Anti-Bias Fund

Backing diverse teams and business models addressing systemic bias

The Fund's Investment Thesis

AVG’s Anti-Bias Fund focuses on appealing to investors interested in impact investing AND making a smart addition to their investment portfolio. The Fund offers an opportunity to invest in a venture portfolio of ~20-30 diverse companies led by a biased-against founder/team and/or featuring a business model addressing systemic biases.

It is important to note that AVG rigorously evaluates each opportunity by the same criteria we measure all our investments to ensure that we’re delivering promising portfolios to our investors. We believe it’s a false dichotomy that you can either do well or do good; we intend for this fund to do both.

AVG is in an excellent position to identify, access, and create a portfolio of such venture investments. We invest in 200+ venture deals per year, all led by established venture capital firms or syndicates. With alumni connections to some of the country’s top universities—as well as established accelerators, incubators, and venture firms—we can draw on one of society’s most powerful networks. Besides leveraging our community to source new opportunities, we can also invest in follow-on rounds of some of the ~550 companies already in the AVG portfolio that meet our ABF investing criteria.


Here’s why AVG thinks Anti-Bias is a compelling focus for investment. 

  • Major venture investing opportunity. VC funding of underrepresented groups is low, given the growing number of diverse founders and startups. It’s estimated that VCs are missing out on as much as $4 trillion in value by not backing more diverse founders.1 
  • Underrepresented groups have significant buying power. Nearly 40% of Americans belong to a racial or ethnic minority.2  In the U.S., women drive 83% of all U.S. consumption, Blacks spend $1.2 trillion/year, and LatinX consumer buying power is estimated to be $1.7 trillion.3
  • Diversity has major bottom-line dividends. Diverse leadership produce stronger financial performance, more innovation, and higher levels of startup success vs all-white, all male counterparts.4
    • On average, women raised less than half as much money as men, yet earned 78 cents per dollar invested, vs. 31 cents for men.5
    • Teams with at least one female founder did 63% better than all-male founder teams in terms of valuation change since initial investment.6
    • Teams of diverse founders at venture-backed startups create better financial outcomes–including 30% higher multiples on invested capital when acquired or IPO.8

The AVG Venture Clubs & Syndicate

Every investor in the Anti-Bias Fund will automatically become a member of our Anti-Bias Venture Club. The Club offers the following benefits:


  • Invest with your own community in venture deals.
  • Opportunity to opt into private Syndication venture investment opportunities—doubling down on an investment in your Anti-Bias Fund that you particularly like. Syndication investment minimums are $10K minimum per deal, vs. $25K outside the Club. All deals have been rigorously vetted and scored by AVG.
  • Ability to score deals and share your opinions with Club members if you wish.
  • Educational opportunities, informational updates, invitations to virtual events, and the ability to personally support portfolio companies.
  • Updates on your fund and portfolio.
  • Membership lasts a full year.

Ellevest is a money membership platform built by women for women. The company was founded by Wall Street veteran Sallie Krawcheck when she realized financial players weren’t appropriately serving women. Ellevest helps women achieve their financial potential through modern, low-cost investing, with an intelligently designed digital platform backed by a unique investing approach.

Co-investors include Rethink Impact, PSP Growth, Salesforce Ventures, Khosla Ventures, PayPal, Mastercard, Pivotal (Melinda Gates), Eric Schmidt



Tembo Health provides a telemedicine platform connecting nursing home residents with specialized care providers through an intuitive video chat platform. This enables patients to access convenient, high-value specialty medical care at a safe distance.

Co-investors include Bloomberg Beta Founder and General Partner Karen Klein.

Fund is currently closed.

This fund will invest in ventures that are led by an underrepresented founder or team, and/or address a market need created by biases.

  • Promising deals sourced, vetted, and sponsored by one of our actively managed investment teams.
  • Our Office of Investing will determine if the deal meets our Anti-Bias Fund lens.
  • Backed by established venture investors with deep experience in the sector.
  • The founder or founding team must come from a biased-against group; for example ethnicity, gender, age, sexual orientation, and/or physical impairment.
  • Alternatively or additionally, the business might address a market need created by biases.
  • Overall, the fund portfolio offers the investor diversification across sector, stage, geography, and lead investors.
  • We suggest that you review the first investments that the fund has already made to see the type of deals we will be doing.

I'm interested in the Anti-Bias Fund

How It Works

Data-driven and process-based investors

AVG Deal Sourcing and Diligence

  • ~50 investment professionals sourcing deals; ~60 full-time staff in support
  • Data-rich and process-based diligence and decision making with rigorous deal scoring
  • Co-invest alongside established lead venture investors

AVG Investment Process

  • Every deal sourced by one of our Alumni Funds is screened to determine if it fits within the Anti-Bias Fund investment mandate.
  • AVG’s centralized investment team, led by our CIO and Office of Investing, selects investments from the potential deals to optimize diversification by stage, sector, geography, and lead investor.
  • The portfolio will be constructed over a period of ~12-15 months and represent a mix of deals sourced and sponsored by our actively managed funds.

Smart, Simple Venture Investing

Open to All Accredited Investors


  • Portfolio consists of ~20-30 companies, diversified by stage, sector, geography, and lead investor within the investment mandate
  • Venture portfolio professionally managed by our experienced investment professionals
  • Co-invest alongside established lead venture investors


  • $25K minimum investment; $5M maximum investment
  • Online signing process takes just minutes
  • White-glove support from our Investor Relations team

Anti-Bias Fund Example Deals

Here are companies from the AVG portfolio that exemplify the types of deals this fund might consider.

For sample purposes only.


Below are the AVG investing team members on our Focused Fund Nomination Committee, who determine if deals invested in and nominated by our various AVG funds are a fit for the Anti-Bias Fund. In evaluating deals, the Committee considers fit with the fund thesis and portfolio diversity across sector, stage, and geography. The Committee roster changes quarterly but is by policy 60% diverse (i.e., nonwhite male).

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Anton Simunovic
Chief Investment Officer

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Alexandra “Sasha” Jostrom-Reiser
Senior Associate, AVG Office of Investing
Notable Deals:
Heaven’s Door

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David Beazley
Managing Partner

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David Shapiro
Managing Partner

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Jess Liu-Brown
Notable Deals: Relayr

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Wayne Moore
Managing Partner

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Meera Oak