Baby food startup Yumi raised $67 million using only women investors
California-based baby food startup Yumi announced a $67 million Series B funding round last month made up entirely of 70 women investors and women-led firms, reports Fast Company. The investment round, which was structured as a special-purpose vehicle (a funding structure by which all investors are pooled together into a single entity), allowed the investors to buy shares at a 20 percent discount. Yumi, a women-led company whose line of organic baby foods served an estimated two percent of all babies born in America last year, features recipes developed by Michelin-starred chefs. The company said it hopes the funding will help build more gender equity among investors. “The whole goal is to get more women involved in venture capital,” Yumi chief financial officer Sarah Marie Martin told Fast Company. —Patricia I. Escárcega
