Female Founders Fund has closed its fourth fund at $29 million, bringing the firm’s total capital under management to $140 million across five funds, including a $14 million opportunity fund. The fund was raised between November 2023 and December 2025.
LPs in the newest fund include Melinda French Gates’ Pivotal Ventures, Olivia Walton’s Ingeborg Investments, and the Anne Wojcicki Foundation.
Female Founders Fund was founded by Anu Duggal and backs women-founded companies. The firm has had three nine-figure exits: Billie, which sold to Edgewell for $310 million, plus-size brand Eloquii, which sold to Walmart, and restaurant software platform BentoBox, which sold to Fiserv. In 2024, Female Founders Fund returned its first fund, which was $5.85 million.
Women’s health portfolio companies to date include Maven, a virtual care platform for women and families, Oula, a maternal care provider, Kindra, a menopause wellness brand, Gabbi, a breast cancer risk assessment and care navigation platform, and Kama, a sexual wellness brand. The fund has already started investing out of fund four, with its first investment in 831 Stories, a romance publishing business.
