There has been a lot of chatter about creating gender parity in the workplace and this NYC startup is systematically ensuring that it happens and quickly. Chief is the private network designed specifically for women leaders to advance their careers through a mix of curated opportunities focused on education, an in-person space, programming, and events. Launched earlier this year, Chief already has an impressive roster of high-ranking women among its membership with plans to expand to Los Angeles, San Francisco, Boston, Chicago, and Washington DC.
AlleyWatch caught up with cofounder and CEO Carolyn Childers about the exciting future of Chief, the company’s impressive growth, and latest round of funding, which brings its total funding to $25M across two rounds.
Who were your investors and how much did you raise?
Chief has secured $22M in its Series A financing, co-led by Ken Chenault at General Catalyst and Alexa von Tobel at Inspired Capital. Both Ken and Alexa will be joining the Board of Directors.
Tell us about the product or service that Chief offers.
Chief is the future of women in the workplace. Created to drive more women into positions of power and keep them there, Chief is a private network designed specifically for senior women leaders — rising VP level through CEO — to strengthen their journey into the C-suite, cross-pollinate power across industries, and effect change from the top-down. Chief members include the highest ranking women from HBO, Walmart, LVMH, Sotheby’s, JetBlue, Mastercard, Johnson & Johnson, IDEO, Hulu, SoulCycle, PepsiCo, Verizon, Omnicom, Chobani, UNICEF, Instagram, and Google. Chief also has a growing waitlist of thousands of women from across the country.
Chief membership includes its critically acclaimed peer group experience where members meet monthly with a trained executive coach to facilitate deep connection, overcome challenges, and provide transformative support. Members also enjoy events such as workshops and intimate conversations with industry icons such as Julianne Moore, Valerie Jarrett, and Christian Siriano. Programming is specifically designed for senior leaders to sharpen their knives, including team leadership, media training, and securing board seats. The community has access to connect online, as well as in-person at its sophisticated clubhouse in Tribeca.
What inspired you to start Chief?
Lindsay and I have both been in the New York startup scene for a while. As we advanced in our careers, our decisions became bigger and more important — but we didn’t have a network of peers we could confide in or ask for advice. We wanted to build a support system linking powerful women together across industries. Our goal is to tackle disparity in the boardroom from the top down.
How is Chief different?
There are many organizations designed for all women, or for women within specific industries, but there was nothing that catered to women VP level and above, across roles and industries. This level of seniority is important to recognize, as this inflection point is where the biggest drop-off of women happens — and it’s when these women are right on the cusp of attaining senior exec positions.
While other organizations are critical to achieving a gender-equal ecosystem, there was a void of programming specifically tailored for this group of women to address the unique challenges experienced at their professional rank. Bringing women from different industries together allows for cognitive diversity and a strong, supportive network to cross-pollinate power.
What market does Chief target and how big is it?
Chief is for women leaders, rising VP level through CEO. There are currently 5 million women at this level in the US, and our goal is to double that number as we impact change in the highest levels of power.
What’s your business model?
We operate on an annual membership basis — $7,800 for C-suite level and $5,400 for VPs. The vast majority of members are sponsored by their company. This is in stark contrast to $30,000 for a 6-month engagement with an executive coach, or upwards of $12,000 for a three-day conference.
Everyone claims they want gender parity, but progress is stalled and change isn’t happening fast enough. Companies know they need high-caliber women in leadership roles and have a desire to invest in their female talent, but still, neglect to promote women to these levels or set targets for gender representation. Chief exists at the crossroads of Learning & Development and Diversity & Inclusion goals that companies are striving to reach. Most of the companies our members come from realize that since their diversity numbers are not where they should be, they need to find external methods to achieve those goals.
How has the business changed since we last spoke after you launch?
We launched with 200 founding members in January, and we are now at over 800 of the most formidable women executives in New York, representing over 600 companies. We also have a growing waitlist of thousands of women from across the country.
What was the funding process like?
We received interest mostly through word of mouth and met investors in New York and SF. Those conversations focused on our growth strategy, market demand, and the future of work.
What are the biggest challenges that you faced while raising capital?
We talked to fantastic investors and were lucky to end up oversubscribed for our Series A. We are so excited to partner with Ken and Alexa and bring them to our table.
What factors about your business led your investors to write the check?
Our investors believe in our societal impact and capacity for strong growth. We anticipate this new investment will allow us to continue to push on both fronts.
What are the milestones you plan to achieve in the next six months?
This new investment will provide Chief with resources to advance our digital platform and pursue rapid geographic expansion. We plan to expand in New York, and open chapters in Los Angeles, San Francisco, Boston, Chicago, and Washington DC.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Startup success is all about the people you surround yourself with — I’m proud of the extraordinary Chief team at Chief, and thankful for a support system of personal and professional advisors.
Startup success is all about the people you surround yourself with — I’m proud of the extraordinary Chief team at Chief, and thankful for a support system of personal and professional advisors.
Where do you see the company going now over the near term?
The demand for Chief has exceeded our expectations. We have already grown to a place where we expected to be in 2020, and I look forward to expanding to new cities to meet demand.
Where is your favorite summer destination in the city?
I’m not allowed to say the Chief clubhouse, am I? I love running up the West Side Highway to clear my head and admire the skyline.
