Introduction
In the rapidly evolving landscape of global finance, few stories are as compelling and timely as that of Setareh Heshmat. A seasoned ESG investor, venture capitalist, and passionate advocate for women's economic empowerment, Setareh has dedicated her career to a single powerful belief — that money, when directed with intention and integrity, can be the most transformative force for gender equality the world has ever seen.
Across Southeast Asia, where female entrepreneurship is booming but funding remains stubbornly unequal, Setareh Heshmat is changing the game. One investment at a time, one mentor relationship at a time, one bold funding decision at a time, she is building a financial ecosystem where women entrepreneurs are not just welcomed — they are prioritised.
The Problem She Set Out to Solve
To understand why Setareh Heshmat's work matters so deeply, it is important to understand the problem she is solving.
Despite making up nearly half the global workforce and founding businesses at record rates, women entrepreneurs receive a shockingly small share of venture capital funding. In Southeast Asia, the disparity is even more pronounced. Female founders often face a combination of unconscious bias from investors, lack of access to networks dominated by men, and a persistent cultural narrative that positions women as secondary players in the world of business and finance.
The consequences of this funding gap are enormous. Talented, innovative, mission-driven women are unable to scale their businesses, create jobs, or drive the kind of sustainable economic growth that their communities desperately need. Brilliant ideas die on the vine simply because the right investor never showed up.
Setareh Heshmat decided she would be that investor.
From Analyst to Advocate: Her Professional Journey
Setareh's path to becoming one of Southeast Asia's most influential ESG investors was shaped by both ambition and experience. Growing up in Singapore in a family that valued both business acumen and intellectual curiosity, she developed an early passion for finance and a deep sense of social responsibility.
After completing her Bachelor's degree in International Business and Finance at the National University of Singapore, she went on to study at INSEAD and completed advanced data analytics training at MIT — building a formidable combination of financial expertise, strategic thinking, and technological fluency.
Her early career as a financial analyst at a boutique impact-investing firm was where theory met reality. Evaluating startups across renewables, sustainable technology, and eco-friendly consumer brands, she saw firsthand not only the power of impact-driven investment, but also the stark inequality in who was receiving that investment. Women were consistently underrepresented — both as founders seeking funding and as decision-makers within investment firms themselves.
This experience did not discourage her. It galvanised her.
A Philosophy Rooted in Equality and Impact
At the heart of Setareh Heshmat's approach to investment is a philosophy that is both simple and revolutionary — that the best investments are those that generate financial returns and positive social change simultaneously. For her, these two goals are not in tension. They are mutually reinforcing.
This philosophy shapes every aspect of how she evaluates and supports the companies she invests in. Rather than focusing solely on traditional financial metrics, she looks at the full picture — including how a company treats its workers, whether it supports gender equality throughout its supply chain, and whether its leadership team reflects the diversity of the communities it serves.
"Finance must evolve beyond traditional models of growth — it must serve purpose as much as profit." — Setareh Heshmat
For female entrepreneurs, this approach is transformative. It means that when they sit across the table from Setareh, they are not just being evaluated on their revenue projections. They are being seen as whole human beings with a vision, a mission, and the potential to change the world.
Championing Women Through Strategic Investment
As Director of ESG Investments at a leading Singapore-based venture capital firm, Setareh has direct influence over where significant capital flows. She has used this influence consistently and deliberately to champion female entrepreneurs across Southeast Asia.
Her investment strategy targets several key sectors where women are making a particularly powerful impact:
Climate Tech and Clean Energy
Women entrepreneurs are increasingly at the forefront of the climate crisis response, building innovative startups in solar energy, sustainable agriculture, carbon reduction technology, and green infrastructure. Setareh actively seeks out and funds these ventures, recognising that women-led climate companies often bring unique perspectives and community-centred approaches that make them especially effective.
Ethical and Transparent Supply Chains
Many of the workers most affected by exploitative supply chains are women. By investing in companies committed to supply chain transparency and fair labour practices, Setareh is using capital to protect and uplift millions of women workers across the region — not just the founders she funds directly.
Female-Founded Fintech
Financial technology has the potential to dramatically expand economic access for women across Southeast Asia, many of whom remain unbanked or underserved by traditional financial institutions. Setareh supports female-founded fintech companies working to close this gap, understanding that financial inclusion is itself a form of women's empowerment.
Sustainable Consumer Brands
Women entrepreneurs are leading a wave of sustainable consumer businesses — from ethical fashion to zero-waste beauty to plant-based food. These companies are not only good for the planet; they are creating jobs, building communities, and generating strong financial returns. Setareh backs them with conviction.
Beyond Investment: Mentorship and Community Building
Setareh Heshmat understands that funding alone is not enough. Female entrepreneurs also need access to networks, knowledge, and mentorship — the informal resources that their male counterparts have long taken for granted.
