Women-led startups consistently receive less than 2% of U.S. venture capital, per Crunchbase data. That’s despite delivering 2.5x better returns than male-founded startups, research shows.
Although the number of women-owned businesses keeps growing, startups led by women continue to fall behind their male counterparts when it comes to raising venture funding.
That’s why former PayPal executive Molly Huyck teamed up with Amie Konwinski, a U.S. Navy veteran and marketing executive, to found Aequitas Invest, an SEC-registered, funding portal.
The platform, also called AQi, gives women-led businesses — those that are at least 50% women-owned — a way to raise capital through Regulation Crowdfunding, a securities framework aimed at opening up startup investing.
Launched in 2024, AQi seeks to help female entrepreneurs reach everyday investors by simplifying regulatory disclosures and business documentation. As a member of the Financial Industry Regulatory Authority, the platform has passed a rigorous federal vetting process and agrees to operate under strict oversight to protect investors and ensure transparency.
Crunchbase News recently spoke with Huyck and Konwinski to hear more about what led them to start AQi, why they think women don’t need to give up board seats early on, and how they want to help female entrepreneurs raise and hold on to more equity.
This interview has been edited for clarity and brevity.
Crunchbase News: What is your platform’s mission and what led you to launch this company?
Huyck: I spent 21 years at PayPal, where I mentored women through a partnership with the Cherie Blair Foundation. It was there I learned about the $5 trillion gap in global GDP resulting from women entrepreneurs lacking access to capital.
In the U.S., while women start nearly half of all businesses, they receive only 2% of venture capital and less than 20% of small business loans. I wanted to build an innovative system to solve this. I considered starting a fund, but many already exist. Instead, I wanted to create a crowdfunding platform exclusively for women, providing an additional avenue to raise money. The economic irony is that women entrepreneurs earn 78 cents for every dollar invested, compared to 31 cents for men. It simply didn’t make sense, and I wanted to build a system that truly enables women.
Konwinski: To add to that, we are a very distinct entity. We are not a broker-dealer; we are an SEC-registered and FINRA-member crowdfunding platform. Following the 2012 JOBS Act, Reg CF (Regulation Crowdfunding) was created to allow nonaccredited investors to invest in private, early-stage companies. There are about 50 active platforms in the U.S., but we are the only one founded by women, owned by women, and exclusively serving women-owned businesses.
Beyond just providing a neutral platform, we act as a “quarterback.” We help entrepreneurs navigate the process — whether they are just starting or ready for a “glow-up” — by providing access to accountants, lawyers and marketing firms. We are creating a community where women can get the resources they need to build their businesses without competing for attention in male-dominated tech circles.
How does your platform differ from sites like Kickstarter?
Konwinski: Kickstarter and GoFundMe are for charitable gifting. We are not asking for charity; we are facilitating investments. We are on par with platforms like StartEngine or Wefunder, but our fee structure is more founder-friendly. On platforms like Kickstarter, you might only keep about 60% of the funds raised. Our success fee is only 6.5%. When investors invest in these businesses, they receive equity in return. Furthermore, there is a clear social return: Studies show that for every dollar a woman earns in her business, she creates significant economic benefit for her community and family.
How many businesses have you helped raise capital for thus far?
Huyck: We spent our first year building the technology and another six months on the rigorous SEC and FINRA registration process. We believe this high level of regulation is critical to ensuring investor trust. We currently have a pipeline of 20 businesses. We closed our first campaign earlier this month and have two more launching in the coming weeks.
Since Reg CF has a $5 million cap per 12-month period, how do you position yourselves for high-growth startups? And do you view this as a permanent alternative to traditional venture capital, or a bridge?
Huyck: I don’t see the VC space changing soon because it is heavily reliant on “pattern matching,” where investors look for people and paths that resemble previous successes. Until that breaks, women founders face significant barriers. Crowdfunding is a vital, viable alternative.
Konwinski: I would challenge the notion that $5 million isn’t enough. For many of the companies we work with, that is a strong runway for 18 to 24 months. Because Reg CF allows for rolling raises, a company can raise up to $5 million every 12 months. We see companies use this to reach a significant milestone and then potentially pursue a Series A later. We aren’t trying to be a broker-dealer for Series A deals. We are here for those who get “ghosted” by VCs or don’t want to leverage their homes to secure an SBA loan.
Does a distributed ownership structure with many unaccredited investors create a “messy” cap table that scares off traditional VCs?
Huyck: We utilize special-purpose vehicles. This consolidates all Reg CF investors into a single line item on the company’s cap table, often with a lead investor managing voting rights. This keeps the cap table clean.
Konwinski: Additionally, one of the greatest benefits of our model is that founders retain autonomy. VCs often demand board seats, veto rights and up to 20% equity. With us, founders usually give up only 5%-10% equity, allowing them to maintain control of the company they built from the ground up.
Without the pressure of a VC board, how do you help founders maintain operational discipline? And what do exit horizons look like?
Konwinski: Women entrepreneurs are natural “hustlers” who are inherently self-motivated. They are also excellent at collaborating and leveraging their community rather than operating with ego. Many of the founders we work with are Gen X, balancing business with family, and they have developed an incredible ability to multitask and execute.
Huyck: We also encourage founders to bring on advisers rather than giving up board seats too early. As for exit strategies, many women founders are mission-driven and haven’t historically been forced to consider an exit. We provide the guidance to help them think through those horizons — whether that’s acquisition or long-term growth — so they can make informed decisions rather than being forced into a timeline by traditional VC pressure.
Finally, how does your platform compare to other equity crowdfunding sites like Wefunder?
Konwinski: It is apples-to-apples in terms of our SEC/FINRA licensing. Where we differ is our value proposition: we provide a “concierge” service. On many larger platforms, you are processed through an AI-driven, automated checklist. We are building relationships, talking to our founders, and acting as their partner throughout the process.
Related reading:
- The Portion Of US VC Funding That Went To Female Founders Hit A New Peak In 2023, Thanks To Massive AI Deals
- How Female Founders Can Access Capital In A Tight VC Funding Market
- Is There A Gender Bias in Funding? Yes. Here’s How Female Founders Can Overcome
Illustration: Dom Guzman
