Shifting the System with F5 Collective

At Who in the Zoo, we’re seeing a powerful shift in the way women are building businesses — and how they’re being funded.

To explore this further, we sat down with Tracey Warren and Bree Kirkham from F5 Collective, a bold and brilliant initiative investing exclusively in female-led consumer brands. In this Q&A, they share what they look for in founders, the funding myths they’re breaking, and why now is the time to build businesses that last.

Whether you're a founder, investor, or future changemaker, their insights are both eye-opening and deeply energising.

Why F5 Collective Exists

What inspired you both to launch F5 Collective, and why is focusing exclusively on female entrepreneurs so important to you?

Tracey: “I mentored so many brilliant, visionary women who had strong businesses and real traction, but they still weren’t getting funded. F5 was born to close that gap. More than just investing in women, it’s about creating generational change. By supporting women to build businesses and influence where capital flows, we’re helping to shift the landscape for good.”

A New Model of Venture Funding

Your website mentions a theory of change. Can you walk us through what that means in your own words?

Tracey: “A theory of change defines the impact you want to create, then looks at how to actually make it happen. For us, the insight was that traditional venture capital simply isn’t designed for the types of businesses women often build. That disconnect became the foundation for F5.”

Bree: “When founders have access to the right capital, customers, revenue opportunities, and tailored support, they grow faster and smarter. Our approach is about helping women build strong, sustainable businesses from the start.”

What They Look for in Founders

What characteristics make you confident in a founder’s success?

Bree: “We back women who build magnetic brands — brands with organic buzz, waitlists, and communities. These founders lead with story and soul. They know their numbers, understand their customer, and are hungry to build something enduring. That combination is what excites us.”

Tracey: “We look for a founder who knows her numbers, is obsessed with her customer, and leads with a real, authentic vision. That’s what stands out.”

Why Consumer & Lifestyle Brands

If you have a strong interest in consumer and lifestyle brands, what excites you most about this space?

Tracey: “The most successful businesses are ecosystems, not just one-off products. We’re excited by creator-led brands that build entire worlds and communities around them. We’re also seeing strong demand for sustainability, individuality, and in-person experiences — digital brands bringing communities to life through pop-ups and activations. That’s the kind of stickiness we champion at F5.”

Opportunities and Risks Ahead

What are the biggest opportunities and risks for female-led consumer businesses in the next five years?

Tracey: “The opportunity is in experience-led, emotionally resonant brands. Women excel in empathy, authenticity, and community — these are competitive strengths. The risk is chasing short-lived hype. Real success comes from building ecosystems that last.”

Bree: “The consumer market is worth over $9 trillion, yet still underserved. That’s a huge opportunity. And with AI streamlining marketing and operations, the timing has never been better for women to own this space.”

Funding Myths and Hurdles

What hurdles do women face when raising capital?

Tracey: “One myth is that venture capital is the only path. It’s not. Another is the quick exit — that you’ll raise, scale, and sell in two years. Most great businesses take a decade. Founders need to really ask: Do I even need to raise capital?”

Bree: “Many women undervalue themselves and accept less than they need. At F5, we help founders deeply understand their numbers so they can be bold in their ask. Our capital-meets-commerce model is designed to provide not just funding, but tailored support and real-time insight.”

Advice for Early-Stage Female Founders

Tracey: “My advice? Don’t jump straight into raising capital. Explore alternatives like grants or bootstrapping first. If you do raise, make sure you’re ready and understand what it truly means to bring investors onto your cap table.”

Bree: “Stay curious. Talk to other founders. Ask questions early. Learn from those just a few steps ahead. At F5, we’re always open to conversations, even before founders are ready to raise.”

Final Thoughts

Tracey: “What we’re building at F5 is bigger than capital. It’s a collective of the most inspiring women in the country. When you join us, you’re not just gaining funding, you’re gaining a community of women who have built billion-dollar businesses and want to help you succeed.”

Bree: “We’re excited about what’s to come. This is about rewriting the rules of business for the next generation of women.”

Let’s Shift the System

F5 Collective is building a new model of venture funding — one centred on community, empathy, lived experience, and long-term value creation.

If you’re a founder building in the consumer space, this is your sign to think bigger, ask bolder questions, and surround yourself with people who understand what it really takes to build something great.

👉 Visit f5collective.com to learn more.