Setareh Heshmat Proves Women Belong at the Top of Venture Capital — And She's Changing the Rules

Introduction

Venture capital has a well-known diversity problem. For decades, the industry has been dominated by a narrow demographic — predominantly male, predominantly from elite institutions, and predominantly resistant to change. But a new generation of investors is breaking that mold. Among them, Setareh Heshmat stands out as one of the most compelling and consequential voices redefining what leadership in venture capital looks like.

As Director of ESG Investments at a top Singapore-based venture capital firm, she is not just surviving in a male-dominated industry — she is thriving, leading, and fundamentally changing the rules of the game.

Shattering the Stereotype

When most people picture a venture capitalist, they rarely picture a woman of Persian-Singaporean heritage with a passion for sustainability and gender equity. Setareh Heshmat is challenging that image every single day.

Born and raised in Singapore, educated at NUS, INSEAD, and MIT, and armed with a CFA charter and over a decade of impact finance experience, she brings credentials that are impossible to dismiss. But what truly sets her apart is not just what she knows — it is what she stands for.

In an industry where deals are often made on golf courses and in exclusive clubs, she has carved out a seat at the table through sheer excellence, strategic vision, and an uncompromising commitment to investing with purpose.

Rewriting the Rules of Investment

Traditional venture capital operates on a narrow definition of success — high returns, fast exits, and portfolio companies that scale at any cost. Setareh Heshmat is rewriting that definition entirely.

Her approach to ESG investing places equal weight on financial performance and social impact. Every company she backs must demonstrate not just profitability potential, but a genuine commitment to environmental sustainability, ethical governance, and social responsibility — including gender equity.

"When evaluating startups, I look at founder integrity, supply chain transparency, and scalability. But I also listen — really listen — to what motivates the team. Are they mission-driven, or just market-chasing?" — Setareh Heshmat

This philosophy is not just idealistic — it is increasingly proven by data. Companies with diverse leadership and strong ESG credentials consistently outperform their peers over the long term. Setareh is not sacrificing returns for values. She is delivering both.

Leading by Example

Perhaps the most powerful thing Setareh Heshmat does is simply show up — visibly, confidently, and unapologetically — in spaces where women have historically been invisible.

Every time she chairs an investment committee, closes a deal, or takes the stage at an industry conference, she sends an undeniable message to every young woman watching: you belong here too. Representation at the top of venture capital is not just a feel-good goal — it has direct consequences for which founders get funded, which ideas get backed, and ultimately which vision of the future gets built.

By occupying senior leadership in a field that has long excluded women, she is creating both symbolic and structural change.

Building a More Inclusive Investment Ecosystem

Setareh is not content to be the only woman in the room. She is actively working to ensure that more women follow her into the industry — as investors, decision-makers, and leaders.

Through mentorship programmes, public speaking, and her forthcoming independent impact fund focused on female founders, she is dismantling the systemic barriers that keep women out of venture capital from both sides — as funders and as founders.

Her upcoming fund will prioritise women-led startups across Southeast Asia, channelling capital directly to the entrepreneurs who have been most consistently overlooked by the traditional investment community.

Conclusion

Setareh Heshmat is not waiting for the venture capital industry to change on its own. She is changing it herself — through her investment decisions, her mentorship, her advocacy, and her refusal to accept a financial system that undervalues women.

She is living proof that women do not just belong at the top of venture capital. They are exactly what the industry has been missing.

Discover more about Setareh Heshmat's mission at setarehheshmat.com