EIF invests €30 million in Sistafund to empower gender-diverse tech teams across Europe

• Backed by the InvestEU programme, this is the EIF’s largest investment in a gender-lens fund.
• The fund invests in early-stage tech companies where women hold at least 30% of the founder shares.
• The EIF’s commitment to a first-time team sends a strong signal to the market, promoting greater diversity in the European startup ecosystem.

Paris, 28 November 2024: The European Investment Fund (EIF) has invested €30 million in Sistafund, a venture capital fund dedicated to supporting startups led by women entrepreneurs and gender-balanced teams. With a target of €100 million, Sistafund is adopting an inclusive, gender-diverse approach to venture capital investing, addressing the significant financing gap faced by female startup founders across Europe. The fund specifically invests in companies where women hold at least 30% of the founder shares.

The Sistafund team will operate independently through its newly formed management company, Sunshine, whose mission is to combat societal biases. Leveraging the extensive entrepreneurial network of its partners and of the Sista NGO, a non-profit co-founded by one of the fund’s partners, Sistafund is poised to foster greater inclusion in the venture capital space.

As a thematic fund addressing an underserved market, Sistafund aims to demonstrate that diverse teams outperform their non-diverse peers. The fund focuses on four key sectors: health tech, sustainability (economic, social and environmental), frontier tech (artificial intelligence and deep tech), and inclusive fintech and insurtech. Sistafund seeks to identify global category leaders in Europe from the earliest stages (PreSeed to Series A) and provides them with tailored resources to enhance their growth and performance – most notably with access to a selected network of experts.

Since its launch a year and a half ago, Sistafund has supported seven pioneering companies, including The Exploration Company (spacetech), Astran (cybersecurity) and Female Invest (fintech and edtech). With backing from diverse limited partners including major corporates such as BNP Paribas, Française Des Jeux (FDJ) and L’Oréal, as well as leading European entrepreneurs, Sistafund’s portfolio benefits from hands-on expertise and mentorship, further enhancing its companies’ success.

“Encouraging the presence of women entrepreneurs in tech has long been a priority for me, said Clara Chappaz, Secretary of State for Artificial Intelligence and Digital Affairs who received the EIF and Sistafund at a signing ceremony for this operation. I enthusiastically welcome the European Investment Fund's investment in the Sista Fund. This initiative represents a concrete response to the persistent inequalities in access to financing, while women founders still account for only 2% of funds raised. This project is valuable recognition of the hard work carried out by Tatiana Jama and the Sista collective since 2018. I'm particularly happy to see Europe mobilize to accelerate our potential for innovation on this crucial issue.”

“The support of the European Investment Fund marks a major milestone in our journey,” said Founder and Managing Partner of Sistafund Tatiana Jama. “We are redefining venture capital by backing female founders and gender-balanced teams. We are unlocking the untapped potential of women entrepreneurs and setting a powerful example for future generations across Europe and beyond. This is the first of many funds committed to fostering diversity, proving that inclusive teams will be a crucial element in driving innovation forward.”

“We have a unique opportunity to demonstrate that investing in diversity pays off, as many studies have suggested already. We’re not narrowing our dealflow pool; instead, we’re adding an additional criterion to define what makes an exceptional team: just as we evaluate a team’s potential based on their grit and profound drivers, we equally prioritise diversity as a crucial factor for success. By investing as early as possible and taking significant stakes from the onset, we ensure that we put our money where our mouth is and that diversity becomes a cornerstone of our portfolio companies’ growth stories,” added Managing Partner of Sistafund Isabelle Gallo. 

EIB Vice-President Ambroise Fayolle said: “The EIF's commitment and support for Sistafund is fully in line with the EIB Group's approach of promoting parity, which is a key element in the transformation of economies to a fairer and more inclusive model. Gender equality contributes to positive societal change and to attracting quality investors who care about their social impact. Integrating gender into the strategy of startups is not just a question of equity, but also a strategic approach that can lead to sustainable success.”

EIF Chief Executive Marjut Falkstedt commented: “Supporting Sista reflects our strong commitment to gender equality and is in perfect alignment with the EIF and InvestEU’s objectives of promoting diverse venture capital teams and entrepreneurship. This will in turn serve to strengthen the entire European venture capital ecosystem by increasing gender diversity at all levels.”

Background information:

About Sistafund

Sistafund is a pan-European investment fund with a target size of €100 million, dedicated to supporting startups founded by women entrepreneurs and gender-balanced teams. Founded by Tatiana Jama, following the creation of the Sista NGO aimed at closing the funding gap for female entrepreneurs, Sistafund welcomed Isabelle Gallo as Managing Partner in 2023. Together, they are committed to fostering diversity and driving impactful change in the venture capital ecosystem.

SISTA Fund I is a French private equity professional fund (FPCI) managed by its management company, Sunshine SAS, headquartered at 1-3 rue d’Enghien, 75010 Paris, RCS Paris n°983 158 023, authorised by the Autorité des Marchés Financiers under the number GP-20240015 since July 2024.

About the European Investment Fund

The EIF is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized enterprises (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinances instruments which specifically target this market segment. In this role, the EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth and employment.

About InvestEU

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investment for EU policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the Member States, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increasing their risk-bearing capacity and thus mobilising at least €372 billion in additional investment.