2023 Impact Report
Living Our Values
In 2023, the Project W team was more committed than ever to overcoming old and new obstacles that women face in the entrepreneurial ecosystem, in the workplace, and in the boardroom. We don’t just talk about our core values, we live them.
EQUITY
We work to achieve equity in access to resources and connections, to funding, and to a seat at the table.
IMPACT
We aim to make a meaningful impact in everything we do, both quantifiable and incalculable.
COMMUNITY
We lean into the power of partnerships, of peers, and of allies.
This work is more important than ever. 2023 delivered a gut punch with the back-to-back lawsuits against Hello Alice and the Fearless Fund. Those lawsuits claim that grants made to Black business owners violate the Civil Rights Act of 1866, perverting the remedial purpose and legislative intent of that statute.
Just as we think we are making some progress, taking one step forward, we take two or more steps back.
These challenges are occurring across industries and sectors, most recently in law and in sports, targeting initiatives seeking to redress deep and longstanding inequities. However, in the venture ecosystem, these challenges have the potential to be particularly devastating because progress to date has been so incremental. With approximately only 1% of the billions of venture capital dollars being invested in Black-led startups, there is literally no margin to regress.
In these pages we reflect on our efforts in 2023 and the countless individuals and firms that have made this work possible. We hope you will be inspired, as we are, to undertake the essential work necessary to achieve a business environment where women have a seat at the table and a meaningful stake in the next wave of innovation.
Equity
Helping Women Overcome the Obstacles to Success
Since 2016, Project W has offered programs designed to help women entrepreneurs build successful businesses. As we have expanded our offerings over the years, we have also extended our support to women leaders whose actions and voices are changing the gender balance in business. Having more women at the top benefits all of us.
Empowering Women Entrepreneurs
Women Entrepreneurs Boot Camp
Through our Women Entrepreneurs Boot Camp (WEB), we provide women founders of seed-stage tech companies with resources and connections they need to accelerate the growth of their companies. Our goal is to see women-led companies capturing more capital at the Series A stage and beyond.
2023 was a year of firsts for WEB.
WEB San Francisco
We held our first WEB in San Francisco | May 2023.
Amex WEB
Project W and Amex Ventures partnered to present Amex WEB as part of SPARK | October 2023.
Meet Some of the WEB Founders
Sarika Bajaj
Sarika Bajaj and her co-founder Tushita Gupta are solving a 186-billion-pound problem. That's 186 billion pounds of textiles that are discarded each year, while less than 1% of that waste is recycled. With deep research backgrounds in artificial intelligence and textile engineering, Sarika and her co-founder founded Refiberd to create a solution to unlock a 100% circular economy. Sarika raised a seed round and is focused on piloting Refiberd's textile sorting technology with key customer segments, like textile recyclers and sorters, to validate the success of the technology and establish recurring revenue through deployment contracts.
Since WEB San Francisco, Sarika and Tushita won H&M Foundation's Global Change Award 2023, which presented Refiberd with a €200,000 grant and a year-long accelerator program, providing access to the biggest global brands and players in the textile industry. This milestone greatly facilitated Refiberd's pilot program and the team signed five different customers to test Refiberd's technology.
Courtney Jeffries
Courtney Jeffries is a recovering sports executive utilizing her industry experience to activate the next generation of fan engagement. Since joining VRTL as CEO, Courtney has remained focused on extending the excitement of in-person fan experiences to a global fanbase, targeting the 95% of fans who will never attend an event in person and enabling brands, teams, and organizations to extract greater lifetime values from those fans.
VRTL works with a wide range of clients and, since WEB, has closed multi-event contracts with the World Athletics Sports Federation and CSM sports agency. And, most recently, executed a successful pilot event for the International Olympic Committee, leading to a contract for the Summer Paris Olympic Games in 2024.
Courtney was introduced to us by Jeff Seltzer, one of our most valued allies featured later in this report.
Evelyne White
Evelyne White founded SixPlus in 2016 to connect corporate sales, events, and marketing professionals with private dining and event spaces in restaurants and hotels. When Evelyne participated in WEB in 2019, her company was taking off and, by February 2020, had booked $14 million in top-line GMV. Then COVID hit, and for two years the company went into “active hibernation.” They used that time, with PPP assistance and a skeleton team, to build out a new subscription product, which they launched in 2022. With proprietary video and premium content, this new Pro Tier is the leading tool used by law firms, investment banks, and Fortune 1000 companies to source and book private rooms.
