20SALES closes $5M inaugural fund to spend money on early-stage B2B SaaS startups

20SALES, a enterprise capital fund led by eight girls, mentioned it has closed its $5 million inaugural fund, which it’ll make investments primarily in early-stage, business-to-business SaaS corporations.

The newly launched fund is an offshoot of enterprise agency 20VC, which was based by Harry Stebbings, however it’s a separate automobile solely. The fund plans to put in writing checks of $100,000 and above for pre-seed, seed and Sequence A corporations. It at the moment doesn’t have any reserves for follow-on investments and as an alternative will optimize for possession on the primary examine.

The fund hopes to spend money on a minimum of 50 corporations over the subsequent two years. Though the main target of the fund isn’t just to solely again girls, it hopes to focus its efforts there when attainable.

20SALES’ founding companions are Jessica Arnold, Stevie Case, Kelly Bray, Liat Bycei, Kim Graves, Renu Gupta, Maggie Holt, and Lauren Schwartz. All will likely be staying at their jobs and dealing at this fund part-time.

Stebbings, as a restricted associate and advisor to the fund, managed its fundraising course of and mentioned the capital got here from the LPs of 20VC. “They hardly ever do first-time funds, if ever,” he mentioned of his personal LP base. “Nonetheless, they instantly noticed the distinctive positioning of the fund and the immense high quality of the partnership. Given each these parts, it took a really brief time to lift.”

Different LPs embody Harvard Administration Firm and Stewart Butterfield.

Talking to TechCrunch, Hott mentioned the fund hopes to encourage the subsequent technology of ladies traders and have a fabric impression on the variety of girls operators within the house.

The fund additionally goals to assist construct a founder group for ladies. Feminine entrepreneurs obtain lower than 3% of all VC funds allotted in any given 12 months. “We need to fund extra of them,” Hott mentioned. “Easy.”