Moving Beyond Token Diversity in Fintech and Fundraising | Fund F | FF Virtual Arena #333

The conversation around gender diversity and the female voice in VC and fundraising, is growing. One such advocate for the importance of supporting female founders is Nina Wöss, founder of VC firm, Fund F.

But how do we move beyond tokenism, what are the strengths that diversity provides and what can be done to address the current challenges in fundraising for all founders.

To find out more, we spoke to Nina Wöss in this edition of the FF Virtual Arena.

The Birth of Fund F

To begin with, we find out more about Nina’s professional background. How her interest in early-stage investing began and previous experiences in venture capital. It was here of course that she found out more about the ongoing gender gap, in the tech and venture capital sectors. She co-founded Female Founders, a community focused on empowering female entrepreneurs, and later Fund F, a venture capital firm launched two years ago to support female-led startups.

The Benefits and Challenges of Gender-Diverse Teams

Gender diversity is not just about ticking boxes, there are strategic benefits to increasing it within founder teams. Wöss explains that products designed by startups should reflect the diverse users they serve, making it crucial for diverse voices to be represented in tech teams. Secondly, she emphasizes that research has consistently shown that diverse teams outperform homogeneous ones in terms of creativity and business performance. For her, gender diversity is not only a moral issue but also makes financial sense.

Ali Paterson also raises a frustration shared by many: tokenism in the industry, where women or minority speakers are often only invited to speak about diversity rather than their actual expertise. Nina shares his frustration, noting that despite her extensive experience in venture capital, she is often only asked to sit on diversity panels. She advocates for more inclusive spaces where diversity is embedded in the structure of discussions, rather than a token gesture.

But fundraising is tougher than ever, especially for first-time founders, who often face longer funding cycles. Female founders, many of whom are first-timers, encounter additional challenges. Despite the difficulties, she believes that talented founders will always be able to raise capital. This is where Fund F plays a proactive role, often acting as a lead investor and helping startups put together funding rounds. 

Impact of the Fundraising Winter

We also find out more about what has happened recently in the fundraising space. The recent “fundraising winter” has shifted the startup landscape, with many founders adopting a more revenue-first approach. Nina is cautiously optimistic that the lessons learned during tough times will stick. She reflects on past deals, like e-scooter and food delivery startups, where profitability was often overlooked, and hopes for more diligence in the future. However, she notes that serial entrepreneurs still find it easier to raise capital based on reputation alone, a luxury not available to most first-time founders.

In answer to some of these challenges, Fund F takes a generalist approach to investing but places particular importance on sectors like health tech and fintech. Financial inclusion is a significant concern for Fund F, especially concerning how women engage with financial systems—saving, investing, and building personal wealth. While they have yet to close a deal in this space, Nina is optimistic about the opportunities it presents.

The Impact of Fund F

Of course this isn’t their only focus. When asked what Fund F looks for in founders, Nina emphasizes resilience, charisma, and strong communication skills. She also values empathy and the ability to articulate the problem a startup is solving. Nina believes that the founding team’s ability to convey their vision to investors, employees, and customers is critical to their success.

Nina concludes by discussing the long-term impact Fund F hopes to achieve. She envisions a future where female-led startups create a positive cycle—achieving unicorn status, generating wealth for their founders and employees, and reinvesting in new startups. For Fund F, diversity is not just about the founding team but also extends to the composition of the company’s board and cap table. The goal is to create a lasting change in the entrepreneurial ecosystem by supporting diverse teams that can inspire future generations.

It’s a really insightful interview, so be sure to check out the full video above, and check out more of our great Virtual Arena interviews on our website.