Female Founders Fund’s First Fund Achieves Full Return

Female Founders Fund (FFF), an early-stage investment firm focused on female-founded startups, has successfully returned its first fund, a $5.85 million investment launched in 2014. 

This milestone positions FFF as one of the few diversity-focused funds to achieve full returns on an inaugural fund.

FFF’s Early Vision Yields Strong Returns

Founded by Anu Duggal, Female Founders Fund’s initial mission was clear: support female founders at a time when few investors prioritized women-led businesses. 

FFF’s portfolio includes investments in now-prominent companies like Maven, a healthcare unicorn focused on women’s and family health, astrology app Co-Star, and the plus-size fashion brand Eloquii. 

Duggal described the venture as a calculated risk when few precedents existed in the women’s health and wellness space. 

Yet, Maven’s recent valuation of $1.7 billion—following a secondary sale that helped close out Fund I—speaks to the foresight of FFF’s early investment strategy.

Reflecting on this journey, Duggal acknowledged the evolving perception of diverse investments, particularly in women’s health. 

“There weren’t examples to point to within women’s health,” she noted, according to Fortune.

“Now, Maven is setting new standards, showing that investing in women founders can yield outsized returns.” 

The successful exits of Eloquii, acquired by Walmart in a nine-figure deal in 2018, and shaving brand Billie, acquired by Edgewell for $310 million, add further testament to FFF’s investment approach.

Validating Female-Driven Investments in the Venture Capital Landscape

Securing Fund I returns represents a major accomplishment in the venture capital space, where younger funds frequently struggle to achieve this milestone. 

According to Fortune, the rarity of a new firm returning its first fund bolsters FFF’s position and serves as a compelling example of the financial potential associated with women-led startups.

Leaders in venture capital, including Paige Hendrix Buckner, CEO of All Raise, view FFF’s success as a turning point. 

“This achievement shifts the narrative of what it means to be a successful founder and investor,” Buckner said. 

Erin Harkless Moore of Pivotal Ventures, an investor in three FFF funds, emphasized that FFF’s success shows that investing in women is not niche; it’s a viable and competitive approach. 

Duggal, herself a former founder, noted that FFF’s commitment is not only financial but also deeply rooted in long-term support and partnership with its founders.

Feature Image Credit: Inc.