Pact, an all-women led VC firm funding mission-driven startups, have received backing from Hollywood actress Anne Hathaway, who joins other LPs such as Jeff Dean, the Head of AI at Google, and Keith Teare, a founding (former) shareholder of TechCrunch.
Pact’s focus is on ‘mission driven’ startups in what it calls the “ABC” categories: Access (economic inclusion), Betterment (personal and professional well-being), and Climate. (That’s a much more interesting way of addressing ‘doing good’ areas, instead of that trotting out the UN SDGs, IMHO). Pact’s investment tickets will range from around £1m to 1.5m.
“We believe that capitalism should and can be inclusive while still producing huge results,” Pact partner Monik Pham said, according to TechCrunch. “And we really want it to be able to back companies at the early stage that are really positively shaping the future. We’ve all built our careers with that Northstar as a guide for us. It’s a value that we’ve always espoused, but it’s only now at this point that the market is really coming around to it. There shouldn’t be a trade off between socially sustainable, environmentally sustainable and commercially sustainable outcomes. You have to think about both. And that’s a value that all three of us came together on,” she added.
On the addition of Hathaway, Pact partner Reem Mobassaleh Wyndham stated:
“She’s actually a friend of mine and mentor of about 12 years and since then we’ve become friends and have shared values. One of her big causes is childcare, and lack thereof, as the final frontier for gender parity. And that’s something that we’ve experienced firsthand as three female GPs who all had our first children while raising this fund. We had to figure out how to overcome the structural headwinds to be able to do both. That’s very much one of the lessons that we hope to share with the ecosystem, and that’s sort of where Anne comes in.”