who wrote small checks into the mix.

“The most successful businesses of the future will have diverse teams as a foundation,” Klein told Insider in an email. “The way Champ and Joseph built Capsule’s investor base starts the company in the right direction.” 

Read more: VCs say 2021 will see a ‘major overhaul’ of the tech recruiting process where diverse companies win the talent war

Capsule was born out of the pandemic as a solution for brands to produce short-form videos that look and feel more polished. The product lets users add branding, effects like lower-third graphics, and music to their videos, so they can skip the hours they would have to spend learning advanced video-editing software like Final Cut Pro.

The company was bootstrapped for the first eight months by two cofounders, Champ Bennett and Joseph Jorgensen. Then it landed some high-profile customers like Netflix, Google, and Samsung, and the team decided it was time to ramp up. The company is using its venture capital to hire for positions like a lead designer.

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Bennett said he was immediately interested in raising from Gandhi because she spoke the language of an …read more

Source:: Business Insider

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