The Wing: Women inspired, Women led, Women funded
At Upfront, we aspire to fund really big ideas that solve hard problems, are scalable, and if successful will both improve lives and drive great returns. As an early stage VC, I invest across categories, and it’s particularly special when I get to invest in a great business that also has positive social impact and aligns with my values.
Two years ago, I, like many women around the country, took stock of who I have been and who I aspire to be as a woman. For the first time, I embraced being different (even just a little) as a core part of who I am in every space and not just an asterisk I use when convenient. I am proud to be a female VC who is passionate not only about funding women, but also women-centric businesses. This has gone from a whisper to an all-out holler!
This is why today, I am thrilled to announce my investment in The Wing as part of a $75M round led entirely by women and, in particular, Jess Lee of Sequoia, along with members of the TIME’S UP leadership, including actress and producer Kerry Washington, producer Katie McGrath, former White House senior advisor Valerie Jarrett, and Professional athletes and US Women’s National Soccer Team players Alex Morgan, Megan Rapinoe, Meghan Klingenberg and Becky Sauerbrunn.
The Wing founders Audrey Gelman and Lauren Kassan embody everything I have been looking for as an expression of the positive power of women supporting women. They have done it with the kind of mission, conviction and focused execution that many of us in VC can only dream about.
When I first get to know founders, I often get to know the most about them by learning about who they are as human beings. What moments make them light up? Who do they surround themselves with on their management team and out of the workplace? What new opportunities do they take, and even more importantly which they turn down that others might not (fun or social proofy kinds of things that have little business value)? With Audrey and Lauren, every observation points to positivity, abundance and an evolutionary inclusiveness that balances being aspirational and accessible.
But they’re not just entrepreneurs with a big dream, the business results speak for themselves. Five locations, six thousand members, huge waitlist, zero acquisition costs in just two years. How? Audrey and Lauren have created incredibly inviting spaces, which in turn seem to magnetically draw in a unique group of inspired, engaged and engaging members. They’re not just there to work, or to network, or to socialize — The Wing members belong to do all of that AND to act on their set of shared values. These values are reflected and stoked by the quality programming in every Wing space, as well as a yearly festival that takes The Wing’s spirit outside their own walls. This cycle of environments, engaged members and ethos all come together in a magical way that builds on itself to continuously iterate and improve on The Wing’s vision in unexpected and impactful ways.
It turns out that most scaled co-working spaces and social clubs for all of history have been planned by men, but women in fact use space differently and create different norms of engagement. This translates into unit economics and space utilization that no Excel model could predict. The Wing’s unique insights on how women work, gather and support each other translate into a very different business model, not just the results, but the fundamental assumptions the venture industry holds as to how people want to engage offline and online.
As a result, The Wing has created a real world community that is not just an amazing business but also helps build vibrant connections that extend far beyond the four walls of The Wing, supporting people who are starting businesses, raising families while maintaining their careers and even mobilizing grassroots support for elected office. The community is reflected in every detail of their space, their podcast, and the mission-connected people who gather at The Wing as members and speakers, ranging from Senator Kirsten Gillibrand and Representative Alexandria Ocasio-Cortez to Jennifer Lopez and Jennifer Lawrence.
Last week my ten year old daughter said to me: “Mom, do you think women may become so powerful that men need to start The Wing or All Raise?” I got the chills and realized this kid is seeing different role models in the world than I did as a kid. Her dreams may be unconstrained in ways I did not even realize were constraining me. Giving women the power to be ground breakers, and to find support and confidence where there aren’t examples in one’s family, company or broader society will help women and men come together to build a better world. I truly believe this and could not be more proud to support The Wing as an investor, an activist and a mom/wife/daughter. Please help me congratulate Audrey, Lauren and the team, and stay tuned — there’s so much more to come from The Wing.
