How I built an intersectional investor roster

It's crucial for impact-focused startups to stay true to their mission as they grow. However, raising investment means a diluted cap table* with more pressure and stakeholders’ interests to manage.

To ensure your mission remains on course, it's important that the investors you bring onboard not only believe in the potential of your company but also share your values and mission. This might mean being more selective with investors, but it will pay off in the long run.

As co-founder and CEO of Voda, a mental health app developed by and for the LGBTQIA+ community, it was crucial for us that our investors reflected the diversity of our community. Here’s how we built an intersectional investor roster that believed in not just financial returns but our wider impact.

Communities: getting immersed and involved

Building a diverse investor base starts with immersing yourself in the right communities.

There are numerous networks for diverse founders, such as Series Q, Proud Ventures and i3 investing for queer founders, Colorintech and Diversity X for underrepresented founders in tech, and Female Founders Rise for female or non-binary founders.

Over months, I immersed myself in events connecting with diverse founders, advisors and investors, building connections through shared interests and values.

It is important that you also seek to genuinely give back to and contribute to these communities; the adage of “what you give is what you get” often rings true. Through my work at Series Q, for example, I’ve led numerous dinners for LGBTQIA+ founders and hosted events connecting LGBTQIA+ entrepreneurs with investors, and these connections have led to serendipitous, organic connections with like-minded founders and investors.

These communities can be incredibly valuable in finding like-minded investors and connecting with fellow founders who can facilitate introductions. For instance, two of our key angel investors came from attending a pitch day led by Proud Ventures, a community supporting LGBTQIA+ founders. Another angel was introduced to me by a founder I met through these networks, demonstrating the power of community-driven introductions.

VCs: Finding your tribe

Finding the right venture capital (VC) investor is crucial for any startup, and for Voda, it meant aligning with those who shared our values and vision. We were fortunate to secure investment from impact-focused investors Gaingels and ULTRA VC. Gaingels focuses on companies with diverse, underrepresented leadership and progressive social values, while ULTRA VC focuses on impact-focused startups.

There are numerous other VCs out there that focus on underrepresented communities, such as Identity Ventures and Ada Ventures; with Identity Ventures focusing on investing in LGBTQ+ entrepreneurs, while Ada Ventures focuses on underrepresented founders and underserved communities.

Other inclusivity-focused investors include No Label Ventures focusing on immigrant-led startups, and Bethnal Green Ventures which focuses on tech-for-good startups.

These VCs are not only providing capital, but also effecting change through their commitment to fostering diversity and inclusion in the tech industry.

Angels & SPVs: match made in heaven

Special Purpose Vehicles (SPVs) are now increasingly popular for startups. SPVs democratise the investing process by allowing companies to bring in smaller cheques from a wider variety and demographic of angel investors.

SPVs simplify investing because they let you pool capital from multiple investors into a single entity, streamlining your raising process and reducing administrative work. You maintain a clear and organised cap table which is important for future rounds. Check out platforms like Odin and Bunch to help you manage and oversee this process.

Quick-to-act and flexible angels through SPVs offered us the agility we needed during our fundraising process. SPVs allowed us to raise from micro-angels, who invest smaller cheques beginning from £1,000. Many of our passionate micro-investors are not just backers but often provide immense support and guidance beyond their financial contributions.

This approach also enabled us to include a broader array of angels, ensuring diverse voices and perspectives within our investor pool. For example, we raised investment from NHS stakeholders who have seen the dearth of LGBTQIA+ mental health support firsthand, as well as queer women in tech and fellow LGBTQIA+ founders who had experienced the same societal stigma and issues that our user base faces.

Building in public: increase your visibility

From the very start of Voda, we embedded a “build in public” approach into our communication strategy, which involved sharing our startup journey, successes and failures on platforms like LinkedIn and Instagram. Over time, I’ve consistently shared learnings from our recent product and growth experiments, shared tips from pitching at Demo Days or thoughts from panels or articles I’ve written.

Building in public is scary; after all, we’re all afraid of being judged. But the benefits far outweigh the costs. Building publicly can also serendipitously facilitate warm introductions, as some angels have commented that they have seen or heard about Voda even before an introduction was made, or before I have even sent a cold outreach message.

Leading with values: beyond a commercial catch

At Voda, we lead with our values of community, intersectionality and impact; values we share with many of those in our 15,000-strong user community. This value-driven approach resonated with our investors, who were not just interested in financial returns but also in contributing to a socially impactful venture.

Most of our investors are also part of the community we serve, many of whom have had the same lived experience and struggles as our LGBTQIA+ user base. This alignment of values ensured that our growth priorities are aligned; we would not grow at the expense of our users’ privacy or dignity.

Making a difference and financial returns

Our investors, like us, believe that creating mental health support that caters specifically to the LGBTQIA+ community has huge scope for both societal improvement and financial returns.

The NHS and other health systems are overwhelmed with general mental health demands, often leaving LGBTQIA+ individuals without tailored support. Globally, the waiting periods for mental health services can stretch for months, leaving millions in the community without crucial support during vulnerable times.

To transform the landscape of mental health care, particularly for the LGBTQIA+ community, it was crucial for Voda to raise from an intersectional investor base that reflects our community.

In light of rising transphobia and queerphobia worldwide, I believe that our approach in building an intersectional investor roster will ensure that we’re building not just an app, but also a movement.

Jaron Soh (he/him) is the co-founder and CEO of Voda, the LGBTQIA+ mental health app designed by leading LGBTQIA+ psychotherapists.

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