Women Funding Women

File photo by Terah Wilson

One of the newest angel networks to sprout in the state is aimed at supporting and funding women entrepreneurs and is operated solely by women.

xElle Ventures formed last year and it serves early-stage women founders, executives, and investors.

The brainchild of ROBBIE HARDY, founder of Empowering Women Together, the venture is led by founders from all over the state.

That includes Wilmington resident JENNIFER TURNAGE, chair of the screening committee for xElle and founder of myBeeHyve.

One of the goals of the organization is to increase the number of sustainable, female-founded ventures. and elevate the wealth of women, according to its website.

xElle focuses on providing debt financing, and in addition to monetary funding, it supports entrepreneurs with mentoring and marketing.

Currently, the venture is accepting applications that are addressed weekly.

WILMA: How was xElle Ventures born?

Turnage: “Robbie Hardy had the vision for xElle Ventures around 2000 but was not able to find enough female angel investors to launch the fund. Fast forward nearly 20 years to 2019, and Robbie felt the time was right to try again. She reached out to women she knew, and a core group of 15 founders jumped on board right away. Since then, the group has grown to 35 members throughout North Carolina. Some of us knew each other before xElle, while others met through the fund.”

WILMA: Why does xElle focus on women entrepreneurs?

Turnage: “Women start millions of businesses, yet only receive 2.3% of venture capital. Only 10% of the decision-makers in VC funds are women. xElle Ventures is a group of women investing in other women to close this funding gap. We understand and relate to women entrepreneurs because many of our members are entrepreneurs too. We’re also introducing women who are accredited investors to the idea of angel funding, and many of the women new to investing in this way are following a desire to help and support other women with achieving their goals.”

WLMA: Besides providing funding, xElle also provides mentoring and marketing help. Why did it decide to use that model?

Turnage: “We have seen that women entrepreneurs who connect with xElle Ventures are looking for a community of like-minded supportive women. Women are looking for guidance and support from other women who are where they want to go or have the knowledge they desire, and also connect with other women on the same journey. Women thrive in community and are often looking for solutions to the isolation and loneliness that often come with entrepreneurship.”

WILMA: What motivated you to join xElle?

Turnage: “My personal mission is to empower women to achieve financial independence through entrepreneurship.  I’ve also known Robbie for many years, and we participated in another angel fund together. When she asked if I would be interested in being a part of this new venture, my ‘yes’ was immediate and completely from the heart.”

WILMA: What are some features you look for in applications?

Turnage: “First, we are looking for women-led businesses headquartered in North Carolina. We want our investment to make a difference to the success of the organization, and to be able to provide non-monetary support to make that happen. This means that we have a member with experience in the industry of the company and believe we can help and support the founder. Since we make loans of $20,000-$100,000, we are also looking for very clear explanations of how the money will be used and the milestones to be achieved over a 1-3-year period.”

WILMA: How can xElle impact Wilmington-based female entrepreneurs?

Turnage: “The first $50,000 of investment is the hardest money for a female founder to raise. We want to support Wilmington-based female entrepreneurs by providing capital and a supportive community so they can reach their business goals and achieve success. Funding successful female entrepreneurs lifts up our whole community and creates the next wave of female angel investors and entrepreneurs. We want to get money flowing and growing in order to reinvest in the coming years.”