#Fundright began in 2019 as a VC initiated movement aimed at ensuring a more diverse ecosystem, at both VC level and portfolio company level. As #FundRight, we commit to submitting data to techleap.nl to track our progress in achieving our goal of a diverse ecosystem, including 35% women by 2023.
Currently only 6% of partners at Dutch VC firms are women and only 16% of venture capital firms invest in teams with a female founder. On top of this, since 2008 only a mere 0,8% of all venture capital funds have been invested in female founded teams.
Setting a target will help keep diversity on top of the agenda and transform behaviours in the way VC firms source deals, hire talent and discuss diversity with their portfolio companies. We maintain a firm belief that these steps are necessary for the accelerated achievement of fair and equitable financing for a diverse group of entrepreneurs. Furthermore, our actions are aimed at contributing towards improved decision-making frameworks that positively influence innovation and financial outcomes. Ultimately, this will lead to a more inclusive society where businesses, products and services are made for everyone.
We, the undersigned Dutch VCs and Techleap, believe in equal access to funding and opportunity for all founders, irrespective of their background or gender and commit to the following goals:
- Within 3 years of this statement (2019), all participating VC companies and the management teams of their current portfolio companies will have a diverse mix including 35% women.
- A considerable percentage of the companies (co-)invested in are (co-)founded by a woman.
- We will, carried out by techleap.nl, publish an annual report of key statistics in relation to the gender diversity of Dutch VC and their portfolio companies.
- We actively propagate our statement, share our learnings and approaches with the end goal of signing up 100% of all Dutch VC’s by 2023.
- Legal documents: An inclusion clause will be added to the term sheets of the participating VC companies
- Annual overview: to give an overview of the Dutch VC landscape and gender diversity, Techleap will work with all partners involved on creating an annual report (based on anonymous data) including, but not limited to data on:
- Diversity of investment committees
- Diversity of management of portfolio companies (for new and existing investments)
- Invested capital per category (i.e. female, male, mixed teams)
- Speaking engagements: all parties involved will hold up to only participating in events as jury members or speakers that have a high level of diversity in those taking part.
- Communication: to share and communicate our learnings, insights, and commitment to external stakeholders.
- Operations: screen all communication and recruitment processes for diversity sensitivity to avoid implicit bias and encourage diversity.