“It’s on us to believe we can do it.”
As Partner at Kibo Ventures, Sonia Fernández is at the forefront of technology innovation, investing in early-stage companies at a fragile, yet fruitful part of their journey. She’s also Spain’s Level 20 Committee Chair, mother of four and Atlético de Madrid fan. Here Sonia explains her frustration at not seeing more women being part of her exhilarating industry.
Sonia Fernández In her own words
Why is your job so exciting to you?
Being Partner at Kibo Ventures is a privilege and my dream job. I am constantly exposed to great founding teams, people with a lot of passion for what they do, seeking a partner to help them grow their businesses. They’re at the forefront of innovation and technology, which is really very exciting in terms of value creation. To be part of a fund that can help companies at a very early stage is exciting, because obviously, that’s where the highest risk is, but also, the greatest returns.
Do you think it’s important to have come from a different discipline before entering the world of Venture Capital?
I have an investment banking background. So obviously, that gave me a lot of background in terms of analysing profit & loss and looking at a company from a financial perspective. But at Stanford, I encountered technology and saw the opportunity – becoming part of the founding team at Mercado Libre (e-commerce leader in Latin America) to then having various roles in advertising tech. I’ve always had the need to give back in my career. That’s been a constant. A career in VC is a way to do this – helping founders on their journey, thanks to my experience – including making mistakes along the way, and learning significantly from them.
Why aren’t there more women in VC and Private Equity, in your opinion?
I’ve been thinking about this a lot and especially since I’ve been involved with Level 20. I am currently L20’s Spanish Committee Chair. There’s no reason why more women shouldn’t be attracted to this industry. Working within Venture Capital can be very flexible; it’s not a very rigid time schedule. Of course, we have deadlines and I’m not saying it’s not hard work. But we can dictate when we want certain meetings to happen. But it doesn’t have to be a ‘9 to 5’ job. If we have to pick up our kids from school, we can take a break then get back online after. And you can work from wherever you like. And yet we struggle to entice more women to this industry.
Why do you think that still is the case?
One of the reasons is women don’t see enough role models in my industry. They don’t see enough women investors or senior women who write the cheques and are responsible for making the investments. And this is critical; it’s what I experienced in investment banking in the 1980s. When I joined Lehman Brothers, there was just one-woman partner in the London office, and also in New York. And these two women had to run through mud to get to partnership! If young women don’t see enough senior women represented in the organisations they aspire to work in, they’ll assume they’ll never get anywhere professionally. There’s a responsibility, therefore, for us at the partnership level to be more visible. And that’s one of the reasons why I really enjoy giving time to Level 20, because change is not going to happen overnight. It’s frustrating that we don’t see the numbers picking up as fast as we would like. But women need to see a tangible career progression and role models in action.
You have four children. But, according to L20 statistics, starting a family can be where it becomes harder to retain women. How can this be overcome?
I am lucky I’ve had bosses who’ve believed in me and know I would do whatever it takes to get the job done. But it is on us women to believe that we can do it. And to have allies, sponsors, mentors and encouraging voices. We can be our own worst enemy. But it’s such a shame to have been at a firm for six or seven years, and to have built up so much – then move out of the industry. There’s more leverage at this point than women may realise. It’s easy to let an internal voice tell you, ‘I know that they will not let me do this’ or ‘I will not have the opportunity’. That’s why I think mentoring programmes are so important. At Level 20 Spain, we really encourage mentors to be men. These conversations can be super eye-opening from both sides. Male mentors can use the knowledge shared in these candid sessions, to make fundamental changes for women working in their firm.
What would you say to women thinking of a career in VC or PE?
I would encourage them to go to events, where they’re going to understand how the industry works, and meet other women – who have been successful and who are often open and willing to help. And I’d tell them that this is an industry in which you’ll be challenged tremendously, in touch with innovation, work with great people and learn every day. As an investor, you must learn quickly about the business you’re going to fund. And technology progresses at a meteoric rate. If this piques your interest and plays to your strengths, then go for it. And while it is challenging, you have control over your own agenda – and that provides great flexibility for women who need more balance at times between their personal and professional lives. And now is an excellent time to join VC or PE. We need more women, and we welcome smart, curious people.
And finally, Sonia, what do you do in your downtime?
Of course, my family takes up a lot of my time and with four children, they need my attention. It’s also important to have personal passions and hobbies. I am an Atlético de Madrid football fan. I always go to their home games. I really love it from the bottom of my heart. And it’s funny because women are not as into football, historically, to this degree. And men are often caught off guard when I talk about football, wondering how I know so much. It’s good to buck stereotypes! But it’s also good to have something that sparks joy – and for me, that’s watching football. Being a mother of four teenagers I have spent time getting to know what they love, and I have to say I have become, over the last years, a hard ‘Swiftie’ – Folklore and TTPD albums being my absolute favourites.
