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This year’s International Women’s Day theme, "Accelerate Action," couldn’t be more relevant for women in venture capital. Despite their resilience, vision, and groundbreaking innovations, female founders continue to face systemic barriers in fundraising, securing just 2% of VC funding over the past two years. At Forum Ventures, we believe that real change requires more than just conversation—it demands action.
To mark IWD 2025, we asked female founders about the women who have inspired them, and a piece of advice they would give to other female founders. We asked investors about how investors can better support female entrepreneurs raising capital. Their insights reveal not only the persistent challenges but also the tangible steps we can take to accelerate progress.
From founders who have learned to own their narratives, push past bias, and lift each other up, to investors advocating for more women at decision-making tables and equitable funding practices—these voices remind us that action isn’t optional. It’s urgent.
Here’s what they had to say.
Founders: Who are the women that have influenced or inspired your founder journey?”
Tooba Durraze, Amoeba AI
This is a very hard question, so I will narrow it down to women AI founders. Within that category, the two women who’ve really shaped my perspective in AI are Fei-Fei Li and Joy Buolamwini. Fei-Fei’s work in computer vision and human-centered AI showed me how important it is to build technology that actually serves people, not just scales. And Joy’s research on AI bias? Game-changing. She made the whole industry take a hard look at fairness in AI, which is something I think about constantly while building. Their work reminds me that AI isn’t just about innovation—it’s about responsibility. I also have some superstars in my day-to-day life that inspire me every day: Andrea Sleigh (badass nurse), Ruth Hickin (unapologetically authentic leader) and Diana Lopez (my support system for all things in life)
Kathy Leake, Soteria
I became a Founder 18 years ago when there were very few women running technology companies, especially in NYC. So truthfully, I didn't have mentors in that area. But, I didn't let that stop me from moving forward, You have to believe in yourself to build a company, you have to believe you can make it happen, you have to believe in yourself when you get knocked down and need to get back up again. If you don't have a mentor, don't let that hold you back from moving forward. Now, I mentor other women given that women still only get 3% of all available venture capital all these years later!
Gordana Ilić, Bettersea
My mother Jelena Ilić, who had her own boutique business when I was growing up and she was a role model for me when it comes to being a woman and owning a business. I would spend a lot of time in the boutique, which made me naturally become comfortable with customers and the concept of selling. It was the accelerator EF that later propelled me to considering entrepreneurship as a career path after my PhD. In particular, listening to Alice Bentinck, the co-founder of EF, who shared her journey and the stories of other founders made me become ambitious with an idea and patient with the process. I still remember this when we hit a rough patch. Finally, when it comes to role models of what kind of a business woman I want to become, I look up to Barbara Corcoran.
Nat Duncan, BugMars
I inspire myself every single day. No one else has lived every win or survived every loss the way I have. That said, Danielle Graham has shown tenacity, grace, and integrity in ways that have pushed me through some of my hardest moments.
Amanda Greenberg, Balloon
Every woman - every single one - who is building, creating, and pushing boundaries is a source of inspiration to me. Each one clears the path, adds to the momentum, and changes the course. Those who keep building, patiently and relentlessly, despite endless challenges and adversity.
When you're with other female founders, sometimes you just look at each other and silently nod - a shared understanding of everything it took to get here.
I also think a lot about the female Balloon Flight Template authors, the leaders in business and research whose insights directly shaped how we designed Balloon to eliminate biases and unlock the best ideas. Their work is a constant reminder that how we build teams, make decisions, and structure companies matters.
And, of course, I carry the lessons and strength of the women in my life—mentors, teachers, friends, and my mom - who set the foundation for everything. They showed me what it means to lead with determination, care, and thoughtfulness.
What’s one piece of advice you would give to other female founders fundraising right now?
Tooba Durraze, Amoeba AI
Own your narrative and don’t shrink yourself in the room. Fundraising as a female founder comes with its own set of biases, but one of the most powerful things you can do is control the conversation - lean into your strengths, metrics, your traction, and the value you bring to the table. Investors are betting on conviction just as much as the product, so be unapologetically confident in your vision. And if a door doesn’t open, remember: there are plenty of others that will. Find the people who genuinely believe in what you’re building.
Kathy Leake, Soteria
Fundraising right now is very difficult and the hurdles are much higher for Pre-Seed than I have ever seen before. When Pre-Seed investors are asking screening questions normally reserved for Series A & up - that tells you the climate is tough. I would look at alternative & non-dilutive forms of capital as a Plan B until the market gets better, focus on product and go-to-market fit to gain traction and then go out and raise from a place of strength.
Gordana Ilić, Bettersea
My piece of advice is - manage your energy. Don't book more than 5 meetings in a day and never have them back to back. Leave 30-60min in between to reset, reflect and follow up. You know from the first meeting whether they will invest or not. Don't take the feedback personally, they are likely not telling you the truth. Push the VCs too - you also deserve prompt and timely response.
Nat Duncan, BugMars
My advice for female founders fundraising is to stay focused, back other women, and own your space. Have you ever met a man as cool as you are? …Didn’t think so.
Amanda Greenberg, Balloon
Ignore the noise. Stay focused on your process, vision, and company. Iterate. Chase every opportunity. Push through all the no’s. You can do this.
Investors: What challenges do you think women founders face when raising capital, and how can investors better support them?
Annie Long, DMZ
"The playing field for women founders is still unequal. There remains a lack of accessible fundraising knowledge, a stark absence of women investors at most decision-making tables (nearly 3/4 of US VC firms do not have a single female investing partner), and overall ingrained biases. Investors can help to level this playing field by providing targeted early-stage access to education and networks, prioritizing the promotion of women decision-makers within their firms, and standardizing interactions to ensure equitable access to resources and feedback."
