Good morning! Subscription site Passes is sued for child pornography, Selena Williams joins Toronto Tempo’s ownership team, and Anu Duggal is behind some of your favorite female-founded startups.
– Investing with impact. Even if you don’t know Anu Duggal’s name, if you read this newsletter, you’re definitely familiar with her impact. Duggal’s firm Female Founders Fund has over the past decade backed some of the most influential female-founded startups: Rent the Runway, wedding platform Zola, razor and personal care brand Billie, and the women’s health unicorn Maven.
I wrote about Duggal, the founding partner of Female Founders Fund, for the first in a new series of profiles of women in tech rolling out in Fortune over the next few weeks. We chatted about her circuitous route to venture capital—she grew up between Hong Kong, New York, Manila, and Tokyo and quit her early consulting job to travel and go to cooking school. Later, she opened India’s first wine bar and worked on a Bollywood dance tech platform.
Duggal is also familiar with challenges: She entered the workforce the week of the Sept. 11, 2001 attacks and graduated business school into the Great Recession. To launch Female Founders Fund, she persevered through 700 meetings to raise $5.85 million—and quickly set about distinguishing her firm through brand and community, understanding its small AUM was unlikely to make waves on its own. Those experiences have helped her navigate tech and venture capital’s extended downturn over the past couple years. They’ve also influenced what she looks for in founders: “a chip on their shoulder” to prove themselves.
Female Founders Fund returned its first fund last year—thanks to its investment in Maven (which completed a secondary sale on its road to going public), but also thanks to some other exits like the sales of Billie to Edgewell and Eloquii to Walmart. Duggal is proud that it’s not just one investment determining her firm’s future.
Read the full story here.
Emma Hinchliffe
emma.hinchliffe@fortune.com
The Most Powerful Women Daily newsletter is Fortune’s daily briefing for and about the women leading the business world. Today’s edition was curated by Joey Abrams. Subscribe here.
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- McMahon Confirmed. Linda McMahon was confirmed 51-45 as Trump’s secretary of education. She’ll be tasked with executing his plan to dismantle the department. NPR
- Subscription site sued. Subscription site Passes, founded by entrepreneur Lucy Guo, was hit with a lawsuit last week alleging the site knowingly recruited minors and distributed child pornographic material to subscribers. A spokesperson described the lawsuit, which was filed by a creator on competitor site OnlyFans, as “untethered from reality.” The Information
- Williams joins team behind Tempo. The Toronto Tempo, a new WNBA team debuting in the 2026 season, announced that former tennis star and investor Serena Williams has joined the team’s ownership. “I have always said that women’s sports are an incredible investment opportunity,” Williams said. The Athletic
- Putting the ball in U.S. court. Following reports that border crossings from Mexico to the U.S. are the lowest in years, Mexican President Claudia Sheinbaum said on Monday that she is waiting to see if President Donald Trump decides to rescind his threat of 25% tariffs on Mexican imports. Trump previously said the tariffs would be contingent on enhanced border security. Fortune
- Melania takes to the Hill. First Lady Melania Trump visited Capitol Hill on Monday to discuss the Take It Down Act, a bill that would expedite the process of removing revenge porn material from the internet. The bill is already approved by the Senate and must pass the house before ending up with President Trump. AP
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Ernst & Young (EY) appointed Julie Linn Teigland to global vice chair, alliances and ecosystems. She previously served as area managing partner for EY Europe, Middle East, India, and Africa.
Allianz Commercial promoted Julie Gibbs to regional head of portfolio solutions & delegated authority for Allianz Commercial, North America. Gibbs most recently served as North American Inland Marine Program Lead for the company.
American Airlines promoted Caroline Clayton to senior vice president of communications and chief marketing officer. Clayton previously served as vice president of communications and marketing.
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“In some ways it was easier to be a woman. I never intimidated anybody, so people didn’t have their guard up when I was around...Once we won a championship, I think that kind of went out the window. Now I’m competition.”
— Los Angeles Lakers President Jeanie Buss on being one of the only women to run an NBA team. Her tumultuous rise to the role is the inspiration behind Mindy Kaling’s new Netflix comedy Running Point.
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