US female-led venture fund secures investment boost from Bank of America

A US venture firm focusing on early-stage women’s health start-ups has announced an LP investment from Bank of America.

Led by general partner, Jessica Karr, Coyote Ventures has already invested in six start-ups, all of which are focused on catalysing change by helping the health and wellness industry move towards gender equity.

“According to data from Pitchbook, of the US$105b invested in health and wellness startups in the US in 2021, only two per cent was invested in solutions that serve women,” says Karr.

“This is a massively underserved market that we estimate is valued at over US$1t globally.

“We are beyond excited that Bank of America has committed as a partner in driving more early-stage funding in this critical space.”

As an early employee and biochemist at Impossible Foods, Karr recognised venture capital as a gateway for launching and scaling new products after working with start-ups internationally as an innovation consultant.

She saw gender equality as a key issue largely missing from venture investing and founded Coyote Ventures in 2021.

The California-based firm wrote the first venture check into Wile, who has since launched their plant-based hormonal wellness products at Whole Foods Market and Walgreens nationwide.

Coyote Ventures was also the first fund to commit to Hera Biotech’s oversubscribed seed round to advance clinical trials of their endometriosis diagnostic.

All CEOs in the firm’s portfolio companies are female, and many of the co-founders are BIPOC and/or LGBTQ+.

“The health crisis has impacted all of us but disproportionately minority women,” says Gioia McCarthy, president, Bank of America San Francisco-East Bay.

“At Bank of America, we want to facilitate more equitable opportunities for underrepresented entrepreneurs and address the challenges that women entrepreneurs face, especially when it comes to securing funds to start or grow their business.”