Halogen Ventures, which is Jesse Draper’s venture capital fund focused on early-stage startups with a woman on the founding team, announced a $10 million investment to build the pipeline of female founders in Alabama.
Halogen is the first out-of-state venture capital firm to receive funding from Innovate Alabama, a statewide public-private partnership dedicated to advancing entrepreneurship, technology, and innovation in Alabama. The funding is through InvestAL, Innovate Alabama’s venture capital program made possible by the State Small Business Credit Initiative, and will drive Halogen’s growing impact on the Alabama startup ecosystem, specifically supporting female founders tackling global problems.
Halogen Ventures is headed by renowned investor and entrepreneur Jesse Draper, who is recognized worldwide for championing the business case for investing in women. And Halogen has invested in over 75 startups that have collectively achieved a market value exceeding $15 billion.
The fund’s portfolio features five unicorns with a widely impactful footprint in Alabama as well as on a national scale, including Everlywell (valuation $3.5 billion), Babylist ($1 billion GMV), Flex ($24.8 billion market), HopSkipDrive’s (over 1 million safe trips to and from schools), Upwards leadership in childcare solutions ($520 billion market), Metropolis (AI-powered mobility provider) among other leading consumer technology and B2B solutions.
Innovate Alabama aims to create direct pathways for local startups to engage with Halogen Ventures’ network and providing access to mentorship, resources, and capital. And by bridging Alabama’s entrepreneurial ecosystem with the broader national market, the partnership aims to drive transformative growth and innovation within the state.
Innovate Alabama’s investment is part of a larger vision to position Alabama as a leader in entrepreneurship and innovation. And the organization has a track record of supporting startups and fostering public-private collaboration that drives economic resilience and growth. The partnership with Halogen Ventures is expected to fund more women in Alabama to pursue entrepreneurial opportunities in the tech sector and connect with a supportive community of like-minded innovators.
KEY QUOTES:
“Innovate Alabama is proud to partner with Halogen Ventures to help drive capital access and strategic support to female founders in Alabama. This investment not only aligns with our mission of fostering innovation but also ensures that Alabamians are at the forefront of solving tomorrow’s challenges. We are excited about the impact this investment will have on our entrepreneurial community and beyond.”
- Cynthia Crutchfield, CEO of Innovate Alabama
“We are thrilled to partner with the state of Alabama through Innovate Alabama and invest more capital into incredible female founders. Alabama has all the ingredients to be a leader in technology from great universities to the presence of over 50 Fortune 500 companies. Through this collaboration, not only do we plan to catalyze the growth of the Alabama tech ecosystem, create more jobs and startup more future female billionaires, but we see a massive opportunity in healthcare, manufacturing, agtech and other verticals that we look forward to capitalizing on. This is a real opportunity that more investors need to jump on!’”
- Jesse Draper, Founding Partner of Halogen Ventures
