Equity Angels was started earlier this year by real estate industry veterans Katherine Winston and Kenya Burrell-VanWormer. The organization aims to increase diversity in real estate tech by providing support to underrepresented founders in the sector. Equity Angels has a three-part strategy to achieve this goal, including providing access to capital through a six-month accelerator program, offering fractional executives for startups, and creating a community of diverse founders.
The accelerator program offered by Equity Angels helps founders prepare for investment pitches by reviewing their technology, assessing their product-market fit and go-to-market strategy, and assisting with financial projections and funding targets. Real estate industry veterans provide mentorship during this program. The accelerator culminates in the Blueprint real estate tech conference held in September, where founders pitch to potential investors at the conference demo day. Equity Angels also introduces founders to potential investors, customers, and partners.
Equity Angels looks for diverse founders broadly, rather than focusing on specific gender, race, ethnicity, or sexual orientation. This inclusive approach makes it more difficult for venture capitalists to pigeonhole the accelerator and dismiss the companies based on preconceived notions. By including a wide range of participants, Equity Angels aims to create a more diverse group of founders that VCs are willing to listen to. The organization’s strategy also avoids potential discrimination claims, as seen with other initiatives targeting specific demographics.
The organization is mainly being bootstrapped by the co-founders, and there is currently no set fee for participating in the accelerator. Equity Angels takes equity in the startups that participate, based on factors like the amount of money raised, traction, and valuation. Additionally, the organization earns a percentage of the rate paid by startups for the fractional executive program. In the future, Equity Angels plans to offer full-time executive placement services targeting small to midsize tech companies seeking diverse, experienced candidates.
The Seattle area is home to a number of real estate technology ventures, including well-known companies like Zillow and Redfin. Both Winston and Burrell-VanWormer have extensive experience in the real estate sector, with Winston having worked in marketing and communications for Sotheby’s International Realty for 18 years, and Burrell-VanWormer holding various leadership and sales roles in Houston and nationally. The first accelerator cohort of Equity Angels includes four early-stage startups that meet specific requirements, such as working in prop-tech or fintech, having raised initial capital, and having at least one minimum viable product.
