Today research by VC firm Astia validates a screening process that removes bias in VC investment decisions and identifies more successful exits and fewer shut-downs than traditional methods.
In the whitepaper "The Astia Expert Sift: An Innovative Approach to Investing in Innovation," Astia, the pioneering global VC that invests in companies that include women leaders, analysed a quarter-century of deals using the Expert Sift, its unique investment screening model. It found that the Sift consistently identified more exits (16 per cent) than shut-downs (11 per cent), compared with a 65 - 75 per cent failure rate in the broader start-up market.
Historically, only 2 to 3 per cent of venture capital dollars have been invested in start-ups with women CEOs, and just 22.7 per cent to teams with at least one woman. This means over 77 per cent of VC dollars are still invested in all-male founding teams.
“Since inception, Astia has sought to carve its own path to source, screen and invest in top-performing start-ups that include women leaders,” commented Sharon Vosmek, CEO and Managing Partner, Astia.
“As investors, we recognize the critical role of proprietary deal flow to fund performance.
Over 25 years, we have proven that our thesis and methodology is robust across market cycles, from the tech boom and bust to the 2007 financial crisis to today's post ‘Zero Interest Rate Policy’ (ZIRP) period, we provide our investors with the returns they look for.”
Vosmek, an economist, views venture capital as socially and structurally exclusionary, especially against women and people of colour. She contends that “Still today, men and women do not yet share the same business networks, nor do they use them in the same way.”
Further, she asserts, “People like people they understand and can relate to, who look, speak and behave like them.” This disadvantages female and culturally diverse founders as investors are overwhelmingly white males.
What is the Astia Expert Sift screening process?
The Sift consists of four rigorous screening stages, all based on written feedback and blind evaluations, ensuring maximum objectivity.
Pre-screening Criteria
To qualify, companies must:
- Include at least one woman in a position of leadership and equity, on par with male co-founders.
- Be beyond concept stage, with some proof of traction.
- Target a high-growth opportunity.
Submissions are made via the Astia Connect platform. No warm introduction is required — cold applications are equally accepted.
1. Criteria Screen
Who reviews: Executives with 15+ years of industry experience.
Assessment based on:
- Proof of concept (e.g., revenue, grants, pilot customers)
- Competitive strength
- Defensible advantage
- Market size and potential
- Strength and completeness of the team
- Likelihood of long-term success
Input format: A 1–2 page executive summary (intentionally short to reduce bias tied to pitch decks, photos, or design polish).
2. Industry Screen
Who reviews: Sector experts with deep domain knowledge.
- Focus areas:
- Product-market fit
- Understanding of the regulatory and competitive landscape
- Innovation and disruption potential
- Team’s ability to execute in the given industry context
The goal here is to determine if the company has the sector-specific fundamentals needed to succeed.
3. Operations Screen
Who reviews: Serial entrepreneurs and executives.
Process:
The CEO presents business in a 10-minute presentation, followed by 12 minutes of Q&A (with video turned off to eliminate visual bias).
Reviewers assess:
- Business model viability
Growth trajectory - Fit between leadership team and ambition
- Readiness for venture capital funding
Astia estimates that it has now evaluated 16,450 entrepreneurial businesses representing more than $220 billion in early-stage investment opportunity; conservatively translating into 206,600 jobs.
In 2024 alone, over 600 high-growth companies submitted materials to Astia for investment consideration, representing nearly $2 billion of investment opportunity. With more than $50 million in AUM invested across 66 companies, Astia’s multi-sector portfolio includes companies driving the future of health, climate, and prosperity.
Over the course of Astia's investment experience, the firm has been on par with top quartile venture metrics, validating the Sift as a deal sourcing and screening tool.
Astia has always pioneered new programs and methodologies to increase VC investment in companies with women leaders. The development of the robust, data-driven methodology behind the Astia Expert Sift is a testament to its efforts to leverage best-in-class tools and wisdom-of-the crowd to eliminate bias in the investment process.
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