Portrait No. 001
Sarah Fu
Founder
Elsa Capital
I started Elsa Capital after experiencing firsthand the isolation and barriers women founders face. During my journey as a YC-backed startup founder, I had over 60 VC conversations—more than 90% with male investors. This in an industry where only 2% of VC dollars go to women founders, and even less in fintech and enterprise B2B, the sector that I was building in. This experience showed me deep structural gaps in how the VC industry identifies and supports exceptional founders. I launched Elsa Capital because I saw a transformative opportunity: AI applications in financial and professional services. After 15 years in this industry, I've witnessed countless mundane tasks that AI can now automate, making these careers more fulfilling and impactful. But more importantly, I'm excited to be in a senior check-writing position where I can support women founders at scale—providing the critical capital and operational expertise they need to grow and succeed.
In her words
“My legacy is opening doors, writing checks, and proving that when women shape capital allocation and power, we don't just create equity—we create exceptional returns, transform industries, and change the world for the better.”
Chapter I
The toughest challenges you've faced as a founder.
As a woman, mother of two, minority, and immigrant, I've navigated barriers at every turn—but these identities have also sharpened my resilience and creativity. The most challenging period was being a woman founder CEO with a toddler. People often assume my husband has a flexible job, but he's even busier than me and travels constantly—leaving me solo parenting while running a startup as founder CEO. As immigrants, we had no family or grandparents nearby for support. One example of a hard moment came during fundraising: I had to postpone a call with a tier-1 VC because my daughter had a fever and needed me home. When we rescheduled a week later, her flu had passed to me. But I couldn't reschedule twice—so I took that critical fundraising meeting with a 103-degree fever. And those instances were a norm, not an exception. Now with Elsa Capital, I've channeled those experiences into impact. One-third of our portfolio companies are led by women founder CEOs, and they're among our fastest-growing startups. One reached $3M revenue in 6 months, working with top 10 law firms. Another is selling into the fastest-growing AI companies like Harvey and Clay. These founders prove what I've always known: when women get the capital and support they deserve, they build exceptional companies.
Chapter II
Your vision.
I'm obsessed with solving two interconnected problems: transforming knowledge work and reshaping who holds power in capital allocation. First, I believe AI will fundamentally reshape jobs in financial and professional services—lawyers, accountants, bankers, investors, risk managers, insurance brokers and more. I back founders building technology that automates the mundane and elevates human expertise. Second, I'm determined to change who shapes capital allocation and power in entrepreneurship and venture capital. To founders, VCs hold the ultimate power—startups live or die based on whether they can secure funding. Yet only 15% of VC check-writers are women. Women founders of VC firms who write checks are a critical part of the ecosystem—uplifting women founders also means spotlighting the women shaping capital allocation and power. My vision is creating visibility, influence, and wealth creation across the full founder journey, proving that when women control capital, we unlock extraordinary innovation and returns.
Chapter III
The impact you want to leave behind — for your industry, your community, and the women who come next.
Thirty years from now, I want to look back and see financial and professional services fundamentally reimagined through AI—more human, creative, and impactful. More importantly, I want to have shifted who holds power in entrepreneurship and venture capital. I want women check-writers to be the norm, not the exception, because capital allocation determines which startups survive and which founders succeed. My legacy is opening doors, writing checks, and proving that when women shape capital allocation and power, we don't just create equity—we create exceptional returns, transform industries, and change the world for the better.