The New Club Raises $3.1M to Build A Next-Gen Professional Network Centered First Around Female Engineering Leaders

The startup addresses the need for belonging and camaraderie among women in engineering, and is laying the foundation for data- and AI-driven social or professional networks.

SAN FRANCISCO, CA / ACCESSWIRE / March 13, 2024 / The New Club, a curated network of female technologists, announced it has raised $3.1 million in funding. Sierra Ventures and Afore Capital led the round led the investment round, with participation from Operator Collective (Mallun Yen), Precursor Ventures (Charles Hudson), Dragonfly Capital, Stanford GSB's 2021 Fund, and a host of founders and individual investors including Deborah Quazzo, founder of GSV Ventures, Steve Bartel, CEO of Gem, Evan Moore, cofounder of DoorDash and former Opendoor executive, Mariam Naficy, GP of Heretic Ventures, advisor Pam Kostka, founding CEO of Women in VC organization AllRaise, and more.

The New Club addresses a longstanding problem: women in engineering often lack the sense of belonging and professional camaraderie that their male peers enjoy at all stages of their careers. The result is less access to the critical information, support, and professional networks essential for accelerating one's career goals and personal fulfillment.

"Our mission is to empower and elevate women in engineering," says Laura Du, founder of The New Club, former startup operator at Opendoor and Kindred, and angel investor in over 25 early-stage startups. "We are building the future of community-centric professional networks and disrupting the often transactional, Linkedin-centric recruiting and business networking industry."

For the last ten years, the percentage of women graduating with college computer science degrees and holding software engineering jobs has stalled at around 20%. This thins out even more at the leadership level, with just 8% of chief technology officers (CTOs) in the US being women. By focusing first on this segment, The New Club is filling a massive gap in the market by surfacing high-caliber talent to some of the world's fastest growing companies.

Since launching as a private community in March 2023, The New Club has garnered significant traction, attracting over 1,000 founding members, including renowned figures, female CTOs, engineering leaders, and founders such as Ari Font Llitjós, Tracy Chou, Ceslee Montgomery, Claire Hough, and Jessica Mong. The club has hosted over 150 events and learning experiences - from intimate dinners to electric fireside chats and one-of-a-kind Women in Engineering weekend retreats.

"I'm glad to spend time with a group of incredible female technologists," said Tracy Chou, founder of Block Party, who recently spoke at The New Club's Hudson Valley, NYC retreat. "It's so refreshing."

The New Club is poised to become much more than a champion of diversity; with a focus on leveraging proprietary data and AI, the startup is building the foundational layer of any next-gen social or professional network.

ABOUT THE NEW CLUB:

Established in March of 2023, The New Club has rapidly emerged as the premier professional network for senior-level women in engineering, boasting a membership exceeding 1,000 founding members across San Francisco, New York City, and other key locations. Its diverse membership comprises leaders and founders ranging from senior, staff-level engineers and managers to VPs and CTOs, collectively driving innovation and leadership at the forefront of technology. For more information, visit https://thenewclub.fyi.

MEDIA CONTACT:

Lauren Gill, MAG PR at E: lauren@mooringadvisorygroup.com; P: 978-473-1362

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SOURCE: The New Club