Citrine Angels Invests $1,000,000 in Female Founded Startups,
CITRINE ANGELS INVESTS $1,000,000 IN FEMALE FOUNDED STARTUPS
WASHINGTON, DC – October 19, 2023 - Citrine Angels (Citrine), the premiere female-focused angel investment nonprofit organization in the Washington, D.C. region, announced today the organization has invested more than $1 million USD in female founded companies since its inception in 2019. The investments, averaging more than $50,000 each, were made in 18 startups by more than 40 women, many of whom were first-time investors.
“Our organization aims to make investing more accessible for women, and hitting the $1 million milestone has proven our ability to do so," said Stephanie Bauer Marshall, Board president and co-founder, Citrine. “Congratulations to the Citrine Angels community – our members, portfolio companies, ecosystem partners and sponsors. Our growth trajectory has been exponential, in large part to the strength of our network. We look forward to continuing to raise the bar and create opportunities for women looking for investment opportunities and as well as female founders in need of capital.”
“Less than two percent of venture capital went to female-founded companies in 2022, a stat that has been stagnant for decades,” said Allyson Redpath, co-founder, Citrine. “Citrine Angels was founded with a mission to educate and encourage women to write checks to support women-owned startups. We aim to move the needle by providing an investment platform and resources for women to invest in women.”
The news is being announced during DC Startup Week, where Citrine is anchoring the Female Founders and Funders sub-track with a panel on the importance of women investing in women. Citrine is the largest angel investment group focused on women in the region. Half of Citrine’s portfolio companies are from Virginia, Maryland or Washington, D.C., as are the majority of its members.
"Making this announcement at DC Startup Week is the perfect way to celebrate such a tremendous accomplishment and drives home the message of how important it is for women to invest in women," said Rachel Koretsky, director of DC Startup Week. "Citrine Angels deserves the most enthusiastic congratulations for their tireless support of female founders. There are so many women out there building businesses that have significant implications for the future, and organizations like Citrine are the key to bringing their ambitions and ideas to life."
Citrine invests in early-stage venture-backable female-founded startups. While industry agnostic, 40 percent of its investments have been in consumer-related companies, 26 percent in tech and 20 percent in medical and biotech. To date, Citrine’s portfolio companies have gone on to collectively raise more than $400 million USD. Citrine accepts online applications on a year-round basis.
“From the beginning, Citrine’s approach has been to remove all barriers for investment and focus on having a continuous stream of opportunities,” said Michelle Olenoski, head of Citrine’s Deal Flow Committee. "Notably, we do not impose a minimum investment requirement on our Citrine members. This strategy has cultivated a diverse group of members, many of whom are making their inaugural venture investment. By pooling resources, our members collaborate to champion investments that range from $50,000 to $100,000 and beyond.”
Citrine’s members are accomplished female executives across a wide range of industries and backgrounds. Many members are entrepreneurs themselves or executives at well-known organizations such as Gartner, AirBnB, Amazon Web Services, Capital One and Children's National Innovation and Research Institute. One-third of the current membership identify as Black, Indigenous, and People of Color (BIPOC) women, as do nearly half of the Board.
“I’m excited to be a part of the $1 million milestone as an investor,” said Lisa Conners, executive coach and founder of Ever Better Coaching and Consulting. “Citrine Angels provides a unique opportunity to educate myself on startup investing and to build my portfolio, all while in community with dynamic, entrepreneurial women."
To learn more about Citrine and its portfolio companies, please visit citrineangels.com.
About Citrine Angels
Citrine Angels, a 501(c)(6) nonprofit based in the Washington, D.C. metro region, is the largest angel investing organization in the mid-Atlantic region pledged solely to the support of female-founded companies. Comprised of more than 50 women angel investors committed to empowering female entrepreneurs through investments and mentorship, Citrine aims to close the gender funding gap and increase the number of successful women-led businesses. Our focus is to provide both the financial backing and the necessary resources, networks, and expertise to help female-founded businesses grow and succeed. Visit us at citrineangels.com or follow us on LinkedIn.