Evelyne re-joined us for Amex WEB, four years after her first WEB, and SixPlus is doing better than ever. Sales have rebounded and are on target to hit 2019 top-line GMV, with stronger margins. Evelyne and her team are a testament to how resilience, grit, and perseverance can pay off.
Zara Perumal
Zara Perumal’s background and interest in AI and cybersecurity led her to co-found Overwatch, which uses AI to help risk and market intelligence teams monitor real-time data for events or narratives that might impact their companies. Zara deployed her expertise and experience as a former tech lead for Google’s Threat Analysis Group to build Overwatch’s machine learning systems that understand text-based data and can expose critical data to risk managers.
Since Amex WEB, Zara and her co-founders have converted pilots with SoFi and Eventbrite to annual contracts and expanded enterprise pilots to eight customers across the financial fraud and geopolitical intelligence use cases. Overwatch has also had the opportunity to speak at the Marketplace Risk and Reuters Next conferences.
Tech Equity Hub
Black and Latinx women founders face additional barriers that are rooted in longstanding inequities in the business world and in society at large. Through virtual workshops, 1:1 mentoring and coaching, and a live pitch evening in New York, the Tech Equity Hub (TEHub) aims to unlock the potential of Black and Latinx women to build great companies.
Breaking Down Barriers
In our February newsletter, Tanea Foglia, Director of the Tech Equity Hub, wrote about one of the challenges faced by women of color: Family and Career? That’s Not the Right Question.
Unlocking the Potential
The founders in our 2023 Tech Equity Hub are Changing the World One Company at a Time.
Learn more about our mission:
Why Mentoring Matters
Each founder in the Tech Equity Hub is assigned at least one mentor who has relevant expertise to help the founder address particular challenges she is facing. Here’s how two founders worked with their mentors to overcome some of these challenges.
Elena Givens and Nicole Hamilton
Elena’s company, Healthcare Dollar, is building a platform that enables consumers to compare prices for elective medical procedures and to help consumers estimate their uninsured out-of-pocket costs. With a twenty-plus-year career in health information management, Elena has a deep understanding of how technology can minimize healthcare costs. However, building the tech tools and marketing them to customers presented new challenges for Elena.
Nicole had an extensive career in product development and management, and has years of expertise writing specifications for, and managing outsourced development projects. The founder of two technology companies, one B2B and one B2C, Nicole also had hands-on experience marketing and selling tech solutions.
Elena and Nicole met virtually three times, during which Nicole helped Elena think through a pivot from a B2C model to a B2B model and suggested ways to develop her marketing funnel. Nicole, who presents a workshop at the Tech Equity Hub on tech tips for non-technical founders, also advised Elena on how to approach her search for a CTO.
According to Elena, her time with Nicole made a huge difference at a real inflection point in the development of her business. Elena is off and running, focused on integrating her business model into her marketing and sales efforts, and with a new CTO on board to help build out her technology.
Hear from Elena:
Coming from an immigrant family, Alex had to be smart about money. For her, gift cards were an important financial tool not just a nice-to-have. Alex founded Jisell to help consumers maximize the value of their cards and at the same time help brands minimize their losses from unredeemed cards. Raising the capital Alex needs to grow her business was keeping her up at night. Most investors did not understand the gift card space, and Alex struggled to find a compelling way to convey the problem and explain why she was the person to solve it. She also needed to get nimbler in responding to investor questions regarding the economics of her business.
Before becoming an early-stage investor at SHAKTI, Liz spent the first part of her career at Morgan Stanley, including with the firm’s Inclusive Ventures Lab (formerly the Multicultural Innovation Lab). Liz has years of experience coaching early-stage companies and investing in them and she understands the dynamics of fundraising from both the founder and the investor perspective.
With guidance from Liz, Alex dug into the economics of her business and honed her value proposition. Alex applied the advice from Liz to give a terrific presentation at the 2023 Tech Equity Hub Founder Showcase at SAP’s headquarters on October 2, leaving no question as to the value Jisell delivers and how the company makes money doing so.
