Capital F closes $17 million debut fund to target the female economy

Capital F, an all-female-led venture capital firm, has announced the close of its debut fund at $17 million. The firm focuses on the “female economy,” a term used to describe markets where women drive demand. Its investment thesis is concentrated in three specific sectors: women’s health, digital commerce, and artificial intelligence tools.

Co-founders Margaret Coblentz and Dawn Dobras, who have collaborated for approximately 30 years, launched the firm after years of angel investing. Their decision to move into venture capital was driven by a shared observation that women were underrepresented in executive ranks and investment decision-making. Coblentz, who previously launched a luxury knitwear brand that exited, and Dobras, a former CEO of Credo Beauty, both spent significant portions of their careers at the clothing retailer Charlotte Russe.

A notable feature of the fund is its investor base, with approximately 80 per cent of limited partners being women. This demographic includes prominent industry figures such as Jenny Ming, CEO of Rothys, and Marta Benson, former CEO of Pottery Barn. The founders hosted salon events across the country to engage the “VC curious,” a strategy that helped secure commitments from investors who might not have been traditionally invited into the room.

Capital F has already deployed capital into 13 early-stage companies, with individual checks ranging from $250,000 to $1 million. The portfolio includes the telemedicine startup Hey Jane, the hormone-tracking platform Stardust, and Malama, which provides doula support for people on Medicaid. The firm also holds a stake in Steller Sleep, which was acquired by Google last year, marking an exit for the fund prior to its official close.

The inclusion of artificial intelligence in the firm’s focus areas is partly attributed to the role of women in digital trust and safety. Dobras noted that women are disproportionately affected by trust and safety violations online, making AI tools a critical area for investment. The firm aims to leverage its network of limited partners, who often transition into advisory or board roles, to provide portfolio companies with sales introductions and strategic guidance.

Capital F expects to fully deploy the $17 million fund by the end of 2027. The firm’s approach reflects a broader shift in venture capital towards sectors that have historically been underfunded, particularly women’s health, while leveraging the specific insights of its female-led leadership team.