Peanut, the UK-based developer of a social networking app for women, has launched a $300,000 micro fund focused on backing female startup founders, TechCrunch has reported.
Founded in 2017, Peanut operates a mobile-based social networking platform where women can meet like-minded users and discuss topics such as fertility and motherhood.
StartHer will invest between $25,000 and $50,000 in startups founded by women and other underrepresented groups in entrepreneurship, focusing on pre-seed stage companies aiming to make a “positive impact on society, healthcare or the environment.”
The fund will make three to four investments in 2021 but will not take an equity stake in its portfolio companies. StartHer will also provide access to mentorship and its strategic network.
The vehicle will be led by an investment committee featuring Peanut founder and CEO Michelle Kennedy and Anu Duggal, founding partner of Female Founders Fund, as well as Vanessa Kingori, chief business officer of media company Condé Nast Britain.
Shilpa Yarlagadda, founder of jewellery retailer Shiffon Co and Startup Girl Foundation, is also on the committee, as is author and columnist Elizabeth Uviebinene and journalist and angel investor Bérénice Magistretti.