Helen Wong on investing in women-led businesses and unlocking Southeast Asia’s next growth wave

Published on March 10, 2025

As we celebrate International Women’s Day this March, we shine a spotlight on the role of women in investment and entrepreneurship. Despite progress, female founders still face significant challenges in securing funding and scaling their businesses. At ACV Capital (formerly AC Ventures), gender-lens investing is a core strategy for driving innovation and economic growth, ensuring that women-led businesses have access to the capital and resources they need to thrive.

Helen Wong, Managing Partner at ACV Capital, has over 25 years of experience in venture capital and has been recognized by Forbes among Asia Pacific’s “50 Over 50” as well as the “Top 25 Female Venture Capitalists” and “Top 100 Investors.” She has backed industry leaders like Xendit and Carsome, led multiple successful exits, and now focuses on ACV Capital’s investments in climate and sustainability.

In this exclusive Q&A, Helen shares her insights on why investing in women-led businesses is both the right and smart thing to do, the biggest challenges female founders face, and how ACV Capital is working to create a more inclusive entrepreneurial ecosystem.

Why do you believe investing in women-led businesses is both the right and smart thing to do?

In a market as dynamic as Indonesia’s, women entrepreneurs are key economic drivers. Investing in them isn’t just about equity—it’s about maximizing impact and returns.

Investing in women-led businesses isn’t just about fairness; it’s a proven strategy for driving innovation, economic growth, and long-term success. The economic case for gender-inclusive investment is clear—women entrepreneurs drive innovation, job creation, and financial performance. Studies show that closing the gender gap in business leadership could add up to 26% to global annual GDP, while women-led companies are 15% more likely to outperform their male-led counterparts, representing an additional US$5.9 trillion in potential market capitalization. These aren’t just abstract numbers; they reflect real-world impact. ACV Capital’s 2024 Impact Report, developed with Deloitte Indonesia, highlights how our portfolio has sustained over 30,000 jobs, with 40% of them led by women. Just this year, we have helped create 2,000 new jobs and empowered 4 million lower- to middle-income individuals and businesses through digitalization and financial inclusion.

What are the biggest challenges women entrepreneurs face in securing VC funding, and how can we address them?

The funding gap for women entrepreneurs is real and well-documented. A report by Boston Consulting Group (BCG) and Stellar Women, “Closing the Funding Gap for Women Entrepreneurs in Indonesia,” launched at ACV Capital’s headquarters, highlights a US$1.7 trillion funding shortfall. Structural barriers such as limited access to networks, unconscious bias in investment decisions, and a lack of tailored financial support continue to hold women back. Women entrepreneurs often struggle to align their pitches with investor expectations, which are still largely shaped by male-dominated perspectives.

To close this gap, investors should proactively support female entrepreneurs, while ecosystems must offer stronger mentorship, networking, and financial literacy programs. At ACV Capital, we integrate gender-lens investing to ensure women-led businesses receive the resources they need to thrive.

Can you share examples of female-led startups in ACV Capital’s portfolio and their impact?

ACV Capital proudly backs several women-led businesses that are making a significant impact across industries, from climate tech to fintech and beauty.

• Accacia (founded by Annu Talreja) is leveraging AI to decarbonize real estate, an industry responsible for 40% of global carbon emissions. The platform enables property owners to track their carbon footprint in real time and has already been implemented across 20 million+ square feet of real estate. Accacia is now expanding across Southeast Asia, Middle East, North America, and beyond.
• Astro (founded by Marcella Moniaga, Sherlyn Gautama, and Jessica Stephanie Jap) is Indonesia’s leading on-demand platform for groceries and essentials. ACV Capital’s investment in Astro was featured by the Global Private Capital Association (GPCA) in its gender lens investing casebook, highlighting its impact in promoting women-led businesses in Southeast Asia.
• Rosé All Day (founded by Cindy Nyoto Gunawan and Tiffany Danielle) has emerged as a top Indonesian beauty brand championing clean beauty, inclusivity, and sustainability. With a strong and growing community of loyal customers, the brand continues to expand its omnichannel presence and is gearing up for exciting regional growth.
• Xendit (co-founded by Tessa Wijaya) is transforming digital payments in Southeast Asia, providing businesses with seamless financial infrastructure. Under Tessa’s leadership, Xendit has grown into a key player in the fintech sector, enabling millions of transactions across the region.
• Supermom (co-founded by Joan Ong, Lynn Yeoh, and Rebecca Koh) is reshaping how brands engage with parents across Southeast Asia. As the region’s largest parenting network, Supermom connects millions of mothers to trusted recommendations, product reviews, and exclusive deals. By leveraging AI-driven insights and a vast community of engaged users, the platform helps brands optimize their marketing strategies while empowering parents with better purchasing decisions.

