Female VCs Unlock $1 Trillion Market Targeting Women's Workforce Needs

June 23, 2023 : Springbank Collective, led by first-time fund managers Courtney Leimkuhler, Elana Berkowitz, and Jen Lee Koss, has successfully closed a $35 million fund to address the overlooked needs of women and working families. Recognizing that women’s full participation is crucial for a thriving U.S. economy, the fund invests in the care economy and infrastructure supporting women, caregivers, and working families.

Leimkuhler, a former executive at NYSE and Marsh, brings her business expertise to tackle the gender gap and undervaluation of caregiving work. With a background in social entrepreneurship and policy advising, Berkowitz identifies business opportunities to address societal issues. The third partner, Lee Koss, recognized the significance of their mission and facilitated the partnership.

Springbank stands out by investing in female founders and male founders who are building infrastructure to support women. The fund’s investments target the future of inclusive work, the care economy, and financial progress
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Springbank initially formed deal-by-deal special purpose vehicles (SPVs) with a select group of accredited and qualified investors to establish credibility and attract institutional investors. They began raising money for the fund once they received positive feedback and referrals from these initial investors. Institutional investors contributed larger checks, including financial services and insurance companies, funds of funds, family offices, and venture capitalists.

Among the institutional investors are prominent names like AIG, Bank of America, J.P. Morgan Asset Management, Anthemis, Lux Capital, and Union Square Ventures. Their involvement provides financial backing and expertise in valuations and navigating a dynamic economic landscape.

While Springbank has convinced some investors of the importance of its mission, they acknowledge the need for further education and awareness. To crystallize their story for investors, they share case studies showcasing how their investments positively impact women’s economic participation.

Springbank Collective’s $35 million fund represents a significant step toward creating the infrastructure required for women’s full economic participation. By addressing the unmet needs of women, caregivers, and working families, the fund aims to unleash the next wave of economic growth.