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In our recent Women’s AMA hosted by Antler’s Senior Program Manager, Rachel Guest, we heard from two inspiring women founders from Antler’s portfolio - Renee Currie, CEO of the global casting platform Altai, and Jo Thomas, CEO of Enrola, the startup connecting students with high-quality educational opportunities.
These women-led ventures are driving change in a startup ecosystem where female founders remain vastly underrepresented. Renee and Jo share insights into their journeys as female entrepreneurs in the fast-paced world of VC-backed startups, the unique challenges women face in the startup ecosystem, and the ways Antler has helped them thrive.
Read on for an inside look at what it takes for women founders to turn innovative ideas into impactful, high-growth companies.
Finding the Right Fit
Antler's co-founder matching process streamlines a critical step for founders as they build their startups in their residencies, where selecting a co-founder requires as much discernment as choosing a life partner. Antler offers a highly structured process that not only aligns prospective founders’ strengths but delves deep into their shared values and goals.
The affinity of a co-founder relationship can define a startup’s success. Jo shares how Antler’s co-founder-first approach allowed her to find Yvette Quinby, Enrola’s Co-founder and CTO, "[Antler] makes sure that you’re not just compatible as co-founders but that you have a complementary mix of skills."
Reflecting on the co-founder matching process, Jo mentions she was also initially reserved about building with someone else when Enrola was her idea.
"You're going to give someone half of [your idea] because that's what's expected.... I was really struggling to get around it but I'm so glad I did because we are 100% in it together… An idea is worth absolutely nothng... It's bringing the idea to life that has value.”
Renee, who co-founded Altai with Josh Algie, champions the difference it made having the domain expertise to build Altai - having worked in the entertainment industry for years - alongside having Josh there as someone she knew had the expertise to build and who shared her vision.
"I found it easier because I already had a problem that I was so passionately aware of how to solve. And I already had my Co-founder. Having Josh and such a deep understanding of my space… that support around me would have been the only way that I would see [Altai] through.”
Fundraising Resilience and Strategy
Navigating the capital-raising landscape is a tough journey, one which both Jo and Renee talk transparently about in the session.
Jo notes subsequent rounds of funding require significant forward planning.
“In that crucial post-investment stage, Antler’s team was already thinking 12 months ahead of what we were obsessing over right now.”
One of the key hurdles in fundraising, outside of the biases women founders continue to tackle like preventative questioning, is the pressure of keeping up with investor conversations and expectations while scaling the business.
According to Jo, getting initial meetings with investors is straightforward as she feels there’s increased interest in meeting more female founders, although this doesn’t necessarily translate to financial commitment. “As women, I think the top of the funnel is probably quite wide for us,” she says. However, while the initial interest is there, it’s a game of numbers, where “You get in front of 60 people to get maybe three who will invest - that’s the reality.”
Renee explains that her journey was first marked by ambiguous responses from investors uncertain about Altai’s media niche. “There was a lot of discomfort about our industry… There was a lot of thank you, but maybe come back when you’re at a different round or you’ve got some more traction.”
However, Antler’s initial backing became a seal of trust that helped secure interest from other investors.
“Then we met with Antler... and there was just this completely different openness to it... It wasn’t about the industry and the problem as much. It was more about us as a team and how passionate we were and how hardworking we were.”
Despite the inevitable challenges, both founders agree that securing the right investors was well worth the effort, with Jo stating “When you get investors who genuinely believe in your vision, you feel empowered to keep pushing forward, knowing you have that safety net and expertise behind you.”
Antler’s recent introduction of their Agreement for Rolling Capital (ARC), which conditionally guarantees Antler’s participation in a portfolio company’s follow-on round, has also proven essential.
“[ARC] was really helpful for us to show other VCs that had a lot of interest that there was that trust from Antler,” says Renee. “It’s been a game changer. Having Antler’s commitment as you approach other investors gives them confidence,” Jo adds.
By being the first cheque in and offering ongoing follow-on capital, Antler aims to provide women founders with the runway they need to achieve sustainable growth. This is particularly valuable for women-led startups, which often face additional hurdles in securing capital as they mature beyond the pre-seed stage.
What it Means to Build a VC-Backable Business
Building a VC-backable business often requires a significant shift in mindset which can be difficult for founders accustomed to traditional business models.
Jo, who previously held high-ranking corporate roles, highlights the adjustment to embracing the high-risk, high-reward nature of VC-backed businesses, saying, “VCs don’t just invest in good businesses; they invest in businesses that fly close to the sun… VC isn’t about what you will do but about what you could do.”
Her experience helping run large institutions was about steady, incremental growth, but Enrola demanded an approach driven by rapid scaling, high-tech adoption, and a relentless focus on future market impact.
“[VCs] have far more of a focus on growth - not at any cost but at probably a higher cost than I would naturally have erred toward... getting to scale is more important than getting to profitability.”
Renee also acknowledges that her understanding of what makes a company attractive to VCs evolved through her time at Antler.
“We bootstrapped Altai and were a bit naive in the tech space at how much things cost. And very soon realised that Altai was a VC-backable business. But I had to learn what a VC-backable business actually meant.”
This realisation prompted Renee to utilise Antler’s resources and global network of advisors. This helped her embrace the ambitious global vision for Altai, including their recent launch in Latin America and focus on building an accessible platform for casting professionals worldwide.
Advice for Aspiring Female Founders
Closing the AMA, Jo and Renee share practical advice for women entering the startup arena, acknowledging the challenges and resources available for female founders today. Jo stresses the importance of aiming high and how VCs look for ambitious, high-growth potential, even when there’s a risk of failure.
“It’s not about what you will do; it’s about the possibility. And even if it’s only a 5% chance of getting that possibility, that’s okay.”
Renee speaks to the need for resilience and commitment, especially in the high-stakes world of startup. She advises founders that “you get out of it what you put into it...your personal life is affected if you’re not prepared to prioritise it to some extent.” Her advice is especially relevant to women founders who may face additional challenges balancing startup demands with personal responsibilities.
Reflecting on the support they’ve received during these testing times, Renee praises Antler for its comprehensive backing, from initial funding to ongoing mentorship and connections, “Knowing that when I’m talking to VCs now and it’s getting more and more exciting...we still have the support of Antler globally with such a big, deep network.”
“I know that I can always go to the team and discuss openly what they think is best for Altai because they were in so early.”
As Renee and Jo continue to build their businesses and pave the way for other women founders, they exemplify the powerful potential of female-led, VC-backed business. Their startups are a beacon for aspiring entrepreneurs, proving that with the right co-founder, support, and network, women founders excel in the startup world.
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Want more insights? Sign up for our upcoming online AMA sessions featuring more founders from the Antler portfolio.
Applications are now open for Antler’s February 2025 residency in Sydney, Melbourne, and Brisbane. If you’re ready to embark on your founder journey, apply now!
