Entrepreneur Daniella Pierson Launches CHASM to Empower Unfunded Female Founders and Close the Gender Funding Gap

Daniella Pierson, a 29-year-old entrepreneur, has achieved remarkable success with her digital newsletter, The Newsette, which she started as a sophomore at Boston University in 2015. Despite facing significant obstacles, including being labeled as "uninvestable" by venture capitalists and dealing with personal issues such as OCD, ADHD, depression, and anxiety, Pierson persevered. She would write The Newsette between 6 and 10 a.m., balancing her academic commitments and continuing to develop the newsletter even after achieving substantial financial success. By 2021, The Newsette had grown into a team of 14 and generated $40 million in annual revenue, making a profit in the tens of millions. This achievement earned Pierson recognition from Forbes as the world’s youngest, wealthiest self-made woman of color. Building on this success, she launched Wondermind in 2022, a beauty and mental health newsletter co-founded with actress Selena Gomez and her mother, Mandy Teefey. However, Pierson's journey was far from smooth. Early in her career, she faced rejection from multiple venture capitalists (VCs) who doubted her abilities. One investor even mocked her, leading her to break down in tears on her way home. Undeterred, Pierson continued to work tirelessly on The Newsette, using her passion and determination to overcome the setbacks. Recognizing the broader challenge of securing funding for female entrepreneurs, Pierson decided to take action. In 2022, only 2.1% of VC funding ($5.1 billion) went to all-women teams, a statistic that Pierson found alarming. By 2023, this figure had further declined to 1.8% ($3.1 billion). Inspired by her own struggles and the systemic issues facing women in the startup world, Pierson launched CHASM on May 20, 2023, with the mission of closing the gender gap in venture capital funding. CHASM operates on a “mentor-to-many” business model, with 50 high-profile entrepreneurs and investors—both men and women—paying a $25,000 membership fee to support aspiring female entrepreneurs. These mentors provide comprehensive guidance, networking opportunities, and grants to help women navigate the complex world of VC funding. Pierson emphasizes that simply providing money is not enough; she aims to equip women with the tools and knowledge they need to succeed independently. "The gap has widened because we're isolating men," Pierson explained. "Men hold the majority of wealth and power, and we need some of them on our side." She believes that involving male allies is crucial to addressing the inequality effectively. CHASM seeks to create a collaborative environment where women can receive the support they need without feeling isolated or marginalized. Some of the notable members of CHASM include Sara Blakely, the founder of Spanx and Sneex; singer Lionel Richie; Fidji Simo, the CEO and chair of Instacart and future leader at OpenAI; and Tony Robbins, a renowned motivational speaker and coach. These influential figures are committed to sharing their expertise and resources to foster the growth and success of female entrepreneurs. Looking ahead, Pierson hopes that CHASM will become a pivotal platform for women aiming to launch and grow their businesses. "I'd rather teach a woman how to fish than just give her a fish," she said, highlighting the importance of sustainable support and development. Her personal experience and success with The Newsette serve as a powerful testament to the potential of female entrepreneurs when given the right resources and opportunities. In the eyes of industry insiders, Pierson's initiative is both timely and necessary. The persistent underfunding of women-led startups remains a significant issue, and CHASM offers a unique and holistic approach to addressing it. By combining mentorship, networking, and financial support, CHASM aims to level the playing field and empower women to achieve their entrepreneurial goals. Pierson's commitment to her mission and her ability to rally high-profile support suggest that CHASM has the potential to make a substantial impact in the tech and business sectors. Daniella Pierson's story is one of resilience and innovation, and her new organization, CHASM, is poised to transform the landscape of venture capital funding by fostering a more inclusive and supportive ecosystem for female entrepreneurs.