Anu Duggal is the Founding Partner of Female Founders Fund, an early-stage fund investing in technology companies started by women. Female Founders Fund has invested in some of the fastest growing female-led start-ups nationwide including: Eloquii, WayUp, Tala, Zola, Primary, Thrive Global, WinkyLux, Billie and more.
You see a lot of deal flow, what trends are you noticing that you are think are worth paying attention to?
This year there are a few industries we are excited by - digital health, specifically preventative health with the shift towards value based care. Our recent investments in both Gabbi and The Lanby fall into this thesis. Within the beauty space, we are specifically focused on science led innovation and haircare as two areas of growth. In addition to this, we are seeing a host of founders building in climate tech - ranging from software solutions to plant-based alternatives.
The funding market is obviously a bit chaotic at the moment. Are you seeing companies get funded? What do they have in common with each other?
Its a very tough market right now for founders looking to raise growth capital. We continue to see deals get done at the seed stage primarily because of the influx of angel and family office capital, but growth stage (Series A+) deals are less common.
What are your top lessons learned from launching and scaling the Female Founders Fund?
Relationships and reputation are the two most important things you own - making sure you treat people well because the world is small. Listen to your gut - I wish in retrospect I had done this more and it is something I’m actively working on. Building something is hard. There is no way around that - it takes grit, resilience and dedication with a path that will have many more setbacks then you expect.
A lot of our members are interested in getting on boards. You have served on a number of boards including ELOQUII, Maven Clinic, and Landit, WinkyLux and The Rubin Museum of Art. What have you learned from your board experience that would be interesting to others looking to secure board seats?
As lead investors we will selectively take board seats in the companies we invest in specifically those where we can be helpful. In joining a board, its important to be able to quantify how and why your experience will be helpful to the CEO. I would start with a more casual quarterly meeting with the CEO with follow up that shows that you can be additive to the board composition. Joining a board takes time and building that relationship in advance and demonstrating tangibly how you can add value is one of the most effective ways to earn the trust of the CEO.
Who is a woman you admire right now?
Martha Stewart. Martha is the queen of reinvention and continues to find a way to remain relevant & part of the cultural zeitgeist.
What is one thing you can’t live without?
My garden! Over the past three years I’ve developed a passion for gardening and have gotten so much fulfillment out of this hobby.
Do you have one networking tip that has really served you well?
In developing new relationships with people, I always ask how I can be helpful. This shows genuine interest in building a relationship and been really instrumental in developing a strong network over time.
More about Anu
In 2018, Anu was included in Fortune’s “40 Under 40” list, and she has been praised for her impact in diversifying venture capital with additional distinctions including Business Insider’s “Ultimate List of Female Startup Investors,” and “Top 4 Venture Firms Investing in Women."
Anu began her tech career as a co-founder of Exclusively.in, a private sale e-commerce company backed by Accel & Tiger which was acquired by Myntra. She is a Board Observer for ELOQUII, Maven Clinic, and Landit, and a Board Member for WinkyLux and The Rubin Museum of Art. She holds an MBA from London Business School and a BA from Vassar College.
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