Maisy Ng, Delight Capital
“Women often need to feel 2 times more qualified for a role before they take on the role. We need to read between the lines of women’s CVs and encourage them to take on C-suite roles or executive positions in startups.”
Snapshot
Firm: tbc
Fund Name: tbc
Type: tbc
Funding Structure: TBC
Investment Thesis: TBC
Fund Size: TBC
Geographic Focus: tbc
Target Investees: TBC
Overview of Exit
Before gender lens investing started, we started actively looking for ways we could add gender diversity to the board. There was an increasing number of women in C-Suite roles and we wanted to tap on their experience too. We made sure to include female candidates for consideration whenever we were looking to fill NXD positions. From the late 90s - early 2000s, we brought in a female chairperson for startups, and it was interesting to see the perspectives they bring in.
We invested in a high-tech startup started by two former engineers - a husband and wife team. Both of them were engineers in training We invested in them in a Series A (1st institutional round) - pre-revenue. It was a concept that they wanted to do, we liked the vision that they had. We knew that it would take time but we were willing to back them.
The husband was CTO and the wife led the business as the CEO from the beginning.
How did you stand behind the female founders and leadership team?
The investment took place at a time when founder CEOs (male or female) did not lead the companies from inception all the way to exit. Facebook and other companies changed that rhetoric and it became more common for founder CEOs to take the companies they founded to exit and beyond. Hence when it came to Series B, it was not unusual that a VC even before meeting the founding CEO requested for the CEO to change. I told him - look, you haven’t even met her. At least meet with her before you make the decision. In the end, the VC did not come in and we thought it was for the best. The company went on to raise additional capital from other investors. At the closing of the round, I brought in a new chairperson - another woman who was a C-Suite senior executive in a large US-company. The chairperson and the CEO got along well, and the company took on a new energy. The two of them brainstormed ideas to advance the business, and the chairperson opened doors for the company in the US as well.
How did you ensure buyer’s alignment at the time of exit?
The company went on to a very successful exit, led by this same CEO. We helped on the exit as well, because she wanted to plan for a more tax-efficient exit. The board supported her and we are very pleased with the outcome.
At one time, this company was likely the only startup in all of Europe which had a female chairman, a female founder CEO, and also a female VC on the board. We never spotlighted or publicised this - it was business as usual. It was a strong outcome for everyone in the end.
What is a key learning you have from this exit process?
Women often need to feel two times more qualified for a role before they take on the role. We need to read between the lines of women’s CVs and encourage them to take on C-suite roles or executive positions in startups. And mentor / coach them along the process as needed.
What is your call to action for LPs and GPs with regards to Responsible Exits in Gender Lens Investing?
Stand behind the female founder and be creative in how you support them in negotiating exits.