For the female founders out there, 500 Startups has allocated $1 million to invest in companies led by women. Dave McClure’s accelerator announced Thursday that it was launching two AngelList syndicates: the 500 Startups Syndicate and 500 Women Syndicate.
“We view syndicates as a way to double down on great 500 portfolio companies AND enable other investors to co-invest with us more quickly and easily,” McClure wrote in a blog post, noting it will add others down the line.
In AngelList style, the two syndicates will showcase companies that are raising money, with each offering $1 million total to 10 companies. The accelerator says it will invest $50,000 to $100,000 in each company and aims to raise $250,000 to $500,000 per company through syndicate co-investors. For 500 Women, eligible startups are required to have at least one female founder with 10% or more ownership of the company.