Women’s Capital Connection (WCC) Announces Buy Out

UK Venture Capital Firm Invests $10M into TomboyX, local WCC Investors Profit

Kansas City, MO (May 13, 2019) — Women’ Capital Connection (WCC) announced today that 24 women investors are part of a UK Venture Capital firm’s $10M buyout of WCC shares in TomboyX and an additional Convertible Note investment round will be converted into Series B shares.

“We are excited to make this announcement, because we have been attached to TomboyX, since 2016, when Heidi Lehmann, Chief Commercialization Officer of Kenzen — another WCC Portfolio company — introduced Fran Dunaway, CEO of TomboyX, to WCC,” said Kelly Sievers, WCC Managing Director.

“While TomboyX is physically located in Seattle, WA,” continued Sievers, “Fran, has strong ties to the KC area having lived in both Parkville and Platte City as well as attended the University of Missouri where she obtained her undergraduate and graduate degrees.”

The investments, made in three separate rounds by WCC members, should garner a little over 2x return for an approximate 30% ARR. The investment rounds in TomboyX totaled $315,000 — and an additional $242,000 convertible note investment will be converting into the Series B shares.

WCC backed TomboyX along with several investment groups who emerged to lend their support and financial commitment to the company from across the US (90% of whom are women). WCC and other investors backed a simple message that guides TomboyX in business — empowerment.

About TomboyX

Seattle-based TomboyX, a gender-neutral underwear company proudly proclaims a #humanagenda. The startup is a brand that is hell bent on challenging societal norms about what it means to be a woman in today’s society and is poised to disrupt the $13B underwear industry. TomboyX offered the first boxer briefs for women and has since expanded to include a full range of styles. Launched on Kickstarter in March of 2013 with a focus on shirts and blazers, TomboyX recognized a larger unmet need and has seen impressive growth since.

About Women’s Capital Connection

Women’s Capital Connection (WCC) is a regional network of accredited angel investors dedicated to identifying and funding the most promising start-up business opportunities in the region & throughout the US. The WCC officially launched in January 2008 with 33 founding investors committed to investing in women-led ventures. Since 2008, 120 women investors have been involved in supporting angel investing and over 1000 women-led ventures have inquired about angel funding, with 140 companies moving forward for investor presentations.

To date, 33 companies have received funding from WCC investors, with nearly $5 million dollars contributed to the region & throughout the US. As a proud partner of OneKC for Women, the Women’s Capital Connection is the equity investment arm of the alliance, funding women-led enterprises. We provide a unique perspective to women at every stage of the business cycle, coming alongside with capital, resources and connections. We’re proud to bring together high achieving, well-accomplished professionals to guide, encourage and inspire fellow women.

For more information about the WCC, please contact Kelly Sievers, WCC Managing Director at ksievers@womenscapitalconnection.com.