AENU’s commitment to Diversity, Equity and Inclusion

AENU’s DEI & Real Opportunities Statement

At AENU, one of the core pillars of our Theory of Change is creating real opportunities. By real opportunities, we mean an approach to human wellbeing that actively levels the playing field through three guiding principles:

1. Equality – ensuring everyone has access to the same opportunities.
2. Equity – recognizing different starting points and providing tailored support and resources.
3. Inclusion – ensuring that people are not only present, but genuinely heard, valued and empowered.

For us, Diversity, Equity & Inclusion (DEI) is not a side initiative or a narrow ESG checkbox. It is central to the impact we aim to achieve in venture capital and beyond: contributing to a fairer, more inclusive entrepreneurship and investing ecosystem.

We therefore look at DEI through two complementary lenses:

• Internal impact – how we build our culture, design our processes, and shape our relationships with entrepreneurs.
• External impact – how we create unprecedented access to the venture asset class for both founders and individuals.

Why DEI in Venture Capital Matters

Despite increased attention to DEI in VC, the industry is still far from taking the necessary action. Today:

• Deployment of capital: Less than 2% of capital goes to female-founded teams, and less than 0.2% goes to teams with at least one woman of color founder.
• Management of capital: Only 13% of fund partners are women.
• Source of capital: The industry has barely begun to critically examine where VC funds come from and how to diversify access to the asset class itself.

These gaps are not just numbers; they reflect structural barriers that limit who gets to build, lead and benefit from innovation.

Diversity in Venture Capital at AENU

We aim to go beyond equal access and work toward real opportunities in venture capital. This means:

• Striving to level the playing field for underrepresented founders and investors.
• Delivering resources, assets and knowledge to those who have historically been excluded or overlooked.

We believe that increasing real opportunities in venture capital requires:

1. A nuanced understanding of sources of disparity – acknowledging how identity, background and conditions intersect to shape access.
2. Additional resources and support for target groups – including capital, networks, mentorship and education.
3. Re-structuring financial products – so that terms, structures and incentives do not systematically disadvantage underrepresented groups.
4. A willingness from those in power to share profits and success – shifting norms around ownership, upside and decision-making.

We recognize that AENU cannot and will not work alone in redesigning a more equal and inclusive venture capital system. We see our role as a committed, transparent and collaborative actor within a broader movement.

Fundamentally, we believe that people of all identities, backgrounds and conditions deserve:

• A seat at the table
• A voice at the table
• And, most importantly, to be heard at the table

To fulfill this DEI vision, we have built a robust and transparent strategy, with concrete policies and targets.

Talent & Culture

We embed DEI into how we hire, grow and support our team:

• We meaningfully engage and partner with organizations championing DEI, and we actively look beyond traditional VC and entrepreneurial networks.
• We post open roles publicly and are explicit about our screening criteria, making clear that we actively seek diverse professionals.
• We are mindful of our communication, reviewing every word for neutrality and inclusivity.
• We speak openly about unconscious biases and train the team to spot and avoid them in interviews, feedback and promotion processes.
• We have built a structured and fair recruitment process, from application to negotiation, incorporating perspectives from multiple people at different levels and functions.
• We are transparent and upfront about our internal compensation and professional development schemes, using a data-driven and results-oriented approach in evaluations.
• We are building a flexible work environment that adapts to the various circumstances of our team members, including flexible hours and remote work.
• We nurture a culture of open communication, constructive feedback and individual empowerment, where every voice matters.
• We evaluate team members against inclusive leadership, reinforcing behaviors that foster belonging and shared ownership.

Investments

We integrate DEI into our investment strategy, processes and portfolio support:

• We welcome open investment applications through our website and do not require warm introductions. We commit to fairly evaluating all applications.
• We create space for serendipity and proactively meet with underrepresented founders without requiring warm introductions.
• We partner with DEI-aligned investors, organizations and communities to ensure we are looking at all corners of the entrepreneurial ecosystem.
• We track diversity at different stages of our deal flow to identify and correct missed opportunities.
• At the end of the funnel, we target:
• 40% of all our investments to have at least one diverse founder, and
• 80% to have at least one diverse C-level.
• We include DEI considerations in our investment and due diligence processes.
• We ask all our portfolio companies to sign our ESG & Impact clause, which includes DEI commitments, before closing a financing round.
• We aggregate and provide resources and tailored support to portfolio companies on DEI matters, helping them build inclusive teams and cultures from the outset.

The Diversity VC Standard

AENU is a proud partner of Diversity VC, the leaders in diversity and inclusion for the venture capital industry.

Following Diversity VC’s assessment, we are proud to have achieved The Diversity VC Standard for AENU. This standard:

• Sets a benchmark for best practice on diversity and inclusion within the venture capital industry.
• Aims to raise awareness and drive change within the broader technology ecosystem.

By aligning with this standard, we commit not only to maintaining our current practices, but to continuous improvement, transparency and accountability in how we advance diversity, equity and inclusion across our firm and our portfolio.