If you are new to investing, start here.

We are investing in Utah women founders to make money.

Silver & Salt Capital members invest $10,000 a year in Utah companies founded by women.

If you believe Utah women can do more together, this is the place for you.

Tell me more
Why join

Now is the time & we are the reason.

Silver & Salt Capital is built to make money.

Real returns. Real jobs. Real Utah founders getting a yes from someone who actually understands what they're building.

Utah women show up for each other.

We have the strongest support networks in the country. It's time to use them to fund each other with real dollars, not just encouragement.

Our daughters and granddaughters need us.

Utah wants women to raise families and run companies. It is time that the capital to do both is in our hands.

How it works

Groups like this exist across the country.

Your first five years with Silver & Salt Capital

01

You join a group with the mission to fund Utah women founders.

Silver & Salt Capital is a membership organization. You become a member alongside other Utah women investing together.

02

You commit $10,000 a year, for five years.

Your number is fixed up front. No surprises, no mystery fees. You know exactly what you're signing up for.

03

The group finds and picks Utah founders together.

We find the companies we want to invest in as a community. We share research and do our homework together. Nobody has to figure it out alone.

04

You decide which companies you invest in.

Each time the group surfaces a deal, you decide whether to participate. Not interested? Skip it. Your money only moves when you say yes.

05

We put our money together so we can write a bigger check to the founder.

You own a small stake in the company. The founder gets one big check. Good for everyone.

06

Over five years, you build a portfolio of Utah companies.

All founded by women. Some will fail. Some might grow. The whole point of investing across many companies is that you don't need every one to win.

Who can join

Two ways to know you're in.

Silver & Salt Capital is for accredited investors. The SEC defines that two ways.

By income

You earn a certain amount each year.

More than $200,000 a year on your own, or more than $300,000 a year together with your spouse, for each of the last two years.

By net worth

You have a certain amount saved.

More than $1 million in assets, not counting the value of your primary home.

Accredited investors get to back real founders and earn real returns. 85% have no idea. Now you know. What will you do?

Join Us

Utah's next generation of innovation will be shaped by founders & determined by funders — it's time more of them are women.

We're starting now.

The first 100 members will shape the culture, influence who gets funded, and define the standards for everything that follows.

Join Us

This is the place & now is the moment

We Are a Utah Women's Angel Investment Collective

Women founders return 2.5× more revenue per dollar invested. Almost none are getting funded.

And everyone is missing out.

Source: BCG & MassChallenge

Silver & Salt Capital brings accredited women together to identify quality investment opportunities that are getting missed in the Utah market. As a coordinated community, we find and individually fund great founders.

Join Us
63%
Better performance from companies with a female founder
First Round Capital, 10 Year Project

We are creating regenerative capital in Utah.

This is smart capital, deployed where it performs best. More capital reaches women founders. More women start companies. More companies succeed. That success attracts more investors. The cycle accelerates.

Our power isn't in a fund. It's in hundreds of women making informed decisions with a shared pipeline. We are building an ecosystem where women thrive. Our organized community of individual investors will define how Utah funds its next generation of businesses.

Utah's next generation of innovation will be shaped by founders & determined by funders — it's time more of them are women.

We're starting now.

The first 100 members will shape the culture, influence who gets funded, and define the standards for everything that follows.

Join Us

This is the place & now is the moment

Sources & methodology
Full research & methodology →

Our Commitments

Every woman in Utah deserves to feel she is enough.

We are a group of women who commit to standing as fierce advocates for one another. We believe women belong in every room where financial decisions are made — and we are building in proximity with one another and the communities we serve.

01

We show up — with capital, with knowledge, with relationships, with visibility, with advocacy.

02

We lead with curiosity and assume positive intent.

03

We are kind and we are effective. Both, always.

04

We amplify each other's voices and operate from abundance, not scarcity.

Utah's next generation of innovation will be shaped by founders & determined by funders — it's time more of them are women.

The Thesis

Utah's high-performing founders are underfunded. We see the opportunity.

