The Underestimated - Issue 14
The Diversity X newsletter showcasing the underestimated founders making a positive impact in the world and keeping you up to date on the Diversity X journey.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you are unlikely to be protected if something goes wrong. Take 2 mins to learn more by clicking here. CAPITAL IS AT RISK!!!
What is coming up in this issue?
👏🏾 Diversity X Update
📖 The Funding Gap: Why Overlooked and Underestimated Founders Deserve Our Attention
🌱 Community Update
📰 Monthly update on what has been going on with Diversity X
🤝 🔦Spotlight on a Diversity X Founders’ Community member
📆Upcoming events and plans
💥💥DX Team and Fund Update 🚀🚀
TEAM UPDATE
I am pleased and honoured to share (as hinted in the last issue) that we now have Josh Rodger as an advisor. This is a big coup for Diversity X. Josh brings much experience from PE and VC. Most recently, he served as Principal at NoBa Capital. He has deployed over $300m into PE&VC, including primary, secondary and direct transactions. We look forward to learning from Josh and building a solid brand as a VC firm that will stand the test of time.
FUND UPDATE
When we started fundraising in early November, we hoped to have been in a position where Diversity X would have raised, and closed its £1mn Opportunity EIS Fund by 15th March and fully deployed into a portfolio of 8-10 companies from within the Diversity X Founders’ Community by 5th April. That has not happened, so we released those who soft committed so they could deploy in this tax year to get their EIS relief. However, we are confident they will return. Now we need others to support us. Don’t be shy - learn more by having a conversation with us.
CALL TO ACTION: We need to meet with angels, HNWIs and sophisticated investors who are actively deploying, believe in supporting underestimated founders, and want to build a sustainable planet and businesses. If this is you or you know someone, please let’s chat. Additionally, we NEED more women and people of colour investors investing in funds. To this end, we are working with our friends at Odin to make it possible to come in with tickets less than £20k and as low as £1k.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you are unlikely to be protected if something goes wrong. Take 2 mins to learn more by clicking here. CAPITAL IS AT RISK!!!
To find out more, email us at investor@diversityx.vc or kevin@diversityx.vc
The Funding Gap: Why Overlooked and Underestimated Founders™ Deserve Our Attention 🚀
The startup ecosystem thrives on diversity and innovative ideas. But yet, there is a glaring funding gap regarding overlooked and underestimated founders™. These are the founders that Diversity X works so hard to elevate.
Why is this happening, and what can we do about it? It feels like a stupid question in some senses because Diversity X is trying to do something about the funding gap in everything we do.
1️⃣ Unconscious Bias: Like all of us, investors are people (though some rely more heavily on machines for their decisions), and so, are naturally influenced by unconscious biases that impact their decisions. Founders who don't fit the stereotypical mould may be unfairly underestimated, leading to missed opportunities for both the founders (of course) and the investors. We need to challenge these biases and embrace diversity in our investment strategies. Be intentional in your decision-making. 🌍
2️⃣ Limited Networks: Underestimated founders often face challenges in accessing the necessary networks and resources, which can hinder their ability to pitch their ideas and secure funding. Investors must actively seek to expand their networks and connect with a broader range of entrepreneurs. 🤝
3️⃣ Fear of the Unknown: Investors may hesitate to back founders from “non-traditional” backgrounds or unfamiliar industries, even when presented with innovative and promising ideas. It's essential to remain open-minded and recognize the potential in these untapped markets. Investors, please open the doors. (take a look at the founders we mention below).🚪
4️⃣ Support Systems: A strong support system can significantly impact a startup's success. To bridge the gap, investors should provide funding, mentorship, guidance, and connections, empowering underestimated founders to overcome barriers and thrive. 🌉
There are many other reasons and ways to address those reasons - but this is a newsletter, so I’m limited in how deep I can delve into an issue.
The bottom line is that by addressing these challenges, investors can tap into a wealth of innovative ideas and unlock new opportunities. After all, some of the most successful businesses are built on diverse perspectives and unique approaches (and this is backed up by a ton of data - google it or if you don’t have google, then use Bing).
Let's work together to bridge the funding gap and create a more inclusive startup ecosystem. Look at the EIS fund that Diversity X is raising to back outstanding, underestimated founders tackling the biggest problems in climate, health, education, and the future of work. Click here to request the pitch deck.
+++CAPITAL AT RISK++++
Community Update
Another 30 underestimated founders joined our ranks over the last month. If you are or know any founders that are any of:
Female ✅
Person of colour ✅
Disabled ✅
LGBTQ+ ✅
Neuro-diverse ✅
Older ✅
Founders’ News
Shout to the youngest Diversity X Founders’ Community member, Junior Makame (17 years old), the founder of RapVille and Social Pro (his latest startup). Junior pitched SocialPro to a room full of angels and VCs at the Wholesale Investor event in London on 31st March.
Congratulations to Sarah Touzani (see below on featured founders) for being accepted and starting the Techstars Detroit accelerator.
Then point them to the Diversity X Founders’ Community. It is free and here to support their entrepreneurial journey. They can join from here - https://welcome.diversityx.community/invitation?code=G34DC9
******DISCLAIMER! - This newsletter showcases founders from within the Diversity X Founders’ Community. We do not endorse or promote any investment into any of the featured startups.******
News from the Diversity X journey
Highlights over the last month:
💥 We have welcomed another 24 underestimated founders; now, our community platform has 407 founders. Getting closer to the 500.