Hear from Alex:
Pitch for Feedback Sessions
Building relationships with investors is critical for women entrepreneurs. Through our Pitch for Feedback events, founders present their companies to investors and advisors for actionable feedback on their businesses and to build relationships for the future.
Founded in Texas – March 2023
At SXSW, women founders of Texas-based tech companies met with and got feedback from investors from across the country.
SPARK – August and September 2023
In partnership with Amex Ventures, women founders met with investors from Amex Ventures and subject matter experts from American Express and came away with new connections and insights.
Meet the Founders
Founders pitching in August 2023 | Founders pitching in September 2023
The Project W Alumnae Network
When programs end, that’s just the beginning of our relationship with the founders. Through our Project W alumnae network, our alumnae access additional resources and opportunities, and can build relationships with more than 170 other women entrepreneurs.
In 2023, we celebrated with our community in three cities.
Seattle | June 2023
Washington D.C. | July 2023
New York | October 2023
We are privileged to follow our alumnae on their entrepreneurial journeys. Learn how two alumnae in the inaugural WEB in 2016 have gone on to great success and important milestones in building their companies.
Jennifer Perusini
Co-founder and CEO of Neurovation Labs, Inc.
When Jennifer joined us for WEB in 2016, she had just completed her postdoctoral fellowship and begun to work full time on her company, which is building solutions to diagnose and treat PTSD. Since WEB and with funding from the U.S. Air Force, Neurovation Labs has achieved significant milestones in the discovery and development of an oral precision medication for PTSD. The company is also developing a novel imaging solution to identify PTSD brain biomarkers.
Jennifer and her team are in the lead optimization phase of drug discovery, which means that they are working on their lead compounds and progressing them toward safe and efficacious drug therapies for PTSD.
Alongside building her company, Jennifer is the current Chair of the Barnard Entrepreneurs Network (BEnet), which recently held its third summit for entrepreneurial undergraduates and alumnae of Barnard College. We love to see how Jennifer is sharing her entrepreneurial journey.
Listen to what Jennifer had to say about WEB 2016:
Suzanne Sinatra
Founder and CEO of Private Packs
Suzanne had an idea to improve women’s health when she joined us for WEB 2016. Her goal was to develop a product to relieve female genital pain. At the time, Suzanne was a pioneer in what has now become the enormous femtech market, and she struggled to find the resources to help her build a prototype and demonstrate proof of concept. To add to her challenges, her entrepreneurial journey took an unexpected and devastating detour in 2019 when she was diagnosed with Stage 3 breast cancer. Not to be deterred, during her chemotherapy treatment, Suzanne built her prototype and developed her go to market strategy.
Today, Suzanne is thriving, and her innovative product, Private Packs, can be found on the shelves of CVS and Target, as well as on Amazon. Private Packs are now available in over 800 stores across 40+ states, marking a significant expansion in the company’s reach. Target has already awarded the company business for 2024. Looking ahead, Suzanne has ambitious plans to further diversify the company's product offerings by including pain management products specifically designed for men.
Supporting the Women
Who Write Checks
Although more women are raising first and second funds, they struggle to raise capital from the institutional LPs that write large checks. While women investors are more likely than their male counterparts to invest in women founders, they often deploy less capital. More capital under management by women will beget more investment in women entrepreneurs. Supporting women fund managers is key to achieving greater gender equity in the venture ecosystem.
We did our part in 2023 by hosting opportunities for women fund managers to meet, exchange strategies and solutions, and build relationships that lead to sharing deal flows and co-investments.
Women GP Dinner at SXSW – March 2023
Partnering with True Wealth Ventures and J.P. Morgan, we hosted a dinner at SXSW for 18 women GPs.
Women GP Roundtables – May, June, and November 2023
We continue to host half-day meetings of women GPs to address common challenges and share solutions and opportunities.
Celebrating Women in the Boardroom
The boardroom is the room where it happens – where strategic decisions are made, investments are given the greenlight, and innovation is nurtured. Having women at the table brings a critical perspective, resulting in better outcomes and more creative thinking.
