WASHINGTON, Aug. 5, 2020 /PRNewswire/ — Women Who Tech, the largest organization combating the severe lack of funding for women-led tech startups, opened applications for a new grants program built to fund women-led ventures focused on solving the biggest health, education, employment, civic engagement, and financial issues resulting from the COVID-19 pandemic.
Since 2015, Women Who Tech has provided upwards of over $2M+ in funding and services to underrepresented women-led tech startups. The COVID-19 Tech Challenge is part of the organization’s new Startup Grants Program, which will be awarding Innovation Grants of $10,000 and Impact Grants of $3,000 on a rolling basis.
“Even before COVID-19, as a small startup, growth has always been a challenge. Grants are essential especially for Black women startup founders like myself who — as a group — only receive .02% of venture funding,” said DeShuna Spencer, CEO & founder of kweliTV. “We would not be in business today if it were not for grants similar to the Women Who Tech Startup Grants Program.” Both kweliTV and LimeLoop, cofounded by Chantal Emmanuel, were recipients of Women Who Tech’s Startup Grants pilot program in July.
While the paltry amount of funding for women-led startups has hovered around 2.7% over the last few years, the number of investments has steeply declined by over 30% between 2019 Q2 and 2020 Q2, according to Pitchbook. Raising venture capital is challenging for any new startup, but even further intensified when gender comes into play, as more than half of women founders (55%) still say they have been treated differently while fundraising, due to their gender, compared to 8% of their male counterparts.
“I’ve been working in the tech space for decades now – since the 70s. When it comes down to funding diverse-led startups, we as an industry continue to not do enough to lay the groundwork for equal access to these opportunities,” said Craig Newmark, founder of craigslist and Craig Newmark Philanthropies and a member of the Advisory Board for Women Who Tech. “Look at the data – women entrepreneurs continue to bring in more revenue with less money invested. It’s time to put our money where our mouth is.”
For the COVID-19 Tech Challenge, an esteemed investor jury will help select 5 of the best startups for the grant awards. The jury includes:
- Stas Sokolin, Principal, Ventures at Chan Zuckerberg Initiative Ventures
- Sandra Campos, CEO of DVF (Diane von Furstenberg); Investor and Operating Partner
- Jocelyn Lee, Executive Director of HearstLab UK; Investor
“During this pandemic, we have seen how societal and industrial vulnerabilities have been exposed, and diverse perspectives are vital to address these unique challenges,” said Allyson Kapin, founder of Women Who Tech. “If we want to find safe and effective treatments while also addressing the critical challenges that have emerged, then we need to fund the best startups to bring these products to market.”
Applications for the Women Who Tech Startup Grants Program are open to North American tech startups whose products solve a problem ignited by COVID-19 with at least one woman founder or co-founder. Full criteria and submission details can be found on the Women Who Tech website. Applications close August 23, 2020, at 11:59pm PT.
About Women Who Tech
Founded in 2008, Women Who Tech is helping to draw global attention to the significant gender bias in venture capital funding by shaking up a culture and an economy that has made it exceedingly difficult for women to launch and scale their startups. The nonprofit provides capital, mentoring, direct access to leading investors, and other resources for women who are creating the most innovative tech companies, with the ultimate goal of closing the funding gap for good.
To date, $80M+ has been raised by Women Startup Challenge cohorts. For information, visit www.WomenWhoTech.com.
About Craig Newmark Philanthropies
Craig Newmark Philanthropies was created by craigslist founder Craig Newmark to support and connect people and drive broad civic engagement. The organization works to advance people and grassroots organizations that are getting stuff done in areas that include trustworthy journalism, voter protection, gender diversity in technology, and veterans and military families.
For more information, please visit: Craig Newmark Philanthropic.org.
Women Who Tech has been supported by Craig Newmark, founder of craigslist and Craig Newmark Philanthropies, Google, The Pineapple Fund, W Fund, Mozilla, Rad Campaign, Donna Griffit Corporate Storyteller, and more.
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Women Who Tech
SOURCE Women Who Tech