America is the land of hope, opportunity and dreams. If you work hard enough, you’ll eventually find success. That’s the premise that this country was founded on. This is the country where millions immigrated to in order to find a better future. Well, unfortunately, some things are easier said than done.
Imagine living in one country and finding tremendous success with not one, but two businesses that you’ve founded. And while you were doing that, you were able to raise millions of dollars in venture-capital funding. Then imagine taking your hot streak to America only to find out that female entrepreneurs have difficulty finding the funding that they need. This was the real-life story of Anu Duggal. After moving to India and starting two businesses, Duggal moved back to New York and found the disparity between the two countries’ entrepreneurship industries alarming.
So, Duggal decided to do something about.
Noticing that the entrepreneurial landscape was changing, Duggal felt that women could start making major waves in building businesses. “I felt like we were at a pretty interesting point in time where you were definitely going to start seeing great companies being started by women,” said Duggal in an Inc.com article.
Even with a woman of Duggal’s experience and success, it was very difficult to found the Female Founders Fund. According to Duggal, she held 700 meetings over the course of two years just to get the first round of funding for the organization. As anyone would, Duggal seriously questioned whether or not what she was doing was the right move or not. But, she continued to push forward, eventually gaining success.
But what is truly remarkable about Dugga’s story, is her determination. Duggal says that for every “no” she received from potential investors, she would push for one connection; just one more person that could see the benefit of what she was doing. And it worked!
In 2016, the Female Founders Fund raised $6 million in funding for companies like Zola and Maven Clinic. And even with a good deal of traction three years ago, Duggal and company finally achieved true success this year: Eloquii, an online retailer of plus-sized clothing, was recently purchased by Walmart last year for $100 million. Duggal is making a clear statement to the investment and entrepreneurial communities: women can drive change. These companies were all founded by women and they have found their success. What’s more, the Female Founders Fund has recently launched a second round of funding last year totaling $27 million. As the organization grows, and the investments multiply, Duggal and co. will reap in the benefits of trusting female founders.
This is an exciting time to be a female founder. In 2012, roughly 64% of businesses were started by men, but now, women are closing that gap. If you are a female entrepreneur looking for funding, consider the Opes Group. We here at the Opes Group are constantly looking for new and exciting opportunities with entrepreneurs that break the mold. Visit the OpesGroupllc.com.