On June 15, we presented the FirstBoard.io® x Project W Innovation Summit, in Seattle. This partnership with FirstBoard.io brought together 75 attendees for an afternoon of discussions on new categories of technology and how innovation can drive positive change. Leading the conversations were many of the women tech executives who are members of FirstBoard.io and already making a difference in the boardroom.
Hear how women leaders are driving change:
Impact
The Founders We Support and the Solutions They are Building
We measure our impact by the number of women-led companies we support through our programs and by the potential these companies have to improve the lives of people and the health of the planet.
Our 2023 Class of Founders
The Difference the Founders in Our 2023 Class are Making
The companies our founders are building are reshaping the way we do business, how we accumulate wealth, how we live and act more sustainably, how we create and consume different forms of entertainment, how we improve delivery of healthcare, and more. Their impact will reverberate for years to come.
Here is the breakdown of industries in which the Project W 2023 class of founders are driving change.
Meet the companies that are driving this change.
Community
Amplifying Outcomes Through Collective Action
Collectively, we can accelerate change and achieve an entrepreneurial ecosystem that is more equitable and innovative. We cannot do it alone. We are honored to partner with firms and organizations that share our vision.
The Power of Partnerships
SPARK – Our Partnership with Amex Venture
In 2023, we were privileged to partner with Amex Ventures on a new initiative – SPARK, aimed at supporting the growth of women-led tech companies. Through two pitch for feedback sessions and Amex WEB, investors and subject matter experts from American Express shared their insights and expertise with 30 women from around the country building companies across industry sectors.
Program Partners
Project W also teamed up with a number of other partners to deliver impactful programming and content to our community.
Community Partners
Just as so many like-minded organizations support our work, we are always eager to support the work of other groups seeking to make change in the entrepreneurial ecosystem. In 2023, we hosted and supported events for our valued community partners.
Women of Color Connecting Road Show
Washington D.C. | July 2023
Seattle | October 2023
The Fourth Effect
Finance and Wine networking event | New York | June 2023
Golden Seeds
Monthly chapter meetings | New York | January through June 2023
U.S. State Department Delegation | Kazakhstan | July 2023
London & Partners
Mission of UK retail tech and ecommerce founders | New York | September 2023
Mission of UK fintech founders
New York | November 2023
Women in Prop Tech
Gathering of women innovating in the commercial real estate industry | September 2023
British Consulate General – New York | UK Female Founders Mission
Pitch Practice | November 2023
Pitch evening at the British Consulate General’s Residency | November 2023
Peer Communities -
The Power of Women Supporting Women
For women rising in their professions, climbing the corporate ladder, or building businesses, the support of women who have gone before and of women who face similar challenges, is empowering. And within an industry, bringing together women in different roles – professionals, executives, investors, entrepreneurs – creates opportunities for dealmaking, thought leadership, and rising together.
Under the leadership of women lawyers and staff at DWT, Project W has organized and supports four communities for women working in health tech, fintech, media and entertainment, and energy and sustainability. And we just launched a cross industry community in Anchorage.
Women in Health Tech
Kick-off reception for Women in Health Tech in Seattle | February 2023
Breakfast conversation on shared experiences in healthcare and technology | Seattle | October 2023
Hear from Women in Health Tech leader Jane Eckels
FinTech Women
Dinner with leaders in fintech and financial services | New York | April 2023
Women in Energy, Sustainability, and Technology (WEST)
Women in Climate Tech | New York | May 2023
Hear from WEST leader Elaine Albrich:
RiseTogether
End of summer party | Los Angeles | September 2023
East Coast launch party | New York | November 2023
Women Advancing Prosperity in Alaska (WAPAK)
WAPAK launch event | Anchorage | September 2023
Allies -
Supporting our Work and the Women in our Network
Project W has been fortunate to have countless male allies who support our work and lend their insights and expertise to the women in our community.
Here are three of our allies who give generously of their time and wisdom.
Jeff Seltzer
Jeff Seltzer is the managing partner at Pierce Yates Ventures and is an early-stage investor in fintech and sports tech. He served as chairman of two governmental economic development agencies in the New York area and was an advisor for many years to the Federal government on both small business and trade. For years, Jeff has participated in Project W programming, mentored female founders, and shared his expertise in fintech, gaming, and sports with female founders in our community. And Jeff has made it a family affair, introducing us to his son and partner, Ian Seltzer, who like his father has become a valued Project W champion.
