and better understand different aspects of investing.
In a world where investment landscapes favor men, Citrine Angels emerges as a game-changer for its support of female founders and funders. Founded in 2019 by Allyson Redpath along with DC power players Lisa Friedlander, Stephanie Bauer Marshall and Aurelia Flores, Citrine Angels is a dynamic, female-only membership group based in Washington, D.C. The organization provides early-stage investment opportunities to female-founded companies and education to female investors. With over 75 members and more than $1.3 million invested in 20+ female-founded startups, Citrine Angels is not just closing the gender funding gap; it is transforming the entrepreneurial ecosystem.
A Vision Born from Necessity
Allyson’s path to establishing Citrine Angels began with a simple yet powerful observation. “When I moved back to Maryland from New York, I started talking to companies about doing CFO work for them. The answer kept coming back: we need help raising money. That’s the big need,” she recalls. This need and the noticeable absence of women in early-stage investment events fueled her determination to create Citrine Angels. “I was pretty startled and dismayed that there were few women in the room,” she shares. The realization that Washington, D.C., despite its high proportion of accomplished women, lacked an angel investment group for women was the catalyst for Citrine Angels.
A Mission of Empowerment and Prosperity
Citrine Angels is driven by a clear and compelling mission: to support the growth and success of female-founded businesses and increase women’s access to investment opportunities. This mission is deeply rooted in the symbolism of its name. Citrine, a crystal known for manifesting prosperity, perfectly embodies the organization’s goal of fostering financial success and growth for entrepreneurs and investors.
As a 501(c)(6) not-for-profit organization, Citrine Angels is unique in the mid-Atlantic region. In an industry where 90% of angel investments are made by and given to men, Citrine Angels stands out by providing education and resources for women investors and pledging full support to female-founded companies, particularly those led by BIPOC women. “Our focus is to provide both the financial backing and the necessary resources, networks, and expertise to help female-founded businesses grow and succeed,” says Allyson.
A Structured and Supportive Approach
Citrine Angels offers a structured process to assist accredited investors in making early-stage investments in female-founded companies. For entrepreneurs, the journey begins with an online application. If the company meets the initial criteria, it is invited to a prescreening meeting with the Deal Flow Committee. Successful candidates then can present to the entire group at one of Citrine Angels’ investor pitch meetings.
“We want to understand your goals and help you succeed. We’ll provide feedback and business advice to you if we meet, even if we don’t invest,” she explains. This supportive environment extends beyond just funding. It includes timely decision-making, constructive feedback, and mentoring, creating a nurturing ecosystem for growth.
A Commitment to Education
Education is a cornerstone of Citrine Angels’ mission. The organization recognizes that many members are new to angel investing and offers a comprehensive investor education program. This includes an Angel Investing 101 session for beginners and workshops on more advanced topics such as investment term sheets, understanding financial statements, building an investment thesis, and due diligence.
“Our monthly meetings and additional education sessions provide many occasions to meet like-minded women,” she notes. The organization partners with legal, accounting, and other experts to provide valuable insights and training, ensuring members are well-equipped to make informed investment decisions. “We are filling a need within the investing community by focusing on female founders and funders, making investing accessible to this cohort,” she adds.
Collaborative and Flexible Investment
One of Citrine Angels’ unique aspects is its highly supportive and collaborative setting. Group discussions among investors with diverse backgrounds improve the decision-making process and provide a rich learning experience for new and seasoned investors. The Deal Flow Committee is crucial in prescreening potential companies and presenting members with curated opportunities.
“Our flexible investment amount, with no minimum requirement, allows members to participate at a level that suits them,” Allyson highlights. This flexibility, coupled with the group’s ability to meet a founder’s minimum investment threshold by combining investments via Special Purpose Vehicles, makes Citrine Angels an attractive option for investors and entrepreneurs. “We keep the membership fee low and make it easy for new members to join, which can be done simply on our website,” she explains.
The Power of Sponsorship
Citrine Angels also offers sponsorship opportunities, allowing companies to support the growth of women-founded businesses while gaining access to investment opportunities for women. This dual benefit aligns with the organization’s mission of fostering a supportive ecosystem for female entrepreneurs. In addition, Citrine works with area economic development organizations such as Arlington Economic Development to support the growth of the local startup ecosystem.
Why Pitch to Citrine Angels?
For female entrepreneurs, pitching to Citrine Angels offers more than just potential funding. The organization provides a supportive environment that values understanding and helping companies succeed. Entrepreneurs receive feedback, business advice, and the possibility of mentorship from experienced executives.
“We’re a matchmaker and a facilitator of information between investors and founders,” Redpath explains. This matchmaking role ensures both parties benefit from the relationship, driving prosperity and innovation.
A Catalyst for Change
Citrine Angels is not just an investment group but a catalyst for change in the investment community. By providing financial backing, mentorship, and education, the organization empowers female investors – and aspiring investors – to make an impact in a male-dominated industry and help female entrepreneurs break through and succeed. The team’s visionary leadership and dedication have created a vibrant community reshaping the landscape of angel investing in Washington, D.C., and beyond.
“I’m so happy and proud to see the amazing group of women that this concept has attracted: smart, successful, mission-driven, down-to-earth, nice people who are enthusiastically building the culture and programs at Citrine,” she says. As the organization continues to grow and evolve, it remains steadfast in supporting the success of female-founded businesses, working towards ensuring a brighter, more equitable future for all.
of women investing in women at D.C. Startup Week in 2023.
