SEA female founders build strong businesses but face VC bias

This article summarizes an episode of Fintech Fireside Asia’s video series featuring Rejina Rahim of Wahine Capital and Sarah Lim of OSK Ventures.

Sarah Lim of OSK Ventures (left) and Rejina Rahim of Wahine Capital (right) / Photo credit: Fintech Fireside Asia YouTube

Rejina Rahim of Wahine Capital and Sarah Lim of OSK Ventures, both early-stage investors in Southeast Asia, say venture criteria still disadvantage female founders.

Standard investment practices, they argue, often fail to capture the value of women-led businesses—leaving practical, viable companies without the capital they need.

To counter this, their approach focuses on capital efficiency over rapid market capture. Rahim asserts that consistent profitability builds a stronger foundation than accelerated growth.

Through a measured investment strategy, they help female founders create businesses that generate internal revenue instead of depending on future buyout valuations.

Changing cultural expectations

The standard investment method rewards people who make confident promises about the future. However, women are taught from a young age to be careful and avoid mistakes.

Rahim explains, “We are so used, as women, to saying we will show you the results first before asking for anything.”

Because the standard of proof is higher for them, women miss out on early funding that others receive based entirely on unproven ideas.

Managing a second job
Managing a startup is difficult without adding the pressure of unpaid work at home. For many female founders, building a company is only part of their daily work. Society expects women to prioritize family needs, which splits their focus and limits their time for networking or planning.

Rahim adds, “I might have married a supportive guy, but I am still cooking and cleaning and doing the laundry.”

She notes this unseen domestic work takes significant time and energy without offering financial pay. This leaves female founders with fewer hours to dedicate to their business, a reality that investors often misunderstand as a lack of dedication.

Changing who invests

When investment groups consist mostly of men using strict rules, they overlook female leaders and alternative ways of growing a business. In Southeast Asia, 67% of investment firms lack women in decision-making roles, creating a narrow view of what success looks like.

Lim notes, “It would be great if there were a more balanced view so that it could be a more well-rounded way of evaluating companies.”

A better way to use money