Halogen Ventures, led by renowned investor and entrepreneur Jesse Draper, is announcing a major $10 million investment aimed at empowering female founders in Alabama. This initiative marks a key milestone as Halogen becomes the first out-of-state venture capital firm to receive funding from Innovate Alabama, a public-private partnership dedicated to promoting entrepreneurship, technology, and innovation across the state. The investment will be channeled through Innovate Alabama’s InvestAL venture capital program, supported by the State Small Business Credit Initiative.
The partnership will strengthen Halogen Ventures’ impact on Alabama’s growing startup ecosystem, specifically focusing on women founders tackling global challenges. Halogen Ventures, which has invested in over 75 startups collectively valued at more than $15 billion, has a strong track record of supporting high-growth companies. Its portfolio includes five unicorns and several market-leading companies such as Everlywell (valuation $3.5B), Babylist ($1B GMV), Flex ($24.8B market value), HopSkipDrive (over 1M safe trips to school), Upwards (a leader in childcare solutions), and Metropolis (AI-driven mobility solutions), among others.
Cynthia Crutchfield, CEO of Innovate Alabama, expressed excitement about the partnership, saying, “We are proud to join forces with Halogen Ventures to drive capital access and strategic support for female founders in Alabama. This investment aligns with our mission of fostering innovation while ensuring that Alabamians play a key role in addressing future challenges. We are eager to see the positive impact this initiative will have on our entrepreneurial community and beyond.”
Alabama currently ranks last in the nation for female-founded businesses, and this investment is designed to change that. By providing female entrepreneurs with mentorship, resources, and access to Halogen’s vast network, Innovate Alabama hopes to create new opportunities and pathways for local startups. The goal is to bridge Alabama’s entrepreneurial ecosystem with the national market, spurring transformative growth in the state.
Jesse Draper, Founding Partner of Halogen Ventures, shared her enthusiasm for the collaboration: “We’re excited to partner with Innovate Alabama to bring more capital to incredible female founders. Alabama has all the potential to be a leader in technology, with top universities and more than 50 Fortune 500 companies based in the state. This collaboration not only supports the growth of Alabama’s tech ecosystem and creates jobs but also provides immense opportunities in sectors like healthcare, manufacturing, and agtech. More investors need to take notice of this untapped potential!”
Halogen’s portfolio already includes companies making an impact in Alabama. These include Binti, a platform streamlining the adoption process; Goodr, a sustainable food management solution tackling food waste and hunger; and Upwards, the U.S.’s largest at-home childcare provider, servicing over 179 cities in Alabama. Additionally, Metropolis, a parking technology firm that raised $1.9 billion in 2024, is already operating in multiple Alabama locations.
This partnership is expected to ignite transformative innovation in Alabama, propelling female-led startups into the spotlight and creating lasting change in the state’s entrepreneurial landscape.