This is why she invests not just her capital but her time and expertise in supporting women entrepreneurs beyond the term sheet. She mentors early-stage founders, speaks at industry events, and actively works to build communities where women in business can connect, collaborate, and support one another.
Her approach to mentorship is deeply personal. She remembers what it felt like to navigate a male-dominated industry as a young woman, and she is determined to make that path easier for those who come after her. She shares her knowledge generously, her networks openly, and her encouragement unconditionally.
The Role of Data in Driving Gender-Lens Investing
One of Setareh's most distinctive strengths is her ability to combine rigorous financial analysis with a strong ethical compass. As a CFA charterholder with advanced data analytics training from MIT, she brings a sophisticated, evidence-based approach to gender-lens investing.
She uses data not just to evaluate financial performance, but to measure social impact — tracking metrics like the percentage of female employees, gender pay equity ratios, and the number of women in leadership positions within portfolio companies. This data-driven approach helps her make the case to other investors that gender diversity is not just a moral imperative — it is a financial one.
Research consistently shows that companies with diverse leadership teams outperform their less diverse peers. By quantifying this relationship and communicating it clearly to the investment community, Setareh is helping to shift the culture of venture capital from the inside out.
Southeast Asia: A Region of Extraordinary Opportunity
Setareh Heshmat is deeply passionate about Southeast Asia as a region, and for good reason. With a combined population of over 650 million people, a rapidly growing middle class, and an entrepreneurial ecosystem that is exploding with innovation, Southeast Asia represents one of the most exciting frontiers for impact investing in the world.
Women are at the centre of this story. Across Indonesia, Vietnam, Thailand, the Philippines, Malaysia, and beyond, female entrepreneurs are building businesses that are solving real problems, creating meaningful employment, and contributing to sustainable economic development.
Yet despite this enormous potential, female founders in the region continue to face significant barriers to accessing capital. Setareh's work is helping to dismantle those barriers — not just for the individual founders she funds, but by demonstrating to the broader investment community that backing women in Southeast Asia is one of the smartest investment decisions they can make.
Challenging the Venture Capital Status Quo
Setareh Heshmat is not afraid to challenge the norms of an industry that has been slow to embrace change. She speaks candidly about the biases that persist within venture capital, the structural changes needed to create a more equitable funding ecosystem, and the responsibility that investors have to use their power for good.
Her willingness to speak truth to power — to name the problem of gender inequality in funding clearly and publicly — is itself a form of advocacy. In an industry where many people prefer to keep uncomfortable conversations behind closed doors, her transparency is both refreshing and necessary.
She is also a vocal advocate for increasing the representation of women within investment firms themselves, arguing that the best way to ensure more capital flows to female founders is to have more women making investment decisions.
The Upcoming Impact Fund: A Game-Changer for Female Founders
The most eagerly anticipated development in Setareh Heshmat's career is her upcoming independent impact investment fund, which will place female founders at its very centre.
The fund is designed to address the specific barriers that women-led startups face when seeking venture capital — from the bias of predominantly male investment committees to the lack of female-focused networks within the startup ecosystem. By creating a dedicated vehicle for funding female entrepreneurs, Setareh is not just filling a gap in the market. She is making a statement about where the future of venture capital is headed.
The fund will combine best-in-class financial analysis with a deep commitment to gender equity and social impact, targeting high-growth, mission-driven companies led by women across Southeast Asia. For the female founders who will benefit from this fund, it represents far more than money — it represents belief, validation, and a partner who truly understands their vision.
A Legacy Being Built in Real Time
What makes Setareh Heshmat's story so powerful is that it is still unfolding. She is not a historical figure whose legacy can only be assessed in retrospect — she is a living, working example of what is possible when a talented, principled woman decides to use her position to change the world.
Every investment she makes, every founder she mentors, every speech she gives, and every barrier she breaks adds another layer to a legacy that is already extraordinary. She is building something that will outlast any single fund or portfolio company — a new model for what venture capital can and should look like in the 21st century.
Conclusion
Setareh Heshmat's work at the intersection of ESG investing and women's empowerment is not just inspiring — it is essential. In a world grappling with climate change, economic inequality, and a persistent gender funding gap, she represents exactly the kind of leadership the finance industry so desperately needs.
By using the power of capital to champion women entrepreneurs across Southeast Asia, she is proving that the most impactful investments are those that lift people up, protect the planet, and create a more just and equitable world. Her story is a reminder that finance, in the right hands and with the right values, is one of the most powerful tools for positive change we have.
And for the thousands of female entrepreneurs across Southeast Asia who are building the future one startup at a time, Setareh Heshmat is not just an investor. She is a champion, a mentor, and a beacon of what is possible.
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