US-based investment bank Goldman Sachs has formed a $500m investment scheme called Launch With GS to invest in businesses established or managed by female entrepreneurs.
The scheme will allow Goldman Sachs’ customers to back late-stage companies run by women or to deliver seed financing for women-founded funds.
The firm launched another female-focused scheme, dubbed 10,000 Women, in 2008 to help female entrepreneurs from developing countries receive business mentoring and funding. The bank itself also intends to hire more women, pledging to make half of its worldwide personnel female.
Stephanie Cohen, chief strategy officer for Goldman Sachs, said: “The bottom line is this makes sense for our business – because investing and helping companies grow is our business. We also hope it makes a difference for women who have big ideas but find themselves cut out of the funding ecosystem.”
