Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Denver news in your inbox
Catch up on the most important stories affecting your hometown with Axios Denver
Des Moines news in your inbox
Catch up on the most important stories affecting your hometown with Axios Des Moines
Minneapolis-St. Paul news in your inbox
Catch up on the most important stories affecting your hometown with Axios Twin Cities
Tampa Bay news in your inbox
Catch up on the most important stories affecting your hometown with Axios Tampa Bay
Charlotte news in your inbox
Catch up on the most important stories affecting your hometown with Axios Charlotte
Illustration: Lazaro Gamio / Axios
Entrepreneur Sarah Kunst is raising $10 million for a new fund called Cleo Capital, which will provide capital to female entrepreneurs to act as scouts, Axios has learned.
- She's already secured $1.7 million, per an SEC filing.
- Kunst made news last year for disclosing that she had received inappropriate messages from investor Dave McClure, who later was forced out of the firm he had founded.
Why it matters: Women still make up only 9% of decision makers in venture capital firms, and receive only a small fraction of VC funding. VC scouts typically keep much of the upside of their deals (as incentive to perform), so Cleo Capital could enable a new group of women to earn significant cash if they prove savvy at picking startups to back.