The Two Percent

Female Founders Fund

Historically, less than 2% of venture capital funding has gone to female founded companies. Hosted by Founding Partner Anu Duggal, The Two Percent by Female Founders Fund is dedicated to highlighting stories of powerful CEO’s, founders, investors and industry leaders who are changing this dynamic, both as female founders and female funders.

  1. Erica Cerulo & Claire Mazur’s Second Act: Building a Story Into a Universe

    3D AGO

    Erica Cerulo & Claire Mazur’s Second Act: Building a Story Into a Universe

    In this episode of The Two Percent, Founders of 831 Stories Erica Cerulo and Claire Mazur discuss their second act as builders, and how they’re turning a breakout novel into a scalable intellectual property platform with 831 Stories. Rather than treating the book as a singular product, they share how they’re designing a story-driven universe built for long-term expansion across community, commerce, and culture. They unpack the strategic decision to prioritize direct audience relationships over traditional publishing pathways, why they view community as core infrastructure rather than a marketing channel, and how depth — not virality — drives durable growth. The conversation also explores their co-founder operating system, how they divide creative and business responsibilities, and the discipline behind building deliberately in an industry that often rewards speed. This episode is a case study in building IP in public, co-founder dynamics, and what it looks like to create something designed to last. Check out 831: https://www.instagram.com/831storieshq/ Follow Erica: https://www.instagram.com/ericacerulo/ Follow Claire: https://www.instagram.com/clairemazur/ Follow Anu: https://www.instagram.com/anuduggal/ Follow Female Founders Fund: https://www.instagram.com/femalefoundersfund/ Season 7 of The Two Percent is presented by J.P. Morgan. J.P. Morgan supports businesses at every stage of growth, from startups to mature companies, by providing access to dedicated banking teams with deep expertise across industries. J.P. Morgan helps startups navigate complexity with confidence and scale with purpose. Learn about How J.P. Morgan partners with startups:  http://jpmorgan.com/growwithoutlimits Disclosure: The Two Percent is hosted by Anu Duggal, Founding Partner of Female Founders Fund. Some guests featured on the podcast may be founders or leaders of companies that Female Founders Fund has invested in, or may have other professional relationships with the fund. Any views expressed by guests are their own and do not necessarily reflect the views of Female Founders Fund or its affiliates. This podcast is for informational purposes only and should not be considered investment advice. Executive Producer: Anu Duggal Series Producer / Editorial Producer: Julie Cerick Production Manager: Rachel Braun Post-Production & Editing: Rachel Braun, Don't Buzz, Melrose Podcasts Studios

    41 min
  2. Bobbi Brown’s Second Act: Returning to Beauty on Her Terms

    FEB 20

    Bobbi Brown’s Second Act: Returning to Beauty on Her Terms

    In this episode of The Two Percent, Bobbi Brown talks about her second act as a founder after building one of the most iconic beauty brands of all time. She shares how she got started as a makeup artist, why she created her first products before she even knew what a “founder” or “brand” was, and how an early break at Bergdorf Goodman helped launch her career. Bobbi explains what it was like leaving Estée Lauder Companies with years left on a non-compete, what she learned from trying other businesses in the interim, and how that journey ultimately led her to launch Jones Road, a modern, family-run DTC company built around product obsession and real-time customer feedback. The conversation also covers how social media changes product education and iteration, what’s surprised her about Jones Road’s breakout hits, how she thinks about retail expansion, and why patience, resilience, and actually building a profitable business matter more than hype or fundraising milestones. Check out Jones Road: https://www.instagram.com/jonesroadbeauty Follow Bobbi: https://www.instagram.com/justbobbidotcom Follow Anu: https://www.instagram.com/anuduggal/ Follow Female Founders Fund: https://www.instagram.com/femalefoundersfund/ Season 7 of The Two Percent is presented by J.P. Morgan. J.P. Morgan supports businesses at every stage of growth, from startups to mature companies, by providing access to dedicated banking teams with deep expertise across industries. J.P. Morgan helps startups navigate complexity with confidence and scale with purpose. Learn about How J.P. Morgan partners with startups: jpmorgan.com/growwithoutlimits J.P. Morgan is the Bank of the Innovation Economy. Disclosure: The Two Percent is hosted by Anu Duggal, Founding Partner of Female Founders Fund. Some guests featured on the podcast may be founders or leaders of companies that Female Founders Fund has invested in, or may have other professional relationships with the fund. Any views expressed by guests are their own and do not necessarily reflect the views of Female Founders Fund or its affiliates. This podcast is for informational purposes only and should not be considered investment advice. Executive Producer: Anu Duggal Series Producer / Editorial Producer: Julie Cerick Production Manager: Rachel Braun Post-Production & Editing: Rachel Braun, Don't Buzz, Melrose Podcasts Studios

    30 min
  3. Audrey Gelman's Second Act: A Vision for Nostalgic Hospitality

    FEB 12

    Audrey Gelman's Second Act: A Vision for Nostalgic Hospitality

    In this episode of The Two Percent, Audrey Gelman talks about her second act as a founder and creative builder. She shares how her career started in politics, what led her to create The Wing, and how she’s now building The Six Bells and the fictional town of Barrows Green, a hospitality concept where storytelling, design, and nostalgia are central to the experience. Audrey explains why she’s drawn to creating immersive, transportive spaces as a counterbalance to an always-online world, how film and cinema shape her creative process, and what surprised her about who the brand resonates with. The conversation also covers reinvention, the reality of starting over, and why building something you truly believe in matters more than following a traditional playbook. Follow Audrey Gelman on Instagram: https://www.instagram.com/audreygelman/ Learn more about The Six Bells: https://www.thesixbells.com/ Learn more about Barrows Green: https://www.thesixbells.com/pages/the-story Follow Anu: https://www.instagram.com/anuduggal/ Follow Female Founders Fund: https://www.instagram.com/femalefoundersfund/ Season 7 of The Two Percent is presented by J.P. Morgan. J.P. Morgan supports businesses at every stage of growth, from startups to mature companies, by providing access to dedicated banking teams with deep expertise across industries. J.P. Morgan helps startups navigate complexity with confidence and scale with purpose. Learn about How JP Morgan partners with startups: jpmorgan.com/growwithoutlimits J.P. Morgan is the Bank of the Innovation Economy. Disclosure: The Two Percent is hosted by Anu Duggal, Founding Partner of Female Founders Fund. Some guests featured on the podcast may be founders or leaders of companies that Female Founders Fund has invested in, or may have other professional relationships with the fund. Any views expressed by guests are their own and do not necessarily reflect the views of Female Founders Fund or its affiliates. This podcast is for informational purposes only and should not be considered investment advice. Executive Producer: Anu Duggal Series Producer / Editorial Producer: Julie Cerick Production Manager: Rachel Braun Post-Production & Editing: Rachel Braun, Don't Buzz, Melrose Podcasts Studios

    37 min
4.9
out of 5
32 Ratings

About

Historically, less than 2% of venture capital funding has gone to female founded companies. Hosted by Founding Partner Anu Duggal, The Two Percent by Female Founders Fund is dedicated to highlighting stories of powerful CEO’s, founders, investors and industry leaders who are changing this dynamic, both as female founders and female funders.

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