Industry data consistently shows women-founded companies generate more revenue per dollar invested, burn less capital, and exit (return your investment) faster.

The Utah Paradox

In the United States, Utah is ranked #3 to start a business. #50 for women's equality.

The gap between being a great place to start a business and being challenging for women's equality is exactly what makes the opportunity so exciting. The capital infrastructure here was built by tech founders investing in other tech founders. An enormous segment of high-performing founders are missing access to networks, systems, and capital.

129,429
women-owned businesses in Utah
Small Business AdministrationS05
~100K
accredited women investors on the Wasatch Front
Silver & Salt Capital ResearchS55
1%
of U.S. venture capital reaches all-female teams
PitchBookS09
73¢
on the dollar, worst pay gap in America
Utah Women & Leadership ProjectS03

Not new. Just new to Utah.

Utah has the capital. Utah has the founders. What it doesn’t have yet is the infrastructure that connects them.

Nationwide, women’s participation in angel investing rose from 5% to 46.7% between 2004 and 2023, and women entrepreneurs now account for 46.3% of those seeking angel capital.3

Angel networks and syndicates already support women founders across the country. Here is where they operate, and what they’ve built.

National Landscape

Fewer
More orgs
Explore the full National Landscape Map →

Women's Angel Syndicates in the United States

Below are just a few women's syndicate organizations leading the way for collective angel investing in women founders.

Golden Seeds
National
The largest women-focused angel network. 20+ years of organized deal flow, investor education, and community across 9 chapters and 28 states.
1,150+ investors
$195M+ invested
20%+ IRR
Pipeline Angels
National
Trains new angels and helps members make their first startup investments. Often the first check for founders without existing access.
550+ members
$7M+ invested
Citrine Angels
Washington, D.C.
Women investors backing women-led startups across healthcare, consumer, and technology. A newer regional model demonstrating traction.
80+ members
$1.8M+ invested
Impact Invest Her
Bay Area
Collaborative diligence, strong values, and an active founder-support community. Members decide individually whether to invest.
Private community
The Josephine Collective
National
Women-led angel syndicate co-investing from first check through later rounds. No sourcing or management fees, single line on cap table.
51%+ women & POC
$1K+ per deal

Angel investing performs best when it is collaborative, disciplined, and diversified. Central Texas Angel Network delivered 31% IRR across 115 outcomes.4 Tech Coast Angels delivered 25% IRR across 247. In one landmark study, group-affiliated investments returned 2.6× over 3.5 years. Those with 40+ hours of due diligence returned 7.1×.5

Angel investing is risky. No return is guaranteed. The Silver & Salt Capital thesis leads with structure, diligence, diversification, market readiness, and a shared thesis.

The Science of Small Bets

$10K+ per year. 5 years. 30+ companies.

Angel returns follow a power law: a small number of winners generate most of the returns, while most individual investments lose money. Picking winners in advance is nearly impossible. The research points another way: investors who spread small bets across many companies dramatically outperform those who concentrate.1

A study of 10,000+ angel portfolios found that investors with fewer than five deals had a median return of zero. At 50+ deals, the median return approached the asset class average of 14% IRR. The math is simple: more bets means more chances to find the winners that drive the portfolio.2

Convergence of Median and Mean Fund Returns As a Function of Portfolio Size Monte Carlo Simulation, U.S. Venture Vintages 2001+ 0.0× 0.5× 1.0× 1.5× 2.0× 2.5× 3.0× Gross Realized Multiple 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 Portfolio Size Mean Median Correlation Ventures
Source: David Coats, Correlation Ventures

That's why Silver & Salt Capital is built around a $10K+ annual commitment spread across the companies we source, vet, and support together. Over five years, you build a diversified portfolio of 30+ investments. You make every decision individually. You never do the diligence alone.

The Data

Don't take our word for it.

Industry research consistently shows that women-founded companies outperform on the metrics that matter most to investors.

