#27 The Pink-to-Green Pipeline

An investment fantasy.

Hiiiiii. In this world, nothing can be said to be certain, except death, taxes and Paris Fashion Week. Industry insiders, social climbers and wannabes¹ still meet at La Perle. There, a close friend introduced me to a newcomer by outlining my media job and saying I also wrote a “feminist newsletter,” which I immediately denied.

In the 2010s, saying you were a female founder or a female-anything would automatically grant you the #girlboss label. Limiting but good for personal branding. People love a label! As with many millennial pink-coded concepts, the label is now passé.

Look, being a woman who writes about how societal trends impact finance probably does make this a feminist newsletter by default. But it's not just that—and definitely not in the way brands have hijacked International Women's Day to sell us stuff with empowerment slapped on it. Instead, I'm after something way more interesting: the money. Beyond the pink branding and inspirational quotes is a much juicier story—one about innovation, market opportunity, and the immense wealth that could have been created by investing in women's ideas throughout history. We’re doing a women-by-the-numbers story² today.

xoxo Esther 💋

Esther’s Buy/Sell List:

💰 What I wish I had invested in

AS A VC:

1. Computer Programming – Ada Lovelace (1840s)

   As Lord Byron's daughter and a brilliant mathematician, Lovelace wrote the first computer algorithm. Her concepts eventually became central to the development of modern computing, demonstrating remarkable foresight about machines' potential beyond mere calculation.

   Coding Market Size: $6B in 2023, expected to reach $13B by 2032.

2. Wi-Fi – Hedy Lamarr (1941)
   Hedy Lamarr, an actress and inventor, co-developed frequency-hopping spread spectrum technology with George Antheil to prevent enemy ships from jamming torpedo signals. This technology later became a foundation for Wi-Fi, Bluetooth, and GPS.

   Wi-Fi Market Size: $18B in 2025, expected to reach $45B by 2029.

3. The First Word Processor (COBOL) – Grace Hopper (1950s-60s)
   Grace Hopper developed the first compiler, which translated human-readable code into machine language. She was instrumental in creating COBOL, one of the earliest programming languages, which helped establish software as a distinct industry from hardware.

   Software Market Size: $656B in 2024, expected to reach $1497B by 2034.

4. Home Security System – Marie Van Brittan Brown (1966)
   A working nurse and mother in Queens, Brown invented modern home security out of necessity. Her system with cameras, two-way communication, and remote door controls formed the blueprint for today's multi-billion dollar home security industry.

   Home Security Market Size: $72B in 2025, expected to reach $109B by 2030.

5. CRISPR Gene Editing – Jennifer Doudna & Emmanuelle Charpentier (2012)
   These biochemists revolutionized genetic engineering with precise DNA editing technology. Their discovery has transformed biotechnology, offering potential solutions for genetic diseases, crop improvements, and sustainable biofuels.

   Gene Editing Market Size: $9B in 2024, expected to reach $40B by 2034.

AS A PRIVATE INVESTOR:

1. Moderna – Noubar Afeyan & Katalin Karikó
   Karikó, after decades of being marginalized for her mRNA research, provided the breakthrough that made COVID-19 vaccines possible. This technology platform has applications far beyond the pandemic, potentially revolutionizing treatments for cancer, autoimmune diseases, and other conditions.

   Founded: 2010

   IPO: December 2018 (NASDAQ: MRNA)

2. Ark Invest – Cathie Wood
   Wood disrupted investment management by focusing on innovation and transparent research methods. Her investment strategy targets disruptive technologies across multiple sectors, including robotics, genomics, fintech, and artificial intelligence.

   Founded: 2014

   Not publicly traded, but ARK ETFs are (NYSE: ARKK)

3. MercadoLibre – Stella & Marcos Galperin
   Stella Galperin helped build Latin America's most successful e-commerce platform in a region with complex logistics and payment challenges. The company expanded beyond marketplace operations into fintech, becoming the "Amazon + PayPal" of Latin America with massive regional growth.

   Founded: 1999

   IPO: 2007 (NASDAQ: MELI)

---

Esther’s Dealsheet:

📈 Bullish news

• a16z hires former Republican congressman Patrick McHenry as advisor [TechCrunch]. He’s famously pro-crypto, anti-regulation.

• A new survey from The Verge and Vox Media addresses this moment of internet fragmentation. Conclusion: The future of the internet is likely smaller communities, with a focus on curated experiences.

• Suki Waterhouse and her friend Poppy Jamie launched the app With Gratitude, which already has a 10K-person waitlist. [WWD]

• The $100 Trillion Disruption: The Unforeseen Economic Earthquake [Wildfire Labs]. Are we tired of the Ozempic discourse yet? This is a good explainer on the financials.

• Coaching Is the New ‘Asking Your Friends for Help’ [The Atlantic]. Lifestyle coaches offer help with vacation planning, decision making, meditation, and more—for a price.

• Louis Vuitton is launching beauty with the best in the business, Pat McGrath [Reuters].

• Klarna is filing for IPO, and is aiming for a $15B valuation [Bloomberg]. They were valued at $45.6B in 2021, $6.7B in 2022 and recovered to $14.6B in 2024.

• I’ve covered the launch of Sporty & Rich’s Emily Oberg’s new ‘sexual wellness’ brand… on OnlyFans for my paid job [Magma - paywalled]. I think it’s a genius move to use OF as a marketing funnel. I got some of the liveliest responses to a newsletter in the group chat ;) Per the founder: “OnlyFans is where the lifestyle campaigns are going to live. I’ve already tried posting them on Instagram, and they’ve been deleted and flagged and the page is already shadow banned.”

📉 Bearish news

• Tech companies are delaying or scrapping their IPO plans in response to the market volatility caused by the Trump administration. [NYT]

• Bezos' changes at WaPo lead to mass subscription cancellations—again [NPR]. -75k subscribers.

• A new anti-swiping dating app wants to be like Pokémon Go for finding love [businessinsider]. Thanks for reinventing Happn? I guess? Meanwhile: Andy Dunn’s new app Pie uses AI to help you make friends [TechCrunch]. MEANWHILE: Feed Me is reporting on the launch of Cerca. I’ve signed up to try but don’t have enough contacts on the app yet.

• The Global Matcha Boom Is Driving a Shortage in Japan [Bloomberg]

• Futurewise, a skincare brand based on slugging, is shutting down. Read what I wrote on the founders here.

Before you go:

• If you can’t get enough of me, here’s my Instagram. Here’s my LinkedIn. Choose wisely.

• Accepting future sponsorship applications: email me.

1. I’ll let you figure out which category I belong in.

2. Obviously fictional, since the first modern VC firm was formed in 1946.