Startups

These are the 19 best female early-stage investors, according to a proprietary AI model known as 'Moneyball for VC'

Stephanie Zhan - Sequoia Headshot.
Stephanie Zhan Jake Stangel/Sequoia Capital
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Even though venture capitalists invest in tech companies, most VCs are still decidedly low-tech, relying on gut, intuition, and personal relationships to make investment decisions.

TRAC, a San Francisco-based early-stage firm cofounded by Fred Campbell, Joseph Aaron, Scott Pyne, Steve Marek, and Dick Fredericks, aims to take a more systematic approach. It developed a proprietary model it calls "Moneyball for venture capital" that uses AI to predict which early-stage startups are most likely to become unicorns, which are companies valued at more than a billion dollars.

"At TRAC, we are in the prediction business," said Aaron. "Data is our investment committee and AI is our MO. We are 100% data-driven."

Key to the model is a very small group of 261 early investors it labels "SuperForecasters," which the firm has found can predict with a remarkable degree which young companies will someday mature into unicorns.

The firm has kept the names a closely guarded secret, but earlier this year, BI revealed 30 of the SuperForecasters. Only two women were on the list, reflecting the fact that women still make up only about 11% of investing partners at US VC firms, according to a study by Harvard's Kennedy School of Government.

Now, TRAC is sharing 19 exceptional female investors who its model shows are well on their way to being SuperForecasters or in the case of Stephanie Zhan, Natalie Diggins, and Shruti Gandhi, are already there.

"By following this methodology, we aim to highlight the most promising and active new women venture capital investors who are making significant impacts in the industry," Aaron said.

Stephanie Zhan, Sequoia Capital

Stephanie Zhan - Sequoia Headshot.
Stephanie Zhan Jake Stangel/Sequoia Capital

Notable investments: Skild AI, Linear, Middesk, Rec Room, Replicate, Tavus, Mach Industries

Growing up in Asia, Zhan learned to code by creating basic video games and later studied computer science at Stanford. She joined Sequoia Capital in 2015, where she focuses on early-stage companies. Zhan's board seats include Skild AI, which is building a AI foundation model for robotics, and Linear, a software development platform.

Natalie Diggins, angel investor

Natalie Diggins
Natalie Diggins Courtesy of Natalie Diggins

Notable investments: Vitally, TypingDNA, Gryps, Atomic Jar, Une Femme Wines

Diggins wears many hats, as a technologist, founder, board member, advisor and angel investor. She is also the founder of TheArts.ai, an initiative that bridges the arts and technology. "As a hands-on operator, I invest in companies that are solving problems I deeply understand" Diggins told BI.

Lan Xuezhao, Basis Set Ventures

Lan Xuezhao
Lan Xuezhao Courtesy of Lan Xuezhao

Notable investments: Quince, Scale, Drata, Ergeon, CuspAI

Xuezhao founded Basis Set, an early-stage venture firm with over half a billion under management and one of the earliest firms to focus on machine learning and automation. "I like founders with the steepest learning curve, and exceptional execution," Xuezhao told BI.

Jana Messerschmidt, Founding Partner #Angels

Jana Messerschmidt
Jana Messerschmidt Courtesy of Jana Messerschmidt

Notable investments: Vanta, Lovevery, Ashby, Fireflies, Persona

Messerschmidt led Twitter's global strategic partnerships until 2016 and joined Lightspeed Venture Partners in 2018. She also founded #Angels in 2015, a team of experienced executive operators collaborating to make angel investments. Asked for the most important factor she looks for when deciding to write a check, Messerschmidt says: "Founder tenacity and unrelenting capacity to solve problems."

Shruti Gandhi, Ventures

Shruti Gandhi
Shruti Gandhi Shruti Gandhi, Courtesy of Ventures

Notable investments: Placer.ai, Overview.ai, Uniform.dev, Happyrobot.ai, capsule.video

Gandhi is an AI engineer who started Ventures to invest in technical founders like herself who are starting enterprise companies in areas like AI, data, and cloud. Gandhi says she seeks out "agitated technical founders who have domain expertise in different stacks of an enterprise business and are raising their first round of capital."

