New Summit is thrilled to announce our latest impact investment in Springbank Collective, an early-stage venture capital firm with a mission to improve the lived experience of women.
Springbank Collective is a go-to resource on gender-lens investing and the care economy for investors, led by an all-female team.
Via the official announcement of their $35 million fund, Springbank shares the purpose for their founding:
We started Springbank with the view that the needs of women and working families have been under-estimated, under-innovated, and under-invested. Areas like flexible and remote work, caregiving and care infrastructure, women’s health, and household financial wellness and productivity have historically been viewed as “women’s issues.” Nice to have; not need to have. We believe these are, in fact, “everyone issues” at the heart of a functioning society, labor market, and the economy at large.
Springbank invests in Pre-Seed through Series A investments, strategically investing in pre-seed rounds to get in early and pre-empt the Seed round. With a thesis-driven investment strategy, Springbank focuses on the U.S. market, though they selectively invest in non-U.S. companies targeting expansion into the U.S. market. They have made 10 investments to date and plan to target 25-30 investments overall.
Springbank is focused on three themes to better support women and working families: Care (HealthTech, IoT, FemTech, AgeTech), Career (Future of Work), and Consumer (FinTech, Food, CPG, HealthTech). One area of focus is “the care economy,” a $648B opportunity that includes infant and child care, household management, eldercare, and long-term care.
New Summit Investments is proud to support Springbank Collective’s mission to close the gender gap and create positive social impact through their investments. We look forward to seeing the impact of our investment in Springbank Collective and working together towards a more equitable future.
Alex is a Partner at New Summit Investments, leading private market research, investment manager sourcing, and due diligence.