"Having spent my career on Wall Street with a focus on the intersection of economic development and public policy, I know that a key driver of sustainable economic growth is diversity and inclusion. Project W gives me a platform to mentor and network with exceptional female founders out to change the world. By sharing insights and my network with these founders, I hope to provide them with access and encouragement to help them achieve their goals in an accelerated manner."
Chris Wilkes
Chris Wilkes co-founded HearstLab in 2015 and spent eight years building a pioneering venture capital initiative focused on women-led startups. After investing over $50 million in 50+ companies, Chris is now an independent co-pilot to select tech startup CEOs leveraging his experience and expertise to help these businesses grow. Chris participated in our 2017 Women Entrepreneurs Boot Camp and has been a committed supporter of Project W ever since, including conducting 1:1 mentoring sessions with the founders in the 2023 Tech Equity Hub.
"In a world increasingly dominated by data, it's incredible that such an illogical, giant funding gap still exists for unrepresented founders. The abundance of proof points being ignored by so many investors is as much a contributing factor as any to the increasing fragility of the venture capital model. "
David Cromwell
David Cromwell is a partner in DWT’s Seattle office. From startups to large enterprises, David helps companies develop and launch their products and services, market and sell those offerings, and procure third-party products and services to optimize their businesses. David played a key role in the Project W x FirstBoard.io Innovation Summit in June, moderating a panel discussion that showcased many women leading the field in technology innovations.
Hear why David is an ally:
With Gratitude
The work we do and the impact we make would not be possible without the individuals who give so generously of their time and talent to empower the founders in the Project W community. It takes an ecosystem to make meaningful change and these champions are doing just that.
Noelle Acosta, Noula
Dasanj Aberdeen, KPMG
Dylan O. Adams, Davis Wright Tremaine
Sarit Amir, J.P. Morgan
Ashley Aydin, Vamos Ventures
Hamish Baillieu, Amex Ventures
Indiana Baltodano, American Express
Laura Behrendt, American Express
John J. Bernat, US Bank
Nick Blackwell, American Express
Matt Bodell, American Express
Kate Burke, American Express
Lisa Burton, HearstLab
Stephanie Campbell, The Artemis Fund
Meghan Cano, Housing Base
Anibelka Castillo, American Express
Gwen Cheni, Khosla Ventures
Danielle R. Cohen, Davis Wright Tremaine
Greg Coleman, Sworkit
Anna Consani, Goodwater Capital
Jen Cozen, Amex Ventures
Erika Cramer, HowWomenInvest
Janet DeFrino, Five Mile Advisors
Cat Dizon, Active Capital
Michal Edelman, Amex Ventures
Gwen Edwards, Angel investor
G. Roxanne Elings, Davis Wright Tremaine
Caroline Fiegel, Slack Fund
Juan Figuera, American Express
Wyatt Friedman, Amex Ventures
Maddy Gaiman, Amex Ventures
Jenevra Georgini, Spark + Sterling
Oliver Ginns, Amex Ventures
Christina Glynn, American Express
Talia Goldberg, Bessemer Venture Partners
Nicole Hamilton, Homeownering
Claire Hanson, Firebrand Capital
Liz Harrow, SHAKTI
Alicia Castillo Holley, Wealthing VC Fund
Sarah Holmes
Hannah Honeycutt, U.S. Bank
Yasmin Ibrahim, Carnegie Crescent Consulting
Aziza Johnson, American Express
Riley Jones, Sector Software
Waleed Khan, American Express
Lenore Kantor, Growth Warrior
Sandhya Kasturi, American Express
Traci Keen, Mate Fertility
Anne Kennedy, Mastersfund
Victoria Kennedy, Seed to Harvest Ventures
Jennifer Khaehmas, Foundation Capital
Olivia Kim, Gingerbread Capital
Shilla Kim-Parker, American Express
Molly Klein, Perk Events
Kim Kolt, Bay Bridge Ventures
Toly Kvitnitsky, Amex Ventures
Amy LaMeyer, WXR Fund
Elise Liberto, Brown Advisory
Lucia Liu, American Express
Rebecca Liu, American Express
Shelly Malik, Davis Wright Tremaine
Oksana Mindyuk Malysheva, Sputnik ATX VC
Autumn Manning, Motley Fool Ventures
Erik Mass, Davis Wright Tremaine
Shivani Mathur, Comcast Ventures
Kristina McMenamin, askHUH?
