Investing in Change: Maaike Doyer on Women, Capital, and Opportunity

Women entrepreneurs struggle to secure the funding needed to grow their businesses. Although they own 22% of micro-enterprises and 32% of small and medium-sized enterprises (SMEs), a significant financing gap of $1.7 trillion persists globally. Limited access to capital remains one of the biggest obstacles, restricting the expansion and success of women-led ventures. Addressing this gap requires systemic changes, including diversifying the investor pool and creating more opportunities for women to participate in funding decisions.

Epic Angels, a female-only angel investor network in Asia-Pacific, is working to change this. founded by Maaike Doyer, Epic Angels aims to democratize angel investing by providing women with education, community support, and accessible entry points.

Maaike Doyer’s journey from Silicon Valley to Singapore made her realize the need for a more inclusive investment landscape. In 2020, she created Epic Angels with three other women. Since then, the network has grown significantly, activating female investors and supporting startups across multiple sectors. Maaike believes that increasing the number of women investors will naturally lead to more funding for female-led startups, driving broader change in the ecosystem.

To mark International Women’s Day, we spoke with Maaike Doyer about her work with Epic Angels and her vision for the future of female investors. She shared insights on how women can start their journey in angel investing, the trends shaping early-stage investments in Asia-Pacific, and why changing who writes the checks can lead to a more inclusive startup ecosystem.

What inspired you to start Epic Angels, and what gap did you see in the investment landscape?

When I moved from San Francisco to Singapore, I saw massive potential in the Asian startup ecosystem. However, when I explored joining existing angel networks, I was told that I should invest a minimum of $25K to $50K per startup. That didn’t align with my philosophy. If you want to be successful in angel investing, the key is to build a portfolio. You start by investing small, and you double down when the startup grows.

Instead of joining an existing network, I asked three of my friends in Singapore to join me. Six weeks later, we made our first investment. I realized there was a gap in activating female investors, and that’s where we found our unique strength: creating a vibrant community of women investing in the change they want to see in the world.

How does Epic Angels help democratize angel investing for women?

We’ve built Epic Angels around three core principles: education, community, and accessible entry points. Epic Angels makes angel investing accessible. We remove the intimidation factor by creating a space where women can learn, ask questions, and invest alongside experienced investors. We provide educational resources and foster a collaborative environment where women feel comfortable sharing insights and contributing their professional expertise. By demystifying the process—covering everything from deal evaluation to term sheets in practical, jargon-free sessions—we empower women to make confident investment decisions.

We’ve also lowered the financial threshold. Traditional angel investments often start at $25,000-50,000 per deal, which is prohibitive for many. Our collaborative approach allows members to participate with smaller amounts—sometimes as little as $1,000—while still having meaningful ownership and involvement. This makes angel investing something that feels possible rather than daunting.

Perhaps most importantly, we’ve created a supportive community where women can ask “silly questions” (there are none!), share diligence work, and learn from each other’s expertise across sectors. When you join Epic Angels, you’re never investing alone. It’s about showing women that investing isn’t just for finance professionals—it’s for anyone who wants to make an impact.

Have you seen a shift in how women-led startups are perceived by investors over the past few years?

For the past decade, there has been a lot of focus on female founders. Unfortunately, none of it moved the needle. Female founders are still only getting a ridiculously low percentage of VC funding.

My hypothesis is that we need to change who writes the check. Once we get more women to invest, you will automatically see more female founders get the funding they deserve. If we change who invests, we change what gets invented.

At Epic Angels, we actively champion women-led startups because they’re building brilliant businesses that deserve recognition and funding. And we invest in male-led startups as well! As long as there is at least one woman in a C-level position.

What advice would you give to women looking to start their journey as angel investors?

Start before you feel ready. Many women wait until they consider themselves “experts,” while men typically dive in earlier in their learning curve. You don’t need to understand every aspect of angel investing before making your first move. 

Start small but start. Angel investing doesn’t have to be overwhelming or require huge amounts of capital. Join an angel group like ours where you can learn by doing. Watch how experienced investors evaluate deals, ask questions, and contribute your unique expertise.

Be intentional about your investment thesis. Decide what types of founders, products, or impact you want to support. This clarity helps you evaluate opportunities more effectively and builds your reputation as an investor with a specific value-add.

Women often underestimate how much value they bring to the table—their professional insights, operational experience, and networks are incredibly powerful. The biggest mistake isn’t making a bad investment; it’s not getting started at all.

What excites you most about the startup landscape in Asia-Pacific right now?

Asia-Pacific is buzzing with founders tackling major challenges; climate change, healthcare accessibility, and financial inclusion. These startups are often driven by strong social impact goals, which deeply resonates with Epic Angels’ values. I’m particularly excited by founders who combine technology with real-world impact, especially in biotech and sustainable solutions.

Beyond innovation, the region is driving global GDP growth. As an investor, I want to be part of this growth. And I want to be part of shaping it. Asia-Pacific’s fast-paced development offers incredible opportunities for those who get involved early.

What sectors or trends do you believe will dominate early-stage investing in Asia?

I see tremendous growth in healthtech, climate solutions, and fintech. The intersection of AI and these sectors is especially powerful. For instance, AI-driven solutions in diagnostics, personalized medicine, or fintech platforms that improve financial access are gaining momentum. Asia’s growing digital economy presents endless opportunities for scalable, tech-enabled solutions that solve real problems.

What’s one myth about women in business or investing that you’d love to debunk?

That women are more risk-averse investors. This perception is both widespread and demonstrably false. What looks like risk aversion is often just more thorough due diligence. 

The irony is that this supposed “caution” actually leads to better returns. Multiple studies show that women-led investment funds outperform male-dominated counterparts, and women angel investors report higher returns than men on average. What’s mischaracterized as risk aversion is actually just smart investing—asking the tough questions that lead to better decision-making.

So rather than perpetuating the myth that women need to get comfortable with risk, perhaps the industry should recognize that thorough diligence isn’t caution—it’s wisdom.

What is one piece of advice you wish someone had given you when you started in the investment world?

Trust your instincts about people. Early-stage investing is fundamentally about betting on founders, and your intuition about character and leadership ability is more valuable than you might think.

Now I tell new investors in our community: analyze the business rigorously, but also pay close attention to how founders respond to challenges, how they treat everyone in the room, and how they acknowledge what they don’t yet know. That human element matters more than any spreadsheet projection.

How can the investment ecosystem do better in supporting women-led startups?

Expanding who makes investment decisions is crucial. This means not just hiring more women partners at VC firms (though that’s essential), but also democratizing access to angel investing so more diverse individuals can write checks and back founders who resonate with their experiences.

This Women’s Day, what message would you like to share with women entrepreneurs and investors?

You belong in this space. Whether you’re building a startup or investing in one, your voice and perspective matter. Women have incredible power to drive change. Your unique perspective is your superpower—the insights, experiences, and approaches that might make you feel different are exactly what enable you to see opportunities others miss and build solutions that serve broader markets.

Don’t wait until you feel 100% ready – just start. Together, we’re not just participating in the existing economy—we’re building a new one that reflects our collective genius, creativity, and vision. The impact you can create is bigger than you imagine. 

That’s the true promise of what we’re creating with Epic Angels: not just better returns, but a more equitable and innovative future for all.

Women entrepreneurs and investors play a crucial role in shaping the future of the startup ecosystem. Initiatives like Epic Angels are breaking barriers by making angel investing more accessible and empowering more women to participate in funding decisions. The conversation with Maaike Doyer  has shown the importance of representation in investment and the need for continuous efforts to bridge the funding gap. The change has already begun—now, it’s about accelerating the momentum.