Northwestern Mutual Future Ventures will dedicate $20 million of its funding to invest in startup companies founded by women.
In a statement, the company said that this funding allocation would advance its investment strategy of engaging startups whose technologies have the potential to transform how clients experience financial security, as well as increase focus on technological disruption.
Northwestern pointed out that female-founded startups receive less than three percent of the approximately $80 billion in venture capital annually. Companies founded by both men and women receive around eight percent of the total capital, coming second to male-founded companies that secure 89 percent of all venture capital invested globally each year.
"Women play an essential role in financial decision-making for themselves and their families and by investing in women-owned startups, we can create more opportunities for women through a dedication of funds, but also gain strategic insights to better serve our clients," said Souheil Badran, chief operating officer and executive vice president of Northwestern Mutual. "We're committed to supporting female entrepreneurs and providing access to capital and resources to help them grow their businesses. Allocating $20 million is only the beginning – we will continue to invest in and provide opportunities for female founders."
The investment criteria is aligned with Northwestern Mutual Future Venture's key strategic areas of focus:
- Building for consumers' changing financial preferences;
- Reimagining the client experience;
- The digital health revolution; and
- Transformational analytics and technologies.
Since launching in 2017, the Future Ventures Fund has invested more than $50 million in 18 startups that align with Northwestern Mutual's investment strategy and goals.
Learn more: nmfutureventures.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].