Lia Tavarez, HearstLab
I've seen firsthand how important community is for female founders. When women can connect, share their stories, and support each other, they're much better equipped to tackle the unique challenges they face. This supportive network becomes even more crucial when we consider the research showing female entrepreneurs face disproportionate obstacles compared to their male counterparts, particularly in securing funding during market downturns. Instead of pushing women toward premature or unfavorable exits, investors should give them the same opportunities and flexibility they typically extend to men. This level playing field would enable female-led companies to adapt their strategies and succeed even when market conditions aren't ideal.
Zoe van den Bol, Alpha Partners
Pattern recognition is a core aspect of investing, requiring the ability to identify traits that distinguish exceptional founders. To counter the biases against female founders, especially given their underrepresentation in certain industries, it is crucial to share success stories of women-led companies. This helps showcase the business acumen and leadership women bring to the table.
What’s one lesson from your VC journey that has empowered you the most?
Stephanie Campbell & Diana Murakhovskaya, The Artemis Fund
"The most empowering lesson from our VC journey is understanding that it's a marathon, not a sprint— persistence and building relationships for the long term is everything. We developed this mindset through our work on Wall Street and Capitol Hill. Staying committed, curious, and undeterred has been the ultimate unlock."
Naomi Goez, Forum Ventures
An empowering lesson I’ve learned along the way is that the most meaningful wins come from investing in relationships. Supporting founders, investors, and operators for the sake of it has repeatedly shown me how genuine relationships create an organic, positive feedback loop - one that leads to unexpected opportunities and long-term impact. This principle informs how I aim to engage in the ecosystem and reinforces the power of community.
Zoe van den Bol, Alpha Partners
I host monthly Women in VC dinners to bring together a select group of investors who are shaping the future of entrepreneurship. My career success, including landing my current role, wouldn't have been possible without the support of a close-knit circle of people who took a chance on me. While having a strong network is valuable, true success is rooted in having people who genuinely have your back. As an investor, I feel empowered knowing that I’m part of a community that supports my success, just as I support theirs
Incredible founders in our portfolio who are making strides
Mariel Reed, Pavilion
As Co-Founder & CEO of CoProcure, Mariel Reed is setting a new standard for parental leave policies in tech. Under her leadership, the company provides 12 weeks of paid leave for both birthing and non-birthing parents, fostering a culture where men and women are equally encouraged to take an active role in family life. Last year, they had 5 new babies born to Pavilionaires (her own included) - 3 women and 2 men.
Mariel believes that parenthood and professional success are not at odds, emphasizing that parents often become some of the most productive team members. Her leadership reflects a broader commitment to workplace equity, ensuring that businesses recognize and support the realities of parenthood while building a stronger future for the next generation
“In my own experience, being a parent has given new meaning to the work we do at Pavilion to improve the lives of Americans across the country - and set up a better future for the next generation. Plus, it's been so fun seeing these babies grow and develop at Pavilion!”
Kaylee Lieffers, Blanka
Kaylee Lieffers, founder and CEO of Blanka, is on a mission to democratize beauty entrepreneurship by automating supplier sourcing and compliance for e-commerce brands. Facing bias in a male-dominated investment landscape, she sought out investors who valued the $580B beauty market, building a cap table that reflects her vision and resilience.
Beyond Blanka, Kaylee is committed to empowering women in tech, emphasizing the power of community, mentorship, and strong networks. Her advice? Find your people. You are not alone. She encourages female founders to tap into their support systems and push forward—because the right allies can make all the difference.
Kamila Staryga, Rita Health
Founded by Kamila Staryga and Alessia Morichi, Rita works to shift how society approaches reproductive health and change the face of today’s reactive (in)fertility industry. Developed with clinical professionals, Rita’s assessment goes far beyond hormones and age by analyzing 102 factors that can impact fertility — allowing people to take action with holistic support and feel knowledgeable before they begin their journey to parenthood.
Patricia Thaine, Private AI
Co-Founder & CEO of Private AI, Patricia Thaine is at the forefront of privacy-preserving AI. Inspired by challenges in her research on acoustic forensics, she built Private AI to anonymize sensitive data, ensuring compliance with privacy regulations while enabling AI-driven insights.
Operating in the male-dominated fields of AI, cryptography, and cybersecurity, Patricia is pioneering solutions that mitigate bias, enhance data protection, and uphold ethical AI standards. She champions diverse teams and inclusive training data as critical tools in tackling bias, reinforcing her commitment to building AI that is both powerful and responsible.
Kathleen Chan, Calico
As the Founder & CEO of Calico, Kathleen Chan is transforming the $1.4 trillion supply chain industry by giving brands greater control over production. With a decade of experience in D2C fashion and e-commerce, she bootstrapped two brands before launching Calico—an AI-powered platform that simplifies supply chain operations for growing brands.
Kathleen’s impact extends beyond technology; she is reshaping an industry long dominated by legacy systems and male-led operations. By securing backing from Serena Ventures, she has broken barriers in venture funding while equipping brands with the tools to scale efficiently.
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The insights shared by these incredible founders and investors reinforce a powerful truth—closing the funding gap for women isn’t just about recognizing the problem; it’s about taking tangible steps to drive change. From advocating for more women at decision-making tables to pushing back against bias in fundraising, action is the only path forward.
As we celebrate International Women’s Day 2025, let’s commit to accelerating action—not just today, but every day. Creating a truly equitable startup ecosystem isn’t just women’s responsibility; we need male champions to step up, challenge biases, and advocate for equal opportunities. Whether it’s mentoring a female founder, championing fair investment practices, or reshaping workplace policies, we each have a role to play in building a more inclusive, opportunity-rich future for all. The future of innovation depends on it.
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