All Raise, a nonprofit working to increase gender diversity and equity in the tech industry, has announced that it has raised over $11 million of its $15 million campaign goal.
Launched in 2018 by a group of women venture capitalists, the organization is focused on "rewiring the tech industry from the inside out," creating a tech venture ecosystem in which women, especially women of color, as well as non-binary individuals play a prominent role in the funding, founding, and scaling of technology companies. The organization's goals include doubling the share of female decision makers at U.S. tech venture firms with at least $25 million in assets under management from 9 percent to 18 percent by 2028 and growing the amount of seed and early stage funding going to female founders from 11 percent to 23 percent by 2030. According to the organization, the COVID-19 pandemic has disproportionately impacted women and people of color, with PitchBook reporting last quarter that VC funding to female-founded companies dropped to its lowest level in three years.
With funding from new and repeat partners, including GGV Capital, the Reid Hoffman Foundation, and Sequoia Capital, and renewed commitments from founding partners Pivotal Ventures and Silicon Valley Bank, All Raise will work over the next three years to scale its programs and events for founders and funders to cities beyond its hubs in Boston, Los Angeles, New York City, and the San Francisco Bay Area; develop new initiatives that include senior executives, operators, and board directors; and create a robust, diverse talent network. With the goal of reshaping tech culture "so diversity, equity, and inclusivity are synonymous with success," the organization also plans to unveil new efforts aimed at diversifying tech startup boards.
"Demand for All Raise programs has consistently exceeded our current supply, busting one of tech's enduring myths — we don't have a pipeline problem, we have a network access problem!" wrote All Raise CEO Pam Kostka in a blog post. "The next generation of game-changing companies are being founded and funded now, and we can ensure they are more diverse and inclusive. It's in everyone's best interest to do so."
"The story of All Raise is the story of a community coming together to lift each other up," said Jess Lee, a partner at Sequoia Capital and co-founder and board member of All Raise. "With this new round of nonprofit funding, it's great to see so many established firms, allies, and major nonprofit funders joining our community and rallying behind diversity in tech."
(Photo credit: All Raise)