Fundraising by women-led venture firms wasn’t hit as hard as the overall venture industry in 2024.
Global VC fundraising declined 18 percent last year to $104.7 billion, while the number of funds decreased by 16 percent to 865, according to Venture Capital Journal’s FY 2024 fundraising report.
When we last wrote about women-led VC funds in November, they were on track to raise about 25 percent less than they had in 2023. We are happy to report that our final tally shows that women-led funds pulled in $3.17 billion in 2024, or 14 percent less than the $3.69 billion they raised the previous year.
On the downside, the number of women-led funds experienced a steeper decline. We counted 89 funds that held partial or full closes in 2024, down 19 percent from 110 in 2023. (We define a women-led fund as any fund in which at least half of the partners are women.)
The brightest spot for women-led VC funds comes with the number of new funds that launched in 2024. A total of 19 new funds submitted regulatory filings this past year, and while many have not raised any capital yet, a few closed on at least some capital in their first year of fundraising.
Here are three new funds that we find particularly interesting:
Rodeo Growth Partners. Founded in 2023 by Christine Silver and Kiki Somers, Rodeo closed on $412,000 towards its target of $10 million for its debut fund, according to an October regulatory filing. The firm invests in early-stage consumer goods companies and has already completed three investments. Rodeo participated in the $3 million Series A round of eco-friendly cleaning products manufacturer Koala Eco in early 2024, led the undisclosed seed round of condiments producer Sunny Fine Foods in January and led the undisclosed early-stage round of skincare brand Hanni in December.
Strange Ventures. Led by founder and managing partner Tara Tan, Strange was founded in 2023 after Tan spent nearly eight years as an angel investor and general partner at the venture arm of design consulting firm IDEO. She led a number of investments at the firm across AI and crypto verticals, which has translated to the investing thesis at her new firm. Strange closed on $705,000 towards its target of $10 million, according to a June regulatory filing. The firm has since completed three pre-seed investments and at least one seed-stage investment.
Topology Ventures. Topology stands out for launching and closing its debut fund at $75 million in just eight months last year. Founded by Casey Caruso, a former Google cloud engineer and crypto specialist at Bessemer Venture Partners, Topology made its first regulatory filing in April, signaling its intent to raise a fund. By mid-June the firm had raised just over $4 million from 33 investors, according to its Form ADV. The remaining $71 million came from venture capitalist Marc Andreessen, Accolade Partners and Cendana Capital, among others, Caruso wrote in a December LinkedIn post about the final close. Topology leverages Caruso’s expertise to invest in AI, decentralized systems and neurotechnology. The firm has already completed seven investments.
Our exclusive women-led VC funds list now contains three full years of data. Be on the lookout for a larger story that takes a deep dive into the data in the coming weeks.
Fundraising by women-led venture firms wasn’t hit as hard as the overall venture industry in 2024.
Global VC fundraising declined 18 percent last year to $104.7 billion, while the number of funds decreased by 16 percent to 865, according to Venture Capital Journal’s FY 2024 fundraising report.
When we last wrote about women-led VC funds in November, they were on track to raise about 25 percent less than they had in 2023. We are happy to report that our final tally shows that women-led funds pulled in $3.17 billion in 2024, or 14 percent less than the $3.69 billion they raised the previous year.
On the downside, the number of women-led funds experienced a steeper decline. We counted 89 funds that held partial or full closes in 2024, down 19 percent from 110 in 2023. (We define a women-led fund as any fund in which at least half of the partners are women.)
The brightest spot for women-led VC funds comes with the number of new funds that launched in 2024. A total of 19 new funds submitted regulatory filings this past year, and while many have not raised any capital yet, a few closed on at least some capital in their first year of fundraising.
Here are three new funds that we find particularly interesting:
Rodeo Growth Partners. Founded in 2023 by Christine Silver and Kiki Somers, Rodeo closed on $412,000 towards its target of $10 million for its debut fund, according to an October regulatory filing. The firm invests in early-stage consumer goods companies and has already completed three investments. Rodeo participated in the $3 million Series A round of eco-friendly cleaning products manufacturer Koala Eco in early 2024, led the undisclosed seed round of condiments producer Sunny Fine Foods in January and led the undisclosed early-stage round of skincare brand Hanni in December.
Strange Ventures. Led by founder and managing partner Tara Tan, Strange was founded in 2023 after Tan spent nearly eight years as an angel investor and general partner at the venture arm of design consulting firm IDEO. She led a number of investments at the firm across AI and crypto verticals, which has translated to the investing thesis at her new firm. Strange closed on $705,000 towards its target of $10 million, according to a June regulatory filing. The firm has since completed three pre-seed investments and at least one seed-stage investment.
Topology Ventures. Topology stands out for launching and closing its debut fund at $75 million in just eight months last year. Founded by Casey Caruso, a former Google cloud engineer and crypto specialist at Bessemer Venture Partners, Topology made its first regulatory filing in April, signaling its intent to raise a fund. By mid-June the firm had raised just over $4 million from 33 investors, according to its Form ADV. The remaining $71 million came from venture capitalist Marc Andreessen, Accolade Partners and Cendana Capital, among others, Caruso wrote in a December LinkedIn post about the final close. Topology leverages Caruso’s expertise to invest in AI, decentralized systems and neurotechnology. The firm has already completed seven investments.
Our exclusive women-led VC funds list now contains three full years of data. Be on the lookout for a larger story that takes a deep dive into the data in the coming weeks.
