February 23, 2024


20SALES, a venture capital fund led by eight women, said it has closed its $5 million debut fund, which will invest primarily in early-stage business-to-business SaaS companies.

The newly launched fund is an offshoot of 20VC, the venture capital firm founded by Harry Stebbings, but it is an entirely separate vehicle. The fund plans to write checks of $100,000 and above for pre-seed, seed and Series A companies. It does not currently have any follow-on investment reserves, but will optimize ownership on first check.

The fund hopes to invest in at least 50 companies over the next two years. While the fund’s focus isn’t just on supporting women, it wants to focus on women where possible.

The founding partners of 20SALES are jessica arnold, steve case, Kelly Bray, Look at Bissie, King Graves, Renu Gupta, Maggie Holtand Lauren Schwartz. All will remain in their jobs and work part-time at the fund.

Stebbings, who managed the fundraising process as a limited partner and advisor to the fund, said the funding came from 20VC’s limited partners. “They rarely, if ever, do first-time funds,” he said of his LP base. “However, they immediately saw the unique positioning of the fund and the exceptional quality of the partnership. Given these two factors, the time to raise capital was remarkably short.”

Other limited partners include Harvard Management Company and Stuart Butterfield.

In an interview with TechCrunch, Hult said the fund hopes to inspire the next generation of female investors and have a significant impact on the number of female operators in the space.

The fund also aims to help build a community of female founders. Women entrepreneurs make up less than 3 percent of all venture capital funding allocated in any given year. “We want to fund more people,” Hult said. “simple.”