What happens when the people writing the checks start to change?

In this episode of Catch the Upswing, Jessica Espinoza sits down with Marla Shapiro, Managing Partner of Hermesa, for a candid conversation about angel investing, founders, power, and the real mechanics of capital.

This is a conversation about what gender-lens investing actually means in practice — not as a slogan, but as a question of who gets funded, who becomes an investor, and how that shapes the future of business.

Marla shares why so many women are still underrepresented not only as founders, but also as investors… why access to capital matters more than endless advice… what first-time angel investors need to know… and what founders often misunderstand about fundraising, networks, and how investors really make decisions.

They also talk about the businesses that get overlooked, the discipline required to build a serious angel portfolio, and why long-term change depends not only on opportunity, but on ownership, wealth creation, and who gets to sit at the table.

If you are a founder, investor, operator, or simply curious about how capital really works behind the scenes, this episode is packed with practical insight.

Disclaimer: This podcast is for informationalpurposes only and does not constitute financial or investment advice. Always do your own research and consult a qualified financial professional before making financial or investment decisions.

🎙️ In this episode, we explore:

• what gender-lens investing actually means
• why it matters who writes the checks
• how women are becoming angel investors for the first time
• why women are often over-mentored and under-funded
• what founders should understand about fundraising and warm introductions
• how investors think about exits, returns, and long-term value
• why capital allocation shapes what gets built
• what it takes to change power dynamics in early-stage investing

🔗 Follow Marla’s work:

HERmesa https://hermesa.co.uk/

Marla Shapiro on LinkedIn: https://www.linkedin.com/in/marlagshapiro/

🔗 Referenced in this episode:

Research on women angel investors suggests that women investing in women-only groups tend to make more investments than those in mixed groups — highlighting the role of access, confidence, and peer dynamics in shaping participation: https://www.researchgate.net/publication/342818236

⏱️ Chapters

00:00 Trailer

00:47 Who Gets to Write the Checks

02:15 Why Angel Investing Still Looks the Same

04:12 How to Become an Angel Investor

07:57 “Women Are Over-Mentored and Under-Funded”

10:30 What Gender-Lens Investing Actually Means

13:06 Inside Finance: What It’s Really Like

18:26 The Challenge of Building Something New

21:47 The Kinds of Businesses HERmesa Backs

27:34 What Founders Actually Need from Investors

31:56 AI, Deep Tech, and What Investors Are Watching

36:11 The Biggest Risk Marla Took

44:36 Changing the Narrative Through Capital

49:34 Fundraising Realities & Founder Advice

📺 Watch more episodes:

Catch The Upswing is a business podcast exploring how people build, lead, and navigate complexity in a rapidly changing world.

Subscribe for conversations with global leaders, entrepreneurs, and emerging voices shaping today’s economy.

🔗 Follow & connect:

YouTube: https://www.youtube.com/@CatchTheUpswing

Instagram: https://instagram.com/CatchTheUpswing

TikTok: https://tiktok.com/@catchtheupswing

#investing #venturecapital #angelinvesting #founders#entrepreneurship #leadership #innovation