“In venture capital, where men and women still operate in separate business networks, I don’t need allies – I need business partners. Let’s stop talking about support and start talking about doing deals together. That’s where the real change happens. ”
— Sharon Vosmek
This 4-in-1 compilation episode focuses on a persistent disconnect between capital and capability: women are founding businesses at record rates and leading high-performing funds, yet the capital rarely follows.
The percentage of investments made in women-led businesses remains disproportionately low across nearly every market.
In the United States, for example, startups founded exclusively by women received just 2% of total venture capital funding in 2023. In Europe, the number was even lower – 1.8%. The United Kingdom tells a similar story: although over 20% of companies are led by women, less than 7% of venture capital reached them in 2024.
The same pattern exists on the other side of the table. Globally, only about 12.5% of portfolio managers are women – and that number has remained largely unchanged for more than a decade.
In other words, women are underrepresented both in receiving and managing capital.
Today’s episode is about those pushing back against that trend – women-led investment managers and those intentionally channeling capital into women-led businesses.
Here are the featured guests:
Sharon Vosmek, CEO of Astia & Managing Partner of the Astia Fund
Sharon Vosmek doesn’t see gender equity in venture as a social goal – she sees it as a market inefficiency. With just 2–3% of VC funding going to women CEOs, she argues the system consistently overlooks high-potential founders.
At Astia, she’s investing in women-led startups with strong early traction, particularly in underserved sectors like women’s health. She also challenges the informal, male-dominated networks – boardrooms, golf courses – where most deals are still made.
With over $30 million deployed and more than $550 million syndicated, Sharon offers a clear economic case: inclusion isn’t just the right thing to do – it pays off. Big time.
Full episode here.
Dr. Tara Bishop, Founder and Managing Director of Black Opal Ventures
Tara co-founded Black Opal Ventures to invest where healthcare and technology collide – and where traditional VC often misses.
She and her partner, Eileen Tanghal, raised $63 million from institutional investors like Eli Lilly and JP Morgan, becoming one of the rare female- and minority-led funds in venture. Their portfolio reflects that identity: women-led companies, underserved markets, and problems overlooked by legacy capital.
Tara’s point is simple – when women aren’t at the table, entire sectors, like women’s health, get misread or ignored. At Black Opal, that gap isn’t just visible – it’s investable.
Full episode here.
Tammy Newmark, CEO and Managing Partner of EcoEnterprises Fund
Tammy leads EcoEnterprises Fund, a women-run investment firm focused on nature-positive businesses across Latin America. For over two decades, she’s backed companies in sustainable agriculture, ecotourism, and agroforestry – many led by women and rooted in rural or Indigenous communities.
Gender equity isn’t the fund’s focus, but it runs through the portfolio: in leadership teams, supply chains, and daily operations. About half of their investments meet 2X Challenge criteria – not because it’s the mandate, but because that’s who’s doing the work.
With $150 million under management, the fund combines financial discipline with long-term environmental and social goals. For Tammy, it’s not about chasing scale – it’s about aligning capital with the way ecosystems and communities actually function.
Full episode here.
Stephanie Cohn Rupp, CEO of Veris Wealth Partners
Stephanie runs Veris Wealth Partners, one of the few wealth management firms built from the ground up to do just one thing: impact. With $2.3 billion under management and offices across the U.S., Veris has been majority women-led and women-owned since its founding in 2007.
It’s built entirely around impact – certified B Corp, net zero, and intentionally conflict-free – and applies that lens across every asset class, with a deep focus on racial equity, climate, gender, and community wealth.
For Stephanie, this isn’t about doing impact. It’s about being built for it.
Full episode here.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Castbox, YouTube Music, Amazon Music, or on your favorite podcast platform. You can watch the interview on YouTube here.
What was your favorite quote or lesson from this episode? Please let me know in the comments.
SHOW NOTES:
[00:00] Introduction
[01:39] Innovation depends on inclusive leadership in VC
[03:35] Including women could boost GDP by 6%
[08:30] Business happens in exclusive, intimate male spaces
[14:54] Diverse founders often generate revenue earlier
[16:42] Astia’s companies have lower failure rates
[00:11] Black Opal Ventures – origin story
[07:03] Black Opal’s mission and investment focus
[08:11] How diversity in the team shapes the portfolio
[09:07] Implicit bias and hurdles for female founders
[14:08] Targeting top decile returns with industry timing
[16:36] Defining healthcare’s most urgent problems
[00:27] What EcoEnterprises Fund does and how it began
[01:19] High-touch investment model for Latin America
[02:56] Gender equity and 2X Challenge explained
[04:56] Why being women-led is a competitive advantage
[06:30] Latin America’s ecological and economic significance
[12:22] Linking conservation to community well-being
[16:50] Certification, traceability, and equitable value chains
[23:06] Lessons from failed and successful investments
[00:00] Veris as a 100% impact-only B Corp
[02:47] Veris portfolio size, themes, and client base overview
[06:22] The firm’s DEI integration and conflict-free structure
[10:03] Challenges of measuring impact across diverse asset classes
[15:54] Veris’ four core themes: climate, equity, agriculture, wealth building
[26:27] Europe vs. US on climate policy and regulation
[31:56] The evolution and mainstreaming of impact investing
MORE QUOTES FROM THE INTERVIEWS:
“Black Opal’s portfolio shows greater gender and racial diversity than most. We don’t set quotas, but as a female-led, minority-led fund, we naturally attract incredible founders from all backgrounds. ”
— Tara Bishop
“Around 50% of our investments are in women-led or managed businesses. We don’t set quotas – we prioritize returns and environmental impact, and those thresholds naturally follow. ”
— Tammy Newmark
“At Veris, we don’t just offer impact investing – we embody it. Unlike traditional firms, we’re a women-led B Corp with no proprietary products, no conflicts of interest, and a 100% commitment to aligning every investment with our clients’ values. ”
— Stephanie Cohn Rupp