Through strategic investments and initiatives like gender-lens investing and the Invest2Equal (I2E) program, ACV Capital is committed to ensuring that more women-led businesses receive the support they need to scale.

How does ACV Capital champion gender diversity across its investments and broader ecosystem?

At ACV Capital, we champion gender diversity by embedding it into our investment strategy and ecosystem initiatives. Half of our senior leadership team are women, ensuring diverse perspectives in decision-making.

Beyond capital, we actively support women entrepreneurs through mentorship, ecosystem-building, and strategic partnerships. Our collaboration with BCG and Stellar Women has driven critical research on closing the funding gap for women founders.

ACV Capital actively champions gender diversity through advocacy and industry engagement. At the Global Private Capital Association (GPCA) Investor Training, we shared strategies to increase women’s participation in private capital, emphasizing inclusivity beyond quotas and securing buy-in across investment teams. We also took part in the She Loves Tech Global Summit, celebrating a decade of women-led innovation and recognizing standout female founders in MedTech, SaaS, AI, and sustainability.

Currently, we are engaged in IFC’s We Fund Climate peer learning platform, a program under She Wins Climate, which was launched at COP28. This initiative connects climate-focused VC funds to implement gender-lens investing strategies and supports women-led climate startups through acceleration programs, investor networking, and business development support.

Through these initiatives, we continue to drive meaningful progress for women in venture capital and entrepreneurship.

What’s your vision for the future of women in entrepreneurship and leadership?

Our vision is to create an environment where women entrepreneurs have equal access to funding, mentorship, and opportunities, empowering them to scale their businesses and drive long-term impact. We aim to see more women in leadership positions, not only as business founders but also across key decision-making positions in various sectors. Closing the funding gap for women-led enterprises is a critical step in this journey, and we believe that fostering collaboration among investors, corporations, and policymakers is essential to making gender inclusivity a reality. At ACV Capital, we are committed to leading this movement, leveraging our investments and initiatives to build a more equitable and thriving business landscape.

As one of Asia’s top female VCs, how has your journey shaped your perspective on gender diversity in the industry?

Having built my career in venture capital across Asia, I’ve seen firsthand how gender diversity—or the lack of it—impacts decision-making, deal flow, and economic growth. When I started, there were very few women in VC or leadership roles. Over time, I’ve realized that diversity isn’t just about representation—it drives better business outcomes. Companies with inclusive leadership teams tend to outperform, yet women entrepreneurs still face barriers in accessing funding and networks. That’s why at ACV Capital, we integrate gender diversity into our investment strategy, ensuring that female founders have the capital, mentorship, and opportunities they need to thrive.

What advice would you give to aspiring women entrepreneurs and investors?

Build a strong network of mentors, peers, and advisors who can guide you and open doors. Find investors who understand your industry and value diversity. Most importantly, stay persistent—success comes from resilience and navigating challenges with confidence.

How can we encourage more women to enter venture capital and leadership roles?

Creating pathways for women in VC and leadership starts with access to education, networks, and opportunities. Firms must be intentional about hiring and promoting women into decision-making roles. Mentorship, industry forums, and partnerships help build a strong pipeline of female investors and leaders. By fostering an inclusive ecosystem, we can empower the next generation of women to shape the future of business and investment.