Solv CEO Heather Fernandez | Purpose into Action

Solv CEO and co-founder Heather Fernandez talks with Greylock marketing partner Elisa Schreiber about a unique fundraising strategy Solv undertook to add more women investors to the company's cap table. In late 2021, Solv was wrapping up its Series C round when Fernandez was encouraged by longtime investor and friend Kara Norton (Upfront Ventures) to launch a special purpose vehicle (SPV) aimed solely at women investors. Within 10 days, the SPV raised $3.5M from 75 women investors, 60% of whom were women of color and a majority were first-time investors. Fernandez and Schreiber discuss the process and provide a playbook for other entrepreneurs. You can read a transcript of this conversation here: https://greylock.com/greymatter/purpo... Chapters 0:00 Introduction 1:16 About Solv 3:36 Project Captain Marvel 11:35 Existing Investors 15:03 Approach as a Founder 20:37 Open Up the Pool 22:21 Fostering Connection 25:14 SPV Playbook 27:57 Why Set Up SPV