AOL (NYSE:AOL) has launched a new venture capital fund focused on early stage investments in women-led consumer internet startups.
Led by President Susan Lyne, The BBG Fund will make seed and Series A investments, with a focus on multiplatform media, services and commerce.
Lyne, who was previously Executive Vice President and Chief Executive Officer of AOL’s Brand Group, will continue to be based in New York City and will report to AOL Chairman & CEO, Tim Armstrong.
The BBG Fund is part of a broader initiative to bring more women and girls into tech that will be introduced next month. According to figures, only 7% of venture funding goes to women entrepreneurs*; only 4% of the partners at venture firms are women*; and 75% of consumer internet startups have zero women on the founding team with that number increasing to over 80% at enterprise software and hardware startups*.
FinSMEs
03/09/2014
*Dow Jones, Women at the Wheel: Do Female Executives Drive Start-up Success, Sept 2012 Report
*Forbes/Pitchbook analysis for “Just 3% of Venture Capitalists Are Female But There Are Reasons to Be Optimistic”, Hollie Slade, May 2014
*Silicon Valley Bank, Startup Outlook, 2013 Report