78¢ vs 31¢
Revenue per dollar invested
BCG / MassChallengeS11
63%
Better performance with a female founder
First Round CapitalS12
35%
Higher ROI, women-led companies
Kauffman FoundationS13
15%
Less capital burned
Female Founders FundS14
Sources & methodology
Full research & methodology →

The Data

Women founders outperform. The capital hasn't noticed.

Industry data consistently shows women-founded companies generate more revenue per dollar invested, burn less capital, and exit (return your investment) faster. This isn't a fairness argument. It's a market inefficiency, the kind that makes money for the people who see it first.

2.5×
Revenue per dollar vs. male-founded startups
BCG / MassChallenge18
63%
Better performance with a female founder
First Round Capital19
35%
Higher ROI from women-led tech companies
Kauffman Foundation20
15%
Less capital burned, consistently
Female Founders Fund21

This is a market inefficiency. Strong founder supply, proven revenue traction, low investor competition, documented performance upside. That combination is rare — and it's right here in Utah.

Utah's Paradox

#3 to start a business. #50 for women's equality.

That's not a contradiction. That's a pricing error. Every ingredient for business success exists here — low taxes, fast-growth economy, deep talent, regulatory ease. But the capital infrastructure was built by tech founders investing in other tech founders. The gap between #3 and #50 is where the returns live.

Research

Go deeper. See the data.

Our research backs every claim with sources, statistics, and context. Explore the full picture.

Investor Research
How Many Accredited Women Investors Are in Utah?
The demographics, the numbers, and the untapped investor base waiting to be activated.
Read the research →
Utah Research
Utah Angel Funding: Where Are the Women?
A deep look at the gap between Utah's startup ecosystem and the capital reaching women founders.
Read the research →
Reference
References
The complete research foundation — every statistic, source, and study behind Silver & Salt Capital's thesis.
Explore references →
How It Works

Utah's first women's angel investment collective. We vet together. You invest on your terms.

We vet together.
Any member can champion a startup. The community sources deals and conducts diligence to select the companies we believe in.
You invest on your terms.
You commit $10K+/year and decide how to allocate it. You can always invest in more ways than just your money and support founders as an advisor, champion, customer, or online advocate.

Simple. Powerful. Yours.

Writing small checks to make a big change.
Our power is in the number of investors now working in parallel to meaningfully fund the overall startup ecosystem.
Where the money flows, opportunities grow.
Capital attracts ambition. Fund women-led companies and more women-led companies will emerge.
Silver & Salt Capital is the bridge.
Women in Utah who show up for each other with money, connections, and influence.
Our Community

How the money moves.

Our collective investments are hosted on a syndicate platform. Each deal is structured as a Special Purpose Vehicle (SPV), which lets us bundle individual checks into a single entry on the founder's cap table. Clean for founders, simple for you.

Management fees and carry that Silver & Salt Capital earns are reinvested into the community and used for managing our group, hosting events, and offering education with oversight from a selected advisory board.

How It Works

Your money. Your account. Your decisions.

Five steps from joining to championing the founders you believe in.

STEP 1
You
Join
Set up a profile with our community. Commit $10K/year and connect capital to the Utah founders who use it best.
STEP 2
Silver & Salt
Discover
Collectively we all source startups and run diligence. Members learn about angel investing together. (Some groups charge for this education, we don't.)
STEP 3
You
Decide
Say yes or no. Investments start at $1,000. Nobody invests your money but you.
STEP 4
Platform
Invest
The platform sets up the SPV — legal, docs, compliance. Easier for a founder to take one investment on their cap table and better for you to diversify. Your capital moves only when you say so.
STEP 5
You
Champion
Open doors, make intros, share expertise. Our money is one of many ways we can help our women founders win. Every investor can offer an exponential network of support.
Your capital at each step
1
Your money, in your account
2
Still in your account
3
You choose
4
Deployed by you
5
Working for you

Your commitment. Your portfolio.

$10K+/year. 5 years. 30+ companies in your portfolio.

Each member commits to investing $10K+ per year. You choose how to allocate it across the companies we select together. Over five years, that builds a diversified portfolio — real returns, built one decision at a time.

