In this ESG and Impact Talks episode, we sat down with Simone Brummelhuis, Founding Partner and Fund Director at Borski Fund—a venture capital firm championing technology-driven, diverse teams across Europe. Simone, a recognized business leader in the Netherlands, shares her journey in impact investing, the mission behind Borski Fund, and the importance of closing the gender gap in venture capital.
Dive into the challenges and opportunities of funding female founders, the role of inclusive innovation in society, and how Borski Fund is shaping a more equitable future for the tech industry.
Before we discuss more specific topics, could you give a brief introduction to Borski Fund, its investment thesis, and current status?
I’m happy to share more about Borski Fund, named after one of the first female investors in the Netherlands who supported several banks and was quite innovative in her time. Borski Fund is a 15-million-euro VC fund, backed by a wide array of LPs.
Our investment thesis focuses on tech companies with diverse teams and female founders, specifically in the domains of health, climate tech, and the future of society. We’re still actively investing in this fund and are currently exploring our second fund.
Borski Fund has a diversity-focused thesis. Why do you think a fund like Borski is needed in the European VC industry?
Well, there’s a funding gap, and it’s well-documented in European reports as well as in regional and country-specific studies. This funding gap leads to an innovation gap, which hinders inclusive innovation. And ultimately, it affects the wealth gap and women’s ability to influence the next generation of innovations.
Borski Fund aims to fill this gap by funding exceptional scientists and acting as a catalyst for other investors, including female investors. If you look at our own fund’s cap table, 70% of our individual LPs are women, which is quite special in this industry.
It’s like a circle, right? There’s a gap in both founders and investors. Can you tell us more about the investor side first? How big is this gap, and is there a difference in this gap across regions like Europe and the US?
Absolutely. Each country is collecting data on this issue, and that data is driving capacity-building efforts. For example, many countries now have female angel programs to attract more women investors.
At Borski Fund, we have a scout program to bring more women into VC. Many investors who fund innovations are former entrepreneurs, and since there are fewer female entrepreneurs, there are naturally fewer women investors. In terms of numbers, around 1-3% of funded founders are female, and for diverse teams, it’s around 15-20%.
This means about 80% of new innovations are led and funded by all-male teams, contributing to both a funding and a wealth gap.
And you mentioned that 70% of your private investors are women?
Yes, that’s correct.
Is that a positive sign?
I think it’s great to have such strong female representation. It’s important that female investors direct capital toward inclusive innovation and solutions that address pressing issues. However, we also want to encourage more male investors to fund female founders and diverse teams.
Why do you think men aren’t investing as much in this space?
Well, there are more LPs, including institutional LPs, who want to tackle this gap. Like climate change, inclusive innovation is being prioritized by many institutions. For example, Dutch banks like ING, and Rabo are all committed to increasing funding for inclusive innovation. We also have international backers, like FISA Foundation in the US, which has specific programs supporting female scientists.
About Borski Fund
How is your first fund progressing—are you still deploying, or is it almost fully invested?
We’re still actively deploying capital and plan to invest in about five or six more companies in the coming year.
Could you share some examples of the types of companies you invest in and how gender factors into your investment criteria?
Sure. We focus on two main types of investments. First, there are female-led industries, like women’s health or sectors where there’s a high level of female involvement, such as the beauty industry. We believe we bring not only capital but also expertise in these areas.
The second category includes male-dominated fields, like industrial design, biomedical engineering, and material science, where we look to support women who are often minorities in their fields. These founders frequently want a more balanced cap table, and we can provide that, along with mentorship and role modeling.
Are most of your investments in the Netherlands, or are you looking internationally as well?
Many of our portfolio companies are headquartered in the Netherlands but have international teams. For example, Torona is a Dutch company that uses AI for CT scans in diagnosing lung diseases. Another example is Duchamp, a green chemistry company based in Berlin.
In your experience, what are some unique strengths that female entrepreneurs bring to the table?
When you put a group of women together and ask them what problems need solving, their priorities often differ from men’s. They may highlight issues or solutions that men may overlook.
Female entrepreneurs often have the same ambitions as men, but they also focus on building diverse teams. Many women face unique challenges, like returning from maternity leave or balancing family responsibilities with growing a business. These factors shape their approach to leadership and innovation.
What do you see as the most significant challenges still facing women in the investment world?
In Europe, only 16% of GPs are women, so in a room of 100 GPs, only a handful will be female. But there’s a strong pipeline of young female investment professionals. The path to partnership, however, can be very different for men and women, which is why it’s important to address it openly. I believe the current generation is more vocal about balancing personal and professional growth.
You’re now moving toward your second fund after raising 50 million euros. What are your goals for this next fund?
Our goal is to grow. We’re aiming for a fund of 80 to 100 million euros. We’ve brought in a new generation of investors eager to take on this challenge, and we’re working with institutions like the EIF. It’s a time-consuming process, especially for a second fund, but our anchor investors are eager to participate again.
Like other VCs, we’re balancing new deals, portfolio management, and investor relations while building our brand and keeping our team focused.
Has fundraising been more challenging with your fund’s focus?
Yes, it can be. Fundraising is a numbers game, a network game, and a track record game all rolled into one. We’re part of the European Women in VC community, which helps us connect with LPs. We’ve seen a strong appetite from LPs interested in our triple-impact strategy, but it requires both quality and quantity in outreach.
Women often mention challenges with networking—do you see this too?
Yes, networking can be intimidating, especially when you’re in the minority. However, I recently attended a gathering of 350 female investors in Paris, and it was inspiring to exchange knowledge. Funds like Borski have a growing presence and recognition in the VC space, so there’s definitely momentum.
What advice would you give to first-time GPs?
I’d emphasize resilience—it’s hard to accept rejection, but persistence is key. Fundraising is also a quantity and a quality game. Building a solid pipeline, using sales tactics, and creating trust are all essential. And you rarely fundraise alone; you need advocates and ambassadors for your fund.
Do you feel Europe has the ecosystem to support women-led funds?
Yes, organizations like the EIF are crucial, as well as government agencies and corporations. Additionally, we see more technology entrepreneurs, including women, moving from angel investing to investing in funds. Many of these investors look for funds focused on impact, which aligns with our mission.
Impact is so tied to narrative. How do you see impact and diversity fitting together?
Solving the funding, innovation, and wealth gaps for women will make a huge impact on Europe’s societal and economic health.
We haven’t talked about Melinda Gates—she’s made such a difference in the US. Do you feel there’s a comparable figure or initiative in Europe?
Melinda Gates has indeed been transformative, especially in supporting female entrepreneurs and GPs. We don’t have a Melinda Gates equivalent in Europe, but institutions like the EIF are playing an essential role.
And what about D&I programs? How do you feel about their current direction?
Unfortunately, some programs are being dismantled, which I think is a missed opportunity for inclusive innovation. I hope we continue making progress in Europe, rather than adopting this US trend.
