Portfolia, a family of women-run funds, has its first exit.
Portfolia, which was founded to help women learn to become angel investors, announced its first exit, OtoSense, in May. It returned more than 2x to investors, but the investment is just two years old. OtoSense applies artificial intelligence to the analysis of sound. It has applications in home health care -- is that a baby crying or just someone yelling? -- but also in manufacturing, where it can help determine if a machine needs some type of repair or upkeep.
Each of Portfolia's funds concentrates on a specific sector, and can accommodate a maximum of 99 investors. They invest in "areas where we know women are the buyers, even within corporate," says Trish Costello, the founder of Portfolia, which she says "almost always" backs gender-balanced teams.
Portfolia currently has six funds, including a FemTech fund launched in April, and about $6 million under management. Next up will be an Inclusion Fund, which will invest in people of color and LGBTQ individuals. There are plans for a food and AgTech Fund by the end of the year. By that time, Portfolia hopes to have $10 million under management.