&
Silver & Salt Capital is not a fund. No one gives us their money to manage. Every member makes her own investment decisions. The collective amplifies every individual — shared pipeline, individual conviction.
Accredited Investors

Three ways to deploy your capital.

You've committed to building a portfolio. Here's how you move the money — on your timeline, from the account that makes the most sense for your financial picture.

01
Link Your Bank Account

See a deal you believe in, fund it directly. Connect your bank account through Stripe and move capital into each SPV as opportunities arise. No minimums beyond your annual commitment — allocate as much or as little per deal as you choose.

02
Invest from Your Retirement Account

Your Roth IRA, Traditional IRA, or 401(k) doesn't have to live in public equities. We'll work with you to allocate a portion of your retirement assets into private market investments — aligning long-term capital with the impact-driven companies you're choosing to back.

03
Deploy Your Donor Advised Fund

Stop parking your DAF in public markets. Through our partnership with Inspire Access, your donor-advised dollars go to work immediately — funding private companies that create measurable impact, while preserving your ability to make a future charitable contribution.

All investments are made individually through SPVs on our syndicate platform. Silver & Salt Capital does not custody or manage your funds. Consult your financial advisor for tax implications specific to your situation.

Angel Investing 101

New to angel investing? Start here.

What is angel investing?

Angel investing means writing a personal check into an early-stage startup — typically before the company has significant revenue. In return, you receive equity (ownership) in that company.

It's different from venture capital (VC), where a professional fund manager pools money from many investors and decides where it goes. It's also different from public market investing (stocks, ETFs), where you buy shares in established companies on an exchange. Angel investing is direct, early, and personal — you choose the founders you believe in.

What is an accredited investor?

The SEC requires that investors in most private deals meet certain financial thresholds. You qualify as an accredited investor if you have an annual income of $200K+ ($300K with a spouse) or a net worth exceeding $1M (excluding your primary residence).

This requirement exists because private investments are illiquid and carry higher risk than public markets. Silver & Salt Capital members must be accredited investors.

Why would someone angel invest?

Return potential. Top-performing angel portfolios can significantly outperform public markets — but returns follow a power law, where a small number of investments drive the majority of gains. Diversification across many companies is essential.

Portfolio diversification. Private markets give you exposure to a completely different asset class than stocks and bonds.

Direct impact. Your capital goes directly to a founder building something new. You can also add value as an advisor, customer, or connector — not just as a check-writer.

What happens to my capital when I angel invest?

When you invest, your capital typically converts into equity — ownership in the startup. Most early-stage deals use a SAFE (Simple Agreement for Future Equity) or a convertible note, which convert into shares at the company's next priced funding round.

Your money is illiquid — expect a 7–10 year hold before a potential return through an acquisition, IPO, or secondary sale. You won't work in the business day-to-day, but you may support the founder as a champion, advisor, or customer.

What is an angel investor vs. a syndicate?

An angel investor is an individual who invests their own money into startups. When you invest solo, you find deals on your own, negotiate terms directly, and manage your own diligence.

A syndicate is a group of angels who invest together. A lead investor sources and vets the deal, then invites the group to participate. Individual checks are bundled into a single SPV (Special Purpose Vehicle) — one clean line on the founder's cap table instead of dozens of individual investors.

Syndicates give you better deal access, shared diligence, and collective leverage — without requiring you to source every opportunity yourself. Silver & Salt Capital operates as a syndicate.

What kind of returns should I expect?

Angel returns are measured by IRR (Internal Rate of Return) — the annualized rate at which your investment grows over its lifetime, accounting for the timing of cash flows in and out.

For context: the S&P 500 has historically returned roughly 10% annually. Top-quartile angel portfolios have reported IRRs of 20–30%, though outcomes vary widely. Most startups fail; returns are driven by the few that succeed dramatically.

This is why portfolio construction matters. At $10K+/year over five years, you build a portfolio of 30+ companies — enough diversification to give the power law a chance to work in your favor.

