Anu Duggal has faced economic crises, rescinded job offers, and 700 fundraising rejections. But none of those hurdles stopped her from building Female Founders Fund into one of the most recognized venture firms backing women-led startups.
Today, with $125 million under management, Duggal’s thesis—that investing in women delivers outsized returns—is no longer an underdog bet. As seen in Millionaire MNL, her story offers a blueprint for turning early career adversity into long-term entrepreneurial success.
Early challenges shaped a resilient founder
Duggal’s path to venture capital was anything but linear. She joined McKinsey the week of the 9/11 attacks, graduated from business school into the 2008 financial crisis, and had a job offer rescinded before she could even start.
Rather than retreat, she pivoted—launching India’s first wine bar, co-founding a luxury e-commerce platform, and dabbling in angel investments. Her first check went to a wedding platform called Loverly. That experience sparked her thesis: women-led companies were systematically underfunded, but poised to outperform.
In 2012, she launched Female Founders Fund. Raising her first fund was grueling—700 meetings for $5.85 million. But Duggal saw an opportunity to differentiate through ecosystem building and brand presence, not just capital.
Building a brand beyond capital
With limited AUM, Duggal leaned into community. Female Founders Fund became known for high-profile events in New York and the Hamptons, drawing founders, investors, and media. This ecosystem approach paid off.
Early investments included direct-to-consumer brands like Billie (acquired by Edgewell), Eloquii (sold to Walmart), and category leaders like Rent the Runway and Zola. Her early bet on women’s health tech with Maven proved pivotal. A secondary sale in 2023 allowed Duggal to return capital to her first fund’s investors.
“It’s not just one company driving returns,” Duggal said. “Multiple exits and mid-market acquisitions matter. Those are wins worth celebrating.”
Focus areas: Health, beauty, climate—and policy
Today, Duggal focuses on sectors where women founders excel: digital health, beauty, personal care, and climate tech. While political headwinds threaten DEI initiatives, Female Founders Fund’s investments in category leaders like Maven have insulated its portfolio.
Duggal has also co-founded the Women’s Health PAC, a bipartisan group addressing issues like healthcare reimbursement parity, steering clear of the polarizing abortion debate.
Her fund’s conflicts from early investments have limited expansion into newer women’s health startups but opened doors to other areas like AI and pet care—sectors where Female Founders Fund has recently closed new deals.
Navigating a tougher venture market with grit
Since late 2022, venture capital has seen a sharp decline in exits and deal flow. Yet Duggal’s experience navigating downturns prepared her well. “I thought the first fundraise was the hard part,” she reflects. “But I’ve recognized—it’s always hard.”
In early 2025, Female Founders Fund has already closed two new deals, signaling a potential rebound in activity. Duggal credits her firm’s steady momentum to resilience and focus.
“We can build our own ecosystem for women,” she says. That ecosystem now includes LPs like Melinda French Gates’ Pivotal Ventures, Goldman Sachs, and Plexo Capital—as well as former portfolio founders returning as fund investors.
As seen in Millionaire MNL, Duggal’s story isn’t just about capital deployment—it’s about creating a virtuous cycle where successful women founders reinvest in the next generation.
Source: Fortune
