This was as a great opportunity to build awareness of the change that is needed, and Åshild Hanne Larsen who presented on behalf of the founders underlined how they over years have been working to address the fact that women are perpetually underrepresented in technology, leadership, and investment roles globally, and that little real change has happened despite an increased focus on this important area. Even in Norway, considered world-leading in gender equality, only 15% of the CEOs and 13% of board chairs in the top 200 companies are women*. When it comes to venture capital, women entrepreneurs in Europe pulled in only a tiny fraction – 1% – of VC investment in 2021**.
Åshild Hanne Larsen then presented an answer to this challenge: Frøya Ventures – established to be a change- and innovation accelerator that drives gender diversity and equality by backing ideas and founders that are underrepresented or undervalued in today’s market. Frøya Ventures firmly believes that investment in women entrepreneurs is not only the right thing to do, but carries an enormous upside realised by providing equal opportunities – this could according to the World Bank create $160 trillion in wealth from better use of human skills. Studies have also shown that businesses founded by women ultimately deliver higher revenue, even with less investor capital and support. So putting the capital and knowledge of Frøya Ventures behind more diverse entrepreneurs and their bold ideas for building a better future makes all kinds of business sense.
It was a blast to attend the Pitch Night and be allowed to share the Frøya Ventures story and vision, right before the planned date for the official launch. The Frøya Ventures team enjoyed listening to, learning from, and meeting other venture capitalists and founders – and was particularly happy to cross paths with some impressive women entrepreneurs. The opportunity to reconnect with Bain alumni and employees, in particular the team working pro bono for Frøya Ventures, was also much appreciated.
“A big thank you goes to Bain & Company for inviting us – and for their support in defining our investment strategy. Together we sharpened our ambition, identified where to play, arrived at a clear investment sweet spot and outlined how to win by building a clear value proposition – resulting in a powerful strategy and a resilient set-up”, Åshild Hanne Larsen stated. “The perspectives and expertise of the Bain team were a major success factor for us, as was their engagement for and belief in our idea and concept”. Now the team is ready for the official launch and for getting Frøya Ventures successfully off the ground!
*Core Norwegian Gender Balance scorecard 2022
**European Investment Bank – Investment in women entrepreneurs