Past performance is not indicative of future results. Angel investing carries significant risk, including the potential loss of your entire investment. Consult your financial advisor.

Ready?

Join Us

Our Story

Utah has everything it needs to be the best state in the nation for women founders.

Tori Horton, Founder
Tori Horton
Founder

Something remarkable has been happening across the country over the last few years. Groups of women — angel investors and syndicates — have been pooling small-dollar checks to fund women founders. And it's working. Real returns. Real companies. Real change in who gets to build the future.

The more I researched it, the more one thought kept nagging at me: someone in Utah should do this. Friends, I think that someone is all of us.

I'm starting Silver & Salt Capital here because Utah is my home. I grew up in Holladay, graduated from BYU, and have lived between the SF Bay Area and Salt Lake City for twenty years. This is where I'll retire. And as a woman in this state, I don't just see the problem — I see the opportunity, from the inside.

There is a virtuous cycle waiting to happen here. One that is good for Utah women founders and profitable for Utah women investors. If we put our pioneer "shoulder to the wheel," we can build a flywheel of new business and smart investment that takes Utah from the worst state for women's equity to the best place in the country to be a woman founder. And if we do this together, we can make the change our daughters deserve — so that when they graduate from college, they step into a state that was built for them to lead.

Here's the part that surprised me most: it doesn't take as much as you think. For $10,000 a year — a family vacation, a couple of handbags — you become part of a collective that can completely reshape who gets funded in Utah. That's not charity. That's an investment portfolio with the kind of deal flow you can't access on your own.

If we pick up our pens, we have all the power we need. The capital is already ours.

This isn't a theory. This model is already working across the country — generating real investment returns for members while fundamentally changing who gets funded. Utah has 129,000+ women-owned businesses and over 100,000 accredited women investors. The founders are here. The capital is here. All that's been missing is the bridge that helps women realize they have the power to write checks and change the landscape by connecting with women who are building businesses capable of more than they can currently dream.

I was born for this moment. And honestly? I think you were, too.

&

We're not waiting anymore.

Join Us

The Founding Cohort

We understand that collective finance will fund Utah's future. We can't afford to miss this investment.

Silver & Salt Capital is forming with 100 women who will shape the culture, influence who gets funded, and define the standards for everything that follows.

What It Takes

What you commit. What you get.

What You Commit

Your capital, your time, your network

  • $10,000+ per year — deployed across multiple companies at your discretion
  • 2–4 hours per month — deal reviews, diligence sessions, community events
  • One good thing a month — a founder, a customer, a connection. You choose and give with intention.
  • Your expertise — shared openly with founders and fellow members
What You Get

Access, community, and a real portfolio

  • Curated deal flow — vetted opportunities you can't find on your own
  • Shared due diligence — professional-grade analysis without doing it alone
  • A diversified portfolio — 30+ companies over five years at $10K+/year
  • A community of investors — sharp women who make each other smarter
  • Education and mentorship — from angel investing basics to advanced strategy
  • Collective leverage — better terms, more founder access, bigger impact
&

Founding members get more. You'll be able to invite friends, shape the early decisions, set community culture, and have a voice in building our community. Later cohorts join what you built.

Founding Members

The first 100 are forming now

The founding cohort will be executives, operators, entrepreneurs, professionals, and community leaders who are no longer waiting for invitations into existing systems.

Advisory Council

Experienced investors, operators, and community leaders who guide our strategy and open doors.

It all starts with the choice to invest in the future we want.

Join Us

Be among the first 100 investors · Applications reviewed monthly

Organizations We Hope to Collaborate With

Artemis Fund Beta Boom BYU Ballard Center How Women Succeed Kinect Capital Lassonde Entrepreneur Institute RevRoad SheMoney Silicon Slopes Sorenson Impact Institute Tech-Moms Utah Women & Leadership Project UVU Center for Social Impact WeROC Women's Business Center of Utah Women's Leadership Institute Women Tech Council Womenpreneurs Zions Bank Women's Business Forum

Please reach out if you are affiliated with one of these organizations and would like to consider ways to get involved or support this effort.