OneVentures apologises twice for IWD post highlighting men in the business

Australian VC firm OneVentures has apologised a second time for its International Women’s Day LinkedIn post that showcased nine men. But some in the venture community want to see more action.

The original post — which has been deleted — discussed breaking down barriers regarding pathways to VC as well as highlighting the fact that the firm has two women founders.

It went on to state that throughout the week OneVentures would be posting profiles of women within their team.

“But today, we wanted to say thank you to all the allies in our firm, as we strive for equity and camaraderie,” the post read. This was followed by a Brady Bunch-style image of nine men from the firm. On International Women’s Day.

The post received significant backlash, with some referring to the post as “tone deaf.”

“I can’t decide which is worse, if you realise or realise not that your company thumbnail features 9 men and 0 women,” one LinkedIn user wrote.

OneVentures defended the post in the comments.

“Hi Kyle, sorry you didn’t like the post, but as we’re profiling women for the rest of the week, we wanted to create some balance and recognise the men on our team too. We are striving for equity for all”.

On a related note, the 2022 State of Startup Funding Report revealed that 33% of overall angel and pre-seed funding was received by women last year. Only 8% of Series B and above was received by women — down from 20% in 2021.

In fact the total share of funding for women-led startups declined in 2022.

OneVentures apologises, with some excuses

But despite the initial clap backs, OneVentures deleted the original post and replaced it with an apology on Thursday morning.

“A mea culpa from OneVentures. It’s evident from comments on our post this morning celebrating International Women’s Day that the post has caused offence to some of our followers. Our intention in using the image we did was to highlight the gender camaraderie that we take so much pride in at OneVentures, and the role our male colleagues play uplifting and supporting the many incredible women in our firm,” the post read.

“In hindsight, the photograph we chose was a mistake and we can see how it could come across as insensitive. For this, we apologise unreservedly, and appreciate your feedback and comments to bring this to our attention.”

This too received a negative response from some on LinkedIn.

“What an abrogation of responsibility. I get what the intention was, however, as I mentioned on the now deleted post — Feminism (and by extension IWD) is based on equity, not equality,” one user wrote.

OneVentures co-founder, Dr Michelle Deaker, also acknowledged the issue in a post on her personal LinkedIn page on Thursday afternoon.

“We have had lots of discussions at OneVentures the last 12 to 18 hours and it’s been a time of deep reflection. We can absolutely understand the response to our post yesterday. We made a mistake and I’m unequivocally sorry for our misjudgement. The post certainly didn’t represent who we are and what our team believes,” Dr Deaker said.

“International Women’s Day is first and foremost a day to recognise the significant barriers that women face in society and business and support each other in overcoming these. At OneVentures, these themes are deeply embedded in our core values and amongst our entire team. Having been one of the first female founders of a VC firm and as a tech entrepreneur, and having experienced these barriers first hand, helping others overcome them is very important to me.

“Having had the honour of working and leading a truly diverse team with over 50% women and with broad participation at all levels of our organisation, our purpose matters to the entirety of the team.

“I want to assure our fantastic female colleagues, investors and founders that we will continue to support them in overcoming barriers and creating a more equitable society.”

Is this enough?

Jessy Wu, Investment Principal at AfterWork Ventures, was disappointed by the responses from OneVentures and Dr Deaker, and wants to see more action from the firm and its leaders.

“There is a distinction between having female executives and employees within your organisation, and using your platform to actively address the most salient barriers that women around the world still face,” Wu said in a message to SmartCompany.

“Being a fund founded by a woman does not automatically make OneVentures a beacon of female empowerment. When asked what ‘gender camaraderie’ means to them in practice, the response was corporate vagaries — such as ‘leaving bias at the door and being accepting of diversity’.

“It’s 2023, not the 1950s. It’s disappointing that the minimal acceptable standards of workplace decorum are held up as shining examples of diversity and female empowerment.”

“Dr Deaker claims that the post does not reflect who they are and what they stand for. The next logical step would be an active demonstration of what it is they stand for. What does the fund do to empower women — be they aspiring founders or investors — that is truly radical?”

SmartCompany asked OneVentures what it is doing to help marginalised groups in the VC landscape, and also questioned the firm on its portfolio, which largely contains companies with all-male leadership teams.

The company declined to respond.

“We’re not providing any further comment other than what Michelle has said in her post,” a spokesperson said in an email to SmartCompany.