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Solv Diversifies its Cap Table, Secures Participation from 75 Female Investors as Part of Larger $45M Series C

·5 min read
  • CEO and co-founder Heather Fernandez uses fundraising efforts to build a diverse investor base representative of Solv's user base

  • $3.4M of newly created special purpose vehicle (SPV) raised by women, 60% of which are women of color and 33% are first time investors

  • Hollywood actress Kerry Washington participated in the round, alongside personal investments from tech CEOs and founders from Cityblock, StichFix, and PagerDuty

SAN FRANCISCO, May 26, 2022 /PRNewswire/ -- Solv, an app that delivers everyday healthcare on demand, today revealed that the company's recently completed $45 million Series C funding round included participation from 75 female investors, 60% of whom are women of color and 33% of whom are first-time investors. The round was co-led by Acrew Capital and Corner Ventures, with participation from existing investors, Benchmark and Greylock.

Solv Logo (PRNewsfoto/Solv)
Solv Logo (PRNewsfoto/Solv)

Solv formed a special purpose vehicle (SPV) to provide female investors with access to the round, raising $3.4 million in just two weeks. Hollywood actress, producer, and director Kerry Washington participated in the round, alongside personal investments from Dr. Toyin Ajayi, CEO of Cityblock; Katrina Lake, founder of StichFix; and Jennifer Tejada, CEO of PagerDuty. The venture capital community also participated via personal investments from Kara Nortman, Managing Partner at UpFront Ventures; Lydia Jet, Managing Partner at VisionFund; and Laela Sturdy, General Partner at Capital G.

"As a founder, I realized that the most direct way that I could create more cap table diversity in tech was to make the space on Solv's cap table. This might sound obvious, but an SPV created with this purpose is not common as it should be," shared Heather Fernandez, CEO and co-founder of Solv. "I hope that this helps other founders and investors see what's possible so we can all stop talking about cap table diversity, and actually do something about it. I'm proud and excited to have so many first-time investors join the Solv growth journey, and I hope the success of Solv's SPV and enthusiastic response from the female investors who participated will inspire other venture-backed companies to follow suit."

Opportunities for women and minorities, including smaller investors, to participate in deal flow and successful startup growth rounds are rare. While women make up 33% of the combined founder and employee workforce, they hold just 9% of the equity value, according to a comprehensive public study of cap table data by Carta and the investment collective #Angels. The other 91% belongs to men.

"Through our 20-year friendship, Heather and I have spoken at length about how to make cap table diversity a reality in high growth start-ups. Access to these circles are typically constrained to a small group of men who have long term relationships with investors or repeat founders," said Kara Nortman. "By tapping into our personal and professional networks, we were able to activate our community to bring women who have never been invited to the table, into a growth stage investment. The success of Solv's SPV is a testament to Heather, Solv's traction and culture, and the women who believe and invested in her vision."

To increase access and participation from underrepresented communities, the female-founded and -led company used its Series C round to provide wealth creation opportunities for ambitious women investors, a group that more accurately reflects the makeup of Solv user base and healthcare decision-makers in the United States. Unlike many SPVs who maintain a $25,000 minimum, Solv eliminated any investment minimum and opened a dedicated portion of its cap table to provide women the opportunity to invest in a growth-stage company. Of the 75 female investors, contribution amounts ranged from $1,000 to more than $1 million.

Concurrently, Solv established its first industry advisory board, whose founding members are all women, including:

  • Regina Benjamin, MD, MBA, 18th U.S. Surgeon General

  • Alexandra Morehouse, Chief Marketing Officer of Banner Health

  • Florence Chang, President of MultiCare Health System

"Women and mothers make most healthcare decisions for their families, yet are often underrepresented by their care teams and healthcare executives," said Dr. Benjamin. "I'm honored to join the Solv team as Heather and the company strive to empower women and families at every level, whether it's at the cap table or ensuring they have access to high quality, affordable healthcare."

Solv is on a mission to make affordable, high quality, same-day and next-day care easy to access for all. Today, 150 million Americans live within five miles of a same-day bookable appointment with a Solv provider and 1 in 16 Americans have used Solv to schedule care.

About Solv

Solv is an app that delivers everyday healthcare on demand. The app connects patients to a national network of convenient healthcare providers, empowering consumers to simplify their everyday healthcare needs. For providers, Solv's technology improves their quality of service, engagement with their patients, and the performance of their practice. For consumers, Solv offers same-day appointment availability, in-person and virtual visits, and cost transparency. Solv eliminates the stress of everyday healthcare by letting you know where you can go, when you'll be seen, and how much it will cost.

Download the Solv app or book online at solvhealth.com. Providers can learn more at solvhealth.com/for-providers

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