Celebrating Women's Day and The Sun Company's Fundraising Success
Dear Sunlanders,
As we commemorate International Women's Day today, we take a moment to reflect on the remarkable achievements of women in the business world, particularly in industries traditionally dominated by men. At The Sun Company, we stand proud as a woman-owned small business in the renewable energy sector, blazing a trail and making significant strides despite the challenges we face.
In the past six years of our journey, we have tirelessly worked towards our vision of a sustainable future. We are thrilled to be among the few women-owned companies that have fundraised millions of dollars. Raising $1 million in capital is an achievement reached by only a select few women-founded startups, emphasizing the significance of our accomplishments thus far. [1]
At The Sun Company, we recognize the critical role of battery technology and energy infrastructure development in advancing renewable energy solutions. As we continue our mission to create a sustainable future, we are actively engaged in pioneering battery technology that enhances energy storage capabilities, ensuring reliable and efficient renewable energy integration. Additionally, we prioritize the development of resilient energy infrastructure that supports the widespread adoption of clean energy sources, facilitating the transition towards a more sustainable and environmentally-friendly energy landscape. Through our innovative approaches to battery technology and energy infrastructure development, we are dedicated to securing the necessary funding to drive positive change and shape a greener tomorrow for generations to come.
As we set our sights on the next phase of our journey and work towards greater raises, we are reminded of the challenges faced by women entrepreneurs. However, we draw strength from the knowledge that women-owned businesses have grown 114% in the last two decades [2] and we aren’t slowing down. Our determination remains unwavering, fueled by the knowledge that female-founded companies continue to excel, even in the face of adversity.
Joley Michaelson, The Sun Company Founder & CEO
The statistics underscore the significance of our fundraising journey. In 2023, startups founded by women in the US received only 2% of all venture capital funds [3], indicating the need for increased representation and support for women in entrepreneurship. Furthermore, data illustrates that the underinvestment in women-led startups represents a missed opportunity, as women-founded companies consistently outperform those founded by men.
As a tech company, we deeply appreciate the value of data-driven insights. Private tech companies led by women achieve a remarkable 35% higher return on investment (ROI) [4]. Additionally, from 2019 to 2023, women-owned businesses’ growth rate outpaced the rate of men’s 94.3% for number of firms, 252.8% for employment, and 82.0% for revenue [5].
“All the data shows that women-led startups, on average, have better ROI when invested in. Due to the paltry amount of investments currently going to women-led startups, investors now have an enormous market opportunity to invest in many of the most innovative ventures, which just happen to be led by women, and make billions of dollars”
Despite facing a severe funding gap, startups founded and co-founded by women have consistently demonstrated superior performance, generating 10% more in cumulative revenue over a five-year period compared to their counterparts [6]. Notably, in First Round Capital's portfolio, companies founded by women outperformed those founded by men by an impressive 63% [7%]. These statistics underscore the untapped potential and immense market opportunity presented by investing in women-led ventures. With their innovative approaches and proven track record of success, women entrepreneurs are driving substantial returns and shaping the future of the tech industry.
As we celebrate International Women's Day 2024, we embrace this year's campaign theme: Inspire Inclusion. At The Sun Company, we recognize the transformative power of inclusion in creating a more equitable world. When we inspire others to understand and value the importance of women's inclusion, we take meaningful steps towards progress. Moreover, when women themselves are inspired to be included, they experience a profound sense of belonging, relevance, and empowerment. Together, let's unite in our commitment to inspire and foster inclusion, forging a brighter and more inclusive future for women worldwide.
The Sun Company Team Summit, 2022
As we celebrate Women's Day, let us reaffirm our commitment to championing diversity, equity, and inclusion in entrepreneurship. Together, we can create a more equitable future where women-owned businesses thrive and lead the way towards positive change.
Thank you for your unwavering support and for being part of our journey towards a brighter, more sustainable tomorrow.
Warm regards,
The Sun Company Team
Resources
[1] Raising $1M in capital is an achievement reached by only about 2,300 women total in this country as of 2019
[2] Women-owned businesses have grown 114% in the last two decades
[3] Startups founded by women in the US received only 2% of all venture capital funds in 2023
[4] Private tech companies led by women achieve 35% higher ROI.
[5] From 2019 to 2023, women-owned businesses’ growth rate outpaced the rate of men’s 94.3% for number of firms, 252.8% for employment, and 82.0% for revenue.
[6] Despite the severe funding gap, startups founded and cofounded by women actually performed better over time, generating 10% more in cumulative revenue over a five-year period
[7] First Round Capital's portfolio, companies founded by women outperformed those founded by men by an impressive 63%.
