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Duggal took 700 meetings and two years to raise $5.85M Fund I

Anu Duggal · 20VC: Top 3 Considerations When Evaluating Consumer Businesses Today | 700 Meetings, 70 LPs, 2 Years, What It Takes To Raise a First Time Fund| The Power of The Female Network In Action Today with Anu Duggal, Founding Partner @ Female Founders Fund · Dec 10, 2018 · at 19:09

Anu Duggal, Founding Partner at Female Founders Fund, details the effort required to raise her inaugural venture capital fund.

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“Fundraising for fund one was incredibly difficult, and I think that's a very similar story to other first-time fund managers. So over 700 meetings, over 70 LPs for a 5.85 million dollar fund over a two-year process.”

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More from Anu Duggal

Insight
Duggal: All-male partner teams signal exclusive culture and limit deal flow
“I think that we've seen with our female founders is that if you are looking to pitch a fund with a website that's full of all men partners, that tends to really signify a certain culture within that firm, and so I think that as VC funds add more diversity to t…”
Anu Duggal Dec 10, 2018 ▶ 14:19 20VC: Top 3 Considerations When Evaluating Consumer Businesses Today | 700 Meetings, 70 LPs, 2 Years, What It Takes To Raise a First Time Fund| The Power of The Female Network In Action Today with Anu Duggal, Founding Partner @ Female Founders Fund
Insight
Duggal: Beauty startups offer SaaS-like margins, retention, and strong exit multiples
“We think it's an exciting category for a few reasons. So healthy SAS like margins, Repeat purchase behavior and really strong exit multiples.”
Anu Duggal Dec 10, 2018 ▶ 9:27 20VC: Top 3 Considerations When Evaluating Consumer Businesses Today | 700 Meetings, 70 LPs, 2 Years, What It Takes To Raise a First Time Fund| The Power of The Female Network In Action Today with Anu Duggal, Founding Partner @ Female Founders Fund
Insight
Duggal: Venture capital is fundamentally driven by FOMO on returns
“So, I mean, you know, from what I've seen, ultimately what drives venture capital is FOMO, particularly when it comes to missing out on, on returns.”
Anu Duggal Dec 10, 2018 ▶ 12:42 20VC: Top 3 Considerations When Evaluating Consumer Businesses Today | 700 Meetings, 70 LPs, 2 Years, What It Takes To Raise a First Time Fund| The Power of The Female Network In Action Today with Anu Duggal, Founding Partner @ Female Founders Fund
Assertion Supported
Female Founders Fund pioneered tracking female founder Series A funding data
“We published an annual review on the amount of series A funding that went to female founders in 2014. And, you know, since then we've seen Crunchbase, TechCrunch, and a host of other journalists in the tech industry really follow suit in terms of recognizing t…”
Anu Duggal Dec 10, 2018 ▶ 18:14 20VC: Top 3 Considerations When Evaluating Consumer Businesses Today | 700 Meetings, 70 LPs, 2 Years, What It Takes To Raise a First Time Fund| The Power of The Female Network In Action Today with Anu Duggal, Founding Partner @ Female Founders Fund
Disclosure
Lightspeed Ventures invested as an LP in Female Founders Fund II
“The other thing that helped for our second fund was that Lightspeed Ventures was an LP of ours, which has been tremendously helpful and validating for traditional institutional LPs.”
Anu Duggal Dec 10, 2018 ▶ 20:58 20VC: Top 3 Considerations When Evaluating Consumer Businesses Today | 700 Meetings, 70 LPs, 2 Years, What It Takes To Raise a First Time Fund| The Power of The Female Network In Action Today with Anu Duggal, Founding Partner @ Female Founders Fund
Disclosure
Duggal: Female Founders Fund has 30 of 35 investments in New York
“We invest primarily in New York with 30 out of 35 of our current investments actually based here, and we definitely see more favorable pricing here in New York.”
Anu Duggal Dec 10, 2018 ▶ 22:56 20VC: Top 3 Considerations When Evaluating Consumer Businesses Today | 700 Meetings, 70 LPs, 2 Years, What It Takes To Raise a First Time Fund| The Power of The Female Network In Action Today with Anu Duggal, Founding Partner @ Female Founders Fund
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