BBG Ventures, a female entrepreneurship-focused venture capital unit funded by telecommunications group Verizon, plans to raise a fund of undisclosed size that will admit external limited partners, Axios has reported.
None of the fund’s potential investors were named in the report, however it is thought the possibility of using Verizon Media, the digital media unit that combines properties including AOL, which formed BBG, as a sole limited partner has been ruled out.
BBG backs consumer product and services-focused companies whose founding team includes at least one woman. The policy aims to rectify female underrepresentation in consumer-facing startups, which BBG claims has persisted despite women making or influencing a clear majority of consumer purchases.
The firm launched in 2014 as an offshoot of the #BuiltByGirls women’s entrepreneurship scheme run by internet services business AOL, which merged with other Verizon media properties including Yahoo, Tumblr and HuffPost to become Oath in 2017, before Oath rebranded to Verizon Media last month.
BBG’s investments to date have included wedding registry platform Zola, which raised $25m in a 2016 series C round, as well as beauty services provider GlamSquad and mobile communications device developer GoTenna.