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It’s been a big few years for women in business: Last year’s release of “Barbie,” directed by Greta Gerwig and produced by Margot Robbie, won countless critics awards and energized conversations of feminism around the country; Taylor Swift became a billionaire—and her Era’s tour contributed hundreds of millions to local economies; and this August, Kamala Harris became the first woman of color to secure a spot on the presidential ticket under a major political party. Yet still, with so much propelling women forward, female-founded startups accounted for 2% or less of venture capital funding in 2023.
That’s where Jenny Abramson and Heidi Patel are trying to make a difference. They’re the managing partners at Rethink Impact, a venture capital firm dedicated to investing in female CEOs. The pair launched the firm in 2017, and last week they closed their third and largest fund—raising $250 million to back female founders.
The fund focuses heavily on impact investments, many of which touch healthcare and education. For instance, in 2023 they invested in Forbes Under 30 lister Diana Heldfond’s Parallel Learning, which provides software to connect special education teachers and therapists with more than 100 school districts across the country. The firm also has a stake in Under 30 lister Rachel Romer’s Guild Education, a career education platform which was valued at $4.4 billion in 2022. And they’re invested in unicorn company Spring Health, which partners with employers to offer mental health resources to their workforces, and was cofounded by Under 30 lister April Koh.
With influential limited partners including Melinda French Gates’ investing firm, Pivotal Ventures, Rethink Impact is aiming to spark even more billion-dollar brands. Read more here.
Alex & Zoya
See You Soon At The Forbes 2024 Under 30 Summit
This weekend, we kick off the 2024 Forbes Under 30 Summit, taking place in Cincinnati, Ohio, from September 22-25. We’re in for four days of learning, networking and entertainment alongside the world’s brightest young leaders, founders and creators. You can still register for the Summit here. See you in Cincy!
Russia’s Richest Woman Handed Over A Third Of Her Fortune. Then Things Turned Deadly.
“One of Russia’s most compelling entrepreneurial tales has turned into a deadly nightmare,” writes Forbes. Tatyana Bakalchuk, a self-made Russian billionaire who cofounded Wildberries, a retailer comparable to Amazon in the U.S., says her estranged husband and cofounder Vladislav Bakalchuk led a group of armed people into the e-commerce giant’s headquarters. Now, two Wildberries security guards are dead, and Bakalchuk (along with dozens of others) has been arrested. Here’s an inside look into the tragic event.
On Our Radar
-It’s the holiday season! Kind of. Retailers like Walmart and Amazon are bringing out their holiday collections earlier than ever. Deals at Walmart kick off on October 8, and Amazon introduces its fall collection on Prime Day. Moving up holiday sales isn’t just to get the holiday cheer going, but more so comes as consumer appetite for spending has lowered since 2022. Amazon and Sam’s Club also announced raising their hourly wages in an effort to attract more seasonal workers. (Axios)
-Mondays are back! (Although, personally, we’re not sure they were ever in style.) According to a new report, workers are starting their weeks off strong and more people than last year are in the office on the first day of the week. Some are doing it out of choice, while others at companies like L’Oreal and Deutsche Bank have mandatory attendance on Mondays. Tuesdays through Thursdays are still the most popular, though, with offices seeing nearly 75% of the pre-pandemic capacities. (Fortune)
–Speaking of Barbie: Mattel’s CEO Ynon Kreiz has big plans to turn the toy manufacturer into an entertainment company. The brand has 16 movies, including a Matchbox project starring John Cena and a Hot Wheels film from J.J. Abrams, in development. While Barbie’s notorious promo counted everything from social media memes to brand partnerships, that was only the beginning for Mattel, Kreiz says. “In the future we’ll be more organized in advance of the release and be able to do a better job,” he told Business Insider. “We’re not saying every movie will be the next ‘Barbie,’ but it’s the same approach and strategy in how we expand the brand.” (Business Insider)