Kirsten Connell, Octopus Ventures and Alma Angels

Kirsten Connell
Kirsten Connell Courtesy of Kirsten Connell

Notable investments: Tessian, Immersive Labs, Visible, Cogna, Dudechem

Connell is an angel investor at Alma Angels, which is a community of investors who have pledged to invest in female-founded startups. She also is an investor at London-based Octopus Ventures, which backs health, fintech, deep tech, consumer, and B2B software companies. Connell says she searches for '"pattern-breaking' founders who have the grit, resilience, and capability to build outlier companies."

Preetha Parthasarathy, SAP

Preetha Parthasarathy
Preetha Parthasarathy Courtesy of Preetha Parthasarathy

Notable investments: Hasura, Deepgram, Jina, Crosschq

Parthasarathy seeks out startup investments as a member of the corporate development team at software giant SAP. Previously, she was the investment director at Intel Capital. Parthasarathy says the most important thing she looks for in a company is "strength of the founding team."

Elizabeth Weil, Scribble Ventures

Elizabeth Weil
Scribble Ventures founder Elizabeth Weil Scribble Ventures

Notable investments: Whatnot, Certn, Streamline, Checkmate, Brox.ai

Weil founded Scribble Ventures in 2020 to back early-stage tech startups with checks up to $1.5 million. Before that, she was a partner at venture firms, including A16z and 137 Ventures, and an executive at Twitter. She's been angel investing in startups for more than a decade and has backed companies like SpaceX, Carta, Slack, and Figma.

Anna Barber, M13

Anna Barber is a partner at M13
M13

Notable investments: Maven AGI, Upwards, Max Retail, Norm AI, Slingshot Aerospace, VoyceMe

Barber has worn many hats since the beginning of her career — as a corporate lawyer, a McKinsey consultant, a startup founder, and now an investor. She previously served as a managing director of Techstars and ran the firm's Los Angeles startup accelerator. At M13, she backs startups innovating in health, finance, work, and commerce.

Dovey Wan, Primitive Ventures

Notable investments: Coindesk, Chaos Labs, Flexport, GrubMarket, PathAI

Wan is the founding partner of crypto-focused Primitive Ventures, a firm that invests only its own money to promote cryptocurrency tech as "the new socioeconomic primitive." After a four-year stint at eBay, she became a full-time investor and now crypto influencer, with more than 136,000 Twitter followers.

Sophia Bendz, Cherry Ventures

Sophia Bendz, partner at Cherry Ventures
Cherry Ventures

Notable investments: Oura, Clue, Mantle, Manual, Wikifarmer

Bendz, based in Stockholm, Sweden, invests in seed-stage companies as a general partner Cherry Ventures. Before breaking into venture capital, she was Spotify's global director of marketing for seven years. She served as a partner at Atomico before joining Cherry Ventures, and remains an Atomico advisor. She's also made more than 50 angel investments.

April Underwood, Adverb Ventures

AprilUnderwood
April Underwood April Underwood

Notable investments: Outset, Particle, Piramidal, Vanta, Color

Underwood began making startup bets while working at Twitter in the early 2010s, cofounding #ANGELS with other former female Twitter executives and making her own investments on the side. She teamed up with one of those Twitter alums, Jessica Verilli, to start Adverb Ventures with a $75 million fund in 2023. She's also on the board of directors at Zillow and Eventbrite.

Anna Palmer, Flybridge Capital Partners

Anna Palmer, general partner at Flybridge and cofounder of XFactor Ventures.
Anna Palmer, general partner at Flybridge and cofounder of XFactor Ventures. Anna Palmer

Notable investments: beehiiv, Zubale, Chief, Syrup Tech, Mixlab

Palmer started her first company, the designer clothing donation company Fashion Project, after graduating from Harvard Law School in 2011. She went on to start and lead two other companies, including XFactor Ventures, a Boston-based venture fund focused on female founders. She was the first female general partner to join VC firm Flybridge in 2020.

Alongside three other female investors, Palmer is also a cofounder and part-owner of a new Boston soccer team in the National Women's Soccer League, which will start playing in 2026.

Carine Aagescas, AngelPad

Carine Aagescas, AngelPad
Carine Aagescas carine magescas

Notable investments: PostMates, AllTrails, ElasticBox, Pict

Carine Aagescas founded the startup accelerator AngelPad in 2010 and has invested in more than 150 startups during her time as an angel investor. She comes from the marketing world, having held director-level communications roles at two software startups before founding her own company, an e-commerce platform for buying French home accessories in the US. She's also a fine art photographer who has done solo and group exhibitions in New York and San Francisco.

