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Today, we have decided that Chunkie as a company will not seek or take any investments.
We will not make any investor pitch decks anymore, & I will not meet with investors in the future.
Here is my why
We will not make any investor pitch decks anymore, & I will not meet with investors in the future.
Here is my why
1. Let's start with the basics - women do not get funding.
The statistics are so bad that the issue won't change during my life, as it is much worse than this industry is willing to talk about.
It is an issue of class, wealth, racism & sexism. https://tech.eu/features/37864/women-european-venture-research/
The statistics are so bad that the issue won't change during my life, as it is much worse than this industry is willing to talk about.
It is an issue of class, wealth, racism & sexism. https://tech.eu/features/37864/women-european-venture-research/
2. Marginal winners of funding are only those with friendships & relationships inside the circle.
Fundraising as a woman outside of that circle is a dehumanising & invalidating experience. Especially in the stage, we are in. I refuse to put myself through this anymore.
Fundraising as a woman outside of that circle is a dehumanising & invalidating experience. Especially in the stage, we are in. I refuse to put myself through this anymore.
3. Our experience has been that investors are not inviting. Cold meetings, superficial connections, patronising advice & ghosting is a common occurrence early on.
Remember, women get around 1% of funding for the whole funding pie.
1%. https://twitter.com/joshu/status/1025519652082876417?s=20
Remember, women get around 1% of funding for the whole funding pie.
1%. https://twitter.com/joshu/status/1025519652082876417?s=20
4. There is survivor bias.
People don't consider that their circumstance of success in the space is not the norm, but an exception.
This invalidates many challenges founders highlight (or ask advice on) & makes them into a founder issue, not a system issue.
People don't consider that their circumstance of success in the space is not the norm, but an exception.
This invalidates many challenges founders highlight (or ask advice on) & makes them into a founder issue, not a system issue.
5. The power & class structures are deeply embedded, which affects the advice you get as a founder.
On the surface, advice is often a regurgitation of things you can read online. What you want is a connection, a door to open - but that is relative to who you are in the system.
On the surface, advice is often a regurgitation of things you can read online. What you want is a connection, a door to open - but that is relative to who you are in the system.
6. "Female founder" efforts, are more often a branding tool for funds or individuals than for getting diverse women into the fold.
"Getting in" also seems to mean fit into their standardization. Some exceptions apply.
"Getting in" also seems to mean fit into their standardization. Some exceptions apply.
7. A company can be built without outside investment, but from re-investing the money you earn with your product, grants & loans.
Without giving away equity and having to deal with underperforming VC funds that don't really add value. https://sifted.eu/articles/vcs-value-add/
Without giving away equity and having to deal with underperforming VC funds that don't really add value. https://sifted.eu/articles/vcs-value-add/
8. We do not align on a cultural or ethical level with people we met so far over the last 3 years.
Having met many investors & funds, I came to recognise certain patterns in how they approach things that deeply differ from my (our) world view.
Having met many investors & funds, I came to recognise certain patterns in how they approach things that deeply differ from my (our) world view.
9. "We invest in the founder, not the idea" you hear often & to me is code-language for "we need to like you on a personal level".
This means that you need to align to their system, signal alignment.
It is a deeply flawed biased approach. https://techcrunch.com/2015/09/24/the-surprising-bias-of-venture-capital-decision-making/
This means that you need to align to their system, signal alignment.
It is a deeply flawed biased approach. https://techcrunch.com/2015/09/24/the-surprising-bias-of-venture-capital-decision-making/
10. Finally, it's scary to challenge systems.
Uncomfortable conversations are squashed & those who start them judged. Especially women by women.
This is why 1% continues & will.
And this is why we chose to not participate anymore. https://brittwcaldwell.medium.com/white-women-are-the-most-dangerous-upholders-of-white-supremacy-in-silicon-valley-and-holding-ee62b2ec1bc1
Uncomfortable conversations are squashed & those who start them judged. Especially women by women.
This is why 1% continues & will.
And this is why we chose to not participate anymore. https://brittwcaldwell.medium.com/white-women-are-the-most-dangerous-upholders-of-white-supremacy-in-silicon-valley-and-holding-ee62b2ec1bc1
This was our experience, our path, which differs due to our own context from someone else - but I believe it's important to share our "why". While there are efforts done for things to change, I do feel it's not enough and only benefits those who already have the power.
Instead - Chunkie will be built on a "kindness" model.We will invest what we can from our cash flow. We will aim to grow only as much as we can ethically. We will not be owned by those who only care about numbers.
We will build an inclusive company from day 1.
I want us to be "kind" above all. Kind to ourselves, to our customers, to people we work with, to our quality of life.At this time, fundraising and investing is so broken that the fundraising journey is not the right fit for us - emotionally & professionally.
While funding is a great pathway for some, I want to showcase in the next years that impactful companies can be built by women, without this system. We'll have to figure it out, but at least we know our direction.
Hopefully, it will be helpful to founders in the making.
