The VC network founded by Annie Lamont wants to raise $1 million for new businesses
A developing organization of female, Connecticut-based financial backers — laid out by the ongoing lead representative’s companion and a previous lead representative’s niece — has brought $800,000 up in adventure subsidizing determined to fund beginning phase new businesses drove by ladies and minorities.
The Flowing Waterway Asset, made by individuals from the Flowing Stream private supporter organization, set off to bring $500,000 up in pooled venture yet before long outperformed that objective. The asset is currently shooting to raise $1 million before the current year’s over.
Up to this point, multiple dozen Flowing Waterway individuals have contributed no less than $25,000 each to the asset. Of the funders, everything except one live in Connecticut — and 21 are first-time financial backers.
“Our goal with our members is really to tap into Connecticut women to become investors,” said Chris Gelnaw, Flowing Waterway part and overseeing accomplice of the asset.
“What we’re providing to them is not only a community of like-minded women,” Gelnaw said, “but it’s also the education and the tools that give them that confidence to make decisions and really understand the value of the investment and the economics.”
Annie Lamont, overseeing accomplice of investment firm Oak HC/FT, and Alison Malloy, overseeing head of the state’s funding arm Connecticut Developments and niece of previous Gov. Dannel P. Malloy, sent off the Flowing Stream holy messenger network in 2021 to help ladies keen on putting resources into new businesses. Ladies make up just around 15% of the actually look at scholars at investment firms, as per Crunchbase, and new companies established by ladies got under 2% of all funding financing last year, as per PitchBook.
Gelnaw said while the lead representative’s better half is behind the making of the organization, Lamont contributed no cash to the Flowing Waterway Asset since “it’s an irreconcilable situation.” The asset got $100,000 from CTNext — an auxiliary of the state’s investment arm Connecticut Developments — to cover a portion of the asset’s working expenses.
Onyeka Obiocha, CTNext’s chief, said that cash will go toward fostering a “playbook” for Flowing Waterway financial backers that can likewise be utilized by other juvenile organizations of private supporters around the state.
“That’s a big part of what we’re doing here,” Obiocha said. “We’re investing in the amazing women of Tidal River to raise a fund, and there are legal documents, there’s a stack of information and a high barrier of entry in order to do that well,” he said. But once that work is done, “the next group of people who want to create a fund have the opportunity, and now the lower barrier of entry, to do that as well.”
Flowing Stream Asset has previously heard pitches from 80 organizations and put resources into two: Connecticut-based Deeplook Clinical and Arizona-based Rivia Wellbeing. While both of the speculations so far have been in the medical services field, the asset is hearing startup pitches from a variety of areas.
“Our mission is to empower underrepresented founders and have good return on investment for our investors,” Gelnaw said.
Marissa Fayer, CEO of Deeplook, said she’s struggled with finding startup financing as a female organizer, however the speculation from Flowing Waterway Asset was “not just about cash,” she said.
“I love having the support of other smart women,” Fayer said. “It’s about helping us grow, helping us move to the future, and using the thought leadership and the partners that we have at Tidal River. … It’s just so important to have that support.”