Trans founders at VCs: "Write me a check"
There is no data showing how much VC funding goes to trans founders.
All there is is a report from Backstage Capital that 1% of all VC funds have gone to founders who openly identify as LGBTQ+. (According to a recent Gallup poll, 7.1% of Americans identify as LGBT+.)
That's an incredibly low amount of funding, although not surprising considering how easily homophobia and transphobia could creep in and prevent investors from donating money to those they don't support or understand.
"Investors would be so paralyzed by the complexity of this patient population that we wouldn't even be able to pitch our product." Kate Anthony, founder of Euphoria
Kate Anthony, the founder of the Euphoria app, which connects people with gender-affirming health care resources, said her fundraising journey was horrific and "really tough." Investors didn't understand the importance of the trans population or why his business was needed. She also faced a lot of prejudice.
"There's a 50% chance that when I talk to someone, they don't want someone like me to exist," she said.
"It was a game of immense trial and error," she said, adding that she pitched 272 investors and scored 12 on Euphoria's pre-seed cap chart. She wants to raise an official funding round, though she's hesitant given the economic climate, not to mention the prejudice she'll likely continue to face as a trans founder. "It's just depressing and demoralizing."
TechCrunch conducted a survey of current market sentiment — what we like to call a “vibe check” — to see what trans founders looking for venture capital look like, especially when their product targets the trans community. Many said investors are often suspicious of their product's market potential, while others described an emotional process of coming out at every meeting to people who may or may not support their existence.
There is no data showing how much VC funding goes to trans founders.
All there is is a report from Backstage Capital that 1% of all VC funds have gone to founders who openly identify as LGBTQ+. (According to a recent Gallup poll, 7.1% of Americans identify as LGBT+.)
That's an incredibly low amount of funding, although not surprising considering how easily homophobia and transphobia could creep in and prevent investors from donating money to those they don't support or understand.
"Investors would be so paralyzed by the complexity of this patient population that we wouldn't even be able to pitch our product." Kate Anthony, founder of Euphoria
Kate Anthony, the founder of the Euphoria app, which connects people with gender-affirming health care resources, said her fundraising journey was horrific and "really tough." Investors didn't understand the importance of the trans population or why his business was needed. She also faced a lot of prejudice.
"There's a 50% chance that when I talk to someone, they don't want someone like me to exist," she said.
"It was a game of immense trial and error," she said, adding that she pitched 272 investors and scored 12 on Euphoria's pre-seed cap chart. She wants to raise an official funding round, though she's hesitant given the economic climate, not to mention the prejudice she'll likely continue to face as a trans founder. "It's just depressing and demoralizing."
TechCrunch conducted a survey of current market sentiment — what we like to call a “vibe check” — to see what trans founders looking for venture capital look like, especially when their product targets the trans community. Many said investors are often suspicious of their product's market potential, while others described an emotional process of coming out at every meeting to people who may or may not support their existence.
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