💥 458 views of issue 13 (up 34 from issue 12) and 352 subscribers (up one from issue 12).
💥 Progress on the Diversity X Founders University - we edge ever closer. Work is now focussed on finding partners and sponsors for the program (get in touch if you can help or know someone/an organisation that wants to support).
💥 Our website is up and running.
💥 Thank you to everyone who has supported the journey so far.
Meet the Underestimated
Sarah Touzani and Saad Zniber - Waggle
The Co-Founders:
Sarah Touzani - CEO
Sarah Touzani is the CEO of Waggle. who scaled Creditspring as COO from pre-product/pre-revenue/4 people team to 200,000 customers/$50M+ series A/70 people.
Saad Zniber - CPTO
Saad is the CPTO at Waggle. Saad previously founded Yatedo, an AI people search engine, raised a total of €8M and grew it to reach €2M+ ARR. Currently Technical Programme Manager at Datadog leading 250 people within Product & Engineering.s.
The Startup:
Waggle is an AI co-pilot that helps managers know precisely what to do and when to drive their team to perform by leveraging untapped data, behavioural science learnings and management best practices. Since launching in September 2022, they've kicked off a paid Design Partnership with a Series A start-up and have £100,000 more in advanced conversations.
What can you do to support Waggle? They are raising - looking for angels interested in AI and the Future of Work. They have 60% already committed to a £300k round. They will utilise the funds to deliver their Design Partnerships, finalise the current product and get to £250K ARR within 12 months. SEIS advance assurance available. You can find out more here.
Deborah Worrell - Time 2 Rise
The Founder:
Debbie is a passionate individual with a heart for empowering women.
Debbie has experienced domestic abuse in her previous marriage. Still, she refused to be defined by her experiences and has instead used the experience to help other women who have faced similar challenges to rise above their circumstances. Through her CIC Time 2 R.I.S.E, Debbie provides coaching, mentoring, and a course called R.I.S.E ( regain independence and strength to empower). She doesn't just offer practical help and advice but empowers women to make better decisions in their own lives.
Her impact doesn't stop there. Debbie also works for Palace for Life Foundation, the official charity of Crystal Palace F.C. She supports and mentors women in prisons and young girls in the community. She equips them with the necessary skills to make informed decisions and identify toxic relationships while directing them towards self-love, confidence, and rebuilding their self-esteem.
Debbie has been given numerous opportunities to share her message about domestic abuse on platforms such as Sky TV, ITV, and BBC Radio for panel discussions and in various publications.
Debbie has become a beacon of hope for women who have experienced similar challenges. Debbie’s hope and desire is for every woman that goes through her projects to reach out and help another woman in need, creating a ripple effect of empowerment.
Debbie is a testament that no matter what life throws your way, you can rise above it and help others do the same. #UndersestimatedFounders
The Startup:
Time 2 Rise supports women who have suffered from domestic abuse. Debbie now embarks on a new venture for Time 2 Rise, with Debbie’s aim is to merge her love for fashion with her commitment to helping women overcome adversity while tackling sustainability. One's of a Kind promotes sustainability and empowerment by upcycling clothes. The project will offer a safe and empowering environment for survivors of domestic abuse to learn new skills, build confidence, and create a brighter future for themselves.
What can you do to support Debbie and Time 2 Rise? Debbie is raising funds to run the One’s of a Kind project. Please donate what you can. The reach of this project goes far, and we can help many women who have suffered from domestic abuse by supporting this initiative. Check out the crowdfunding page here.
Leon Wilson, Brian Teo, and Steven Hilton - PollenPay
The Co-Founders:
Leon is the CEO of PollenPay. He has over 15 years of experience in engineering and project management. Leon started PollenPay with a vision to develop a payment ecosystem for everyone.
Brian is the COO of PollenPay. He is the co-founder of the product design firm Vertex Design. A former product manager at Inotec. Brian has over 6 years of experience in digital and UX/UI design.
Steven Wilson
Steven is the CFO of PollenPay. He has over 20 years of experience. The former CFO of Agworld, scaling it from $1m to $20m over five countries. Former senior finance manager at PWC.
The Startup:
PollenPay is a financial technology-driven payments company that enables consumers to buy now and pay later by giving individuals the power to personalise instalment repayments on purchases they have made. PollenPay was founded in 2019 and is headquartered in Manchester, United Kingdom.
What can you do to support PollenPay? PollenPay are raising. Get in touch with Leon for more details.
******DISCLAIMER! - This newsletter showcases founders from the Diversity X Founders’ Community. We do not endorse or promote any investment in featured startups.******
Upcoming Events
Every Tuesday - Networking Call
Every Friday - A Week in Review call
NEW - from May, we will hold a monthly Confidence Workshop led by Sarah Byers of Show Girl Coaching
26th May - Founders Networking Event (In-Person) _ link to sign up in the Diversity X Founders’ Community platform (Heartbeat).
12th-14th June - we will be at London Tech Week again. Visit our stand and see the underestimated founders taking over our stand in the Emerging Founders area - more details to come.
14th - 15th June - The AI Summit London Marquis will be part of a panel, and Kevin will participate in the AI for Good Showcase. Let either know if you want to attend.
And that’s a wrap for this month and year….
Reach out with any questions to investor@diversityx.vc
INVESTORS - let’s chat - contact Kevin (kevin@diversityx.vc). CAPITAL AT RISK
Underestimated founders® - join a community that is a welcoming and safe space. Here is your link (note - this is only for founders - others will be removed).
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