Rasheed McWilliams, Davis Wright Tremaine
Elisa Miller-Out, Chloe Capital
Alterrell Mills, Alterrell Mills Advisory
Helen Min, Phenomenal Ventures
Gillian Morris, Hitlist
Gillian Muessig, Mastersfund
Diana Murakhovskaya, The Artemis Fund
Sang Park, Citi
Kevin Pasternak, Davis Wright Tremaine
Sejal Patel, Amex Ventures
Rachel Payne, Amex Ventures
Alexa Payton, Growth Warrior Capital
Lorine Pendleton, Portfolia Rising America Fund
Mona Pezeshki, Amex Ventures
Seri Phillips, BlueCross BlueShield
Jen Potanka, American Express
Katherine Rice, GingerBread Capital
Jennifer Richard, Bonfire Ventures
Juliette Richert, The Artemis Fund
Cherae´ Robinson, Flybridge
Ope Runsewe, Amex Ventures
Eva Sasson, Square
Ori Sasson, Primera Capital
Jess Schultz, Amplify Group
Parin Shah, Amex Ventures
Nina Sharma, Chloe Capital
Emmalyn Shaw, Flourish Ventures
Ryan Shumaker, American Express
Anirudh Singh, Amex Ventures
Regina Sorin, American Express
Laura Spiekerman, Alloy
Shashi Srikantan, Level Up Ventures
Matt Sueoka, Amex Ventures
Jacqueline Summers, Health TIE
L. Danielle Toaltoan, Davis Wright Tremaine
Kevin Tsang, Amex Ventures
Diana Tsinis, Amex Ventures
Patty Watkins, MORE Sales Advisors
Kevin Weber, Amex Ventures
Jacob Wilson, American Express
Luke Wippler, U.S. Bank
Emily Zhao, Salesforce Ventures
Coming in 2024
As we turn the page on 2023, we are excited for what is in store for 2024.
After a 3-year hiatus, we are bringing back our immersive program for early-stage food and beverage brands.
Our signature Women Entrepreneurs Boot Camps will be back, with one focused on companies building solutions for the healthcare industry.
We’re back at SXSW – partnering with HearstLab, The Artemis Fund, and Brown Advisory – for another pitch for feedback session with Texas-based tech companies founded by women.
In partnership with HearstLab, Goldenrod Ventures, ESPN, and Gaingels, we’re bringing women founders and funders together to play poker and learn from Poker Power how to gain the upper hand – at the poker table and in business.
We’re teaming up again with True Wealth Ventures and J.P. Morgan to break bread with a group of women GPs who are writing the checks that will fuel the growth of female-founded companies.
Building on three years of the Tech Equity Hub, our accelerator for Black and Latinx female founders, we’re back with an even more impactful program.
Something New
We’re in stealth mode on a couple of new programming ideas.
Plus, more!
Commitment to Progress in 2024
As we review and celebrate the past year, we are filled with gratitude for the many firms and organizations who support our work and partner with us; for the investors, advisors, and mentors who so generously share their expertise and insights; and for the remarkable founders who never cease to inspire us. These are the champions and innovators who make our work possible and who enable Project W to expand its scope and extend its impact year over year.
However, as we discovered this year, progress does not always follow a linear path. As we look to the work ahead of us, we cannot afford to lose momentum in the pursuit of gender equity in the startup and business worlds. More than ever, we are committed to our values of equity, impact, and community and to ensuring that we take more steps forward in 2024 to achieving our vision.
The Project W Team
The Project W Team
Lynn J. Loacker
Founder and Managing Director, Project W
Emily Baum
Program Director, Project W
Tanea Foglia
Senior Director, Practice Management and Client Experience; Director, Tech Equity Hub
Gwen Reyes
Project W Events Manager
Amanda McFadden
Practice Manager, Business & Tax Group, Davis Wright Tremaine LLP
Be Part of the Change
Contact Us
emilybaum@dwt.com