Texas Women Ventures Fund announced that it is raising a second fund as a sidecar to its first fund, Texas Women Ventures Fund I (TWVF I). In making the announcement, Whitney Johns Martin, managing partner of TWVF I, also revealed that the lead investor committing $1 million to the new fund is Dallas-based The Boone Family Foundation, the philanthropic entity created by the family of Garrett and Cecilia Boone.
Mr. Boone is well known as the co-founder and Chairman Emeritus of Container Store, while Mrs. Boone is a notable civic leader and philanthropist, particularly regarding women’s issues. www.TheBooneFamilyFoundation.org
“We at The Boone Family Foundation think it is important to use the Foundation’s endowment to achieve its mission goals,” commented Cynthia Yung, vice president for grants of The Boone Family Foundation. “A private foundation can have a positive impact on society in three ways: through grant making, by supporting proper advocacy by nonprofits and by leveraging its biggest asset – the foundation endowment – to achieve both economic and social returns.”
The Boone Family Foundation also hopes that its investment in Texas Women Ventures Fund-Side, LP will encourage other private foundations to consider mission investing that can positively impact important social issues, such as improving access to capital for women-led businesses.
“It is gratifying to have such a distinguished lead investor as The Boone Family Foundation adding both its capital and its enthusiasm for entrepreneurship to Texas Women Ventures’ new sidecar fund,” said Ms. Johns Martin.
Johns Martin explained that Texas Women Venture’s new fund would invest alongside TWVF I. Together, the funds will typically invest $2 million total in each portfolio company.
“Raising this new fund enables us to deploy more capital to help growing, women-led businesses achieve their potential and also allows more women investors to become directly engaged in private equity investing,” Johns Martin added.
Since 2006, TWVF I has invested in four companies, offering each company mezzanine loans of $1 million of TWVF’s money and also bringing in a co-investor with an additional $1 million. The portfolio companies include Karlee Inc - a custom metal manufacturer; Warrior Group - a construction management company; Joy Foods Inc. – a pizza maker and Joy Products Corp a foodservice company. . TWVF’s first four portfolio companies generate revenues of nearly $300 million and employ more than 420 people.
Warrior Group’s CEO Gail Warrior-Lawrence demonstrates the investment cycle TWVF hopes to encourage. With TWVF funding, Ms. Warrior-Lawrence grew her business from $42 million in 2007 to $135 million this year and has repaid TWVF I early. Now, she is personally investing in the new sidecar fund, to help other women similarly grow their businesses.
Cynthia Pharr Lee
C. Pharr & Company
(972) 931-7576, ext. 31
Whitney Johns Martin
Texas Womens Ventures Fund
View Archived News