Sarah Imbach, braincandy

Notable investments: Change.org, Outreach

Sarah Imbach played a crucial role in growing a handful of early-aughts startups that went on to be big public companies – she was a senior vice president at PayPal, COO at LinkedIn, and COO at 23andme – before moving to the investing side. She's been angel investing since 2010. In 2020, she co-founded braincandy, an online community to help readers find their next book to read.

Ellen Levy, Silicon Valley Connect

Ellen Levy
Ellen Levy, Managing director of Silicon Valley Connect Christopher Michel

Notable investments: BetterUp, Omni, Banjo, Jobr

Ellen Levy's day job is managing director of Silicon Valley Connect, an organization that facilitates relationship building between the San Francisco tech community and the rest of the world.

In addition to holding that position since 2007, Levy has made angel investments in dozens of startups and advises them. She started her career in the corporate world and has completed stints at PwC, Apple, Stanford University, and LinkedIn, where she was vice president of strategic initiatives.

Eurie Kim, Forerunner

Eurie Kim, Forerunner
Eurie Kim, Forerunner Forerunner

Notable investments: Oura, The Farmer's Dog, Away, Stan

Eurie Kim has been writing checks for consumer startups for more than a decade, and she's the managing partner at Forerunner. Before joining Forerunner in 2012, Kim invested in growth-stage consumer and retail companies with Bain & Company.

Kim started her career in management consulting, and today she sits on the board of startups including Oura, Curology, and The Feed.

Sonali de Rycker, Accel

Sonali De Rycker
Accel partner Sonali De Rycker Accel

Notable investments: Spotify, BeReal, Lyst, Match

After getting her start in investment banking, Sonali de Ryker has spent the majority of her career working in VC, first at Atlas Venture and currently as a partner at Accel, which she joined in 2008. Based in London, de Rycker is interested in marketplaces, SMEs, and fintech, and she's backed startups including Spotify, BeReal, Lyst, and Match.

Nicole Junkermann, NJF Capital

Notable investments: Infront Sports & Media, Owkin

UK-based Nicole Junkermann founded NJF Capital in 2012 to make investments in the healthtech, fintech, foodtech, and deep tech verticals. Of the more than 40 companies the fund has invested in, 30% are unicorns. She's a career entrepreneur, having launched soccer gaming platform Winamax after graduating from college.

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Ben Bergman
I'm a senior correspondent at Business Insider, where I cover the tech industry with a focus on venture capital and startups.I can frequently be seen on CNN and other channels providing analysis on a range of business and economic topics. I also appear often at dozens of the biggest events around the world, including the World Economic Forum, HumanX, and Web Summit.Please get in touch if you have a story to tell. For tips (not pitches), you can message me securely on Signal @BenBergman.11Previously, I was a senior reporter at LAist/Southern California Public Radio, where I covered business and economics. I have also written for The New York Times and Columbia Journalism Review and was a reporting intern at The Times. I started my career as a producer for NPR's Morning Edition and also produced award-winning documentaries for public television.I spent the 2017-2018 academic year at Columbia Business School as a Knight-Bagehot fellow. After that, I oversaw the development of The Journal, a daily podcast produced by The Wall Street Journal and Gimlet Media.Originally from Seattle, I graduated cum laude from Occidental College in Los Angeles with a degree in politics.In my free time, I love skiing, tennis,  poker, and cheering on the Seattle Seahawks. I competed in the 2024 World Series of Poker Main Event but sadly did not win. 
Rebecca Torrence, Correspondent at Business Insider
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Rebecca Torrence was formerly a correspondent at Business Insider covering startups and venture capital.She lead BI's reporting on healthcare startups while covering growth-stage companies and exits more broadly. She tracked private capital trends and breaks news on fundraises, M&A, and IPOs.Rebecca has been writing about healthcare technology for BI since 2022. Previously, she was a staff writer at Fierce Healthcare. She graduated from Duke University, where she studied neuroscience and journalism, and now lives in New York City. Have a tip? You can reach Rebecca at rtorrence@bjinnox.com or message her on the encrypted app Signal @rebeccatorrence.25. Use a personal email address and a nonwork device; here’s our guide to sharing information securely.Selected stories: