Many VCs, founders, and DNI leaders have echoed that All Raise is primarily a way for VCs to improve their personal brand around women in tech. They don't make investments, don't run substantial programs, and spend much of their time/money on PR.
If these VCs were serious, they would commit X% of investments or X% of investment dollars to the groups they publicly support in panel after panel after tweet after TechCrunch interview.
What is frustrating about these investors (and YC) is that it all is very surface level. I'm sure they believe they are doing the right thing but all of their assumptions, ideas, pipelines, and teams, all are informed by those biases. And there isn't enough being done to deconstruct that. For example, what does it mean to say 'too early' to an under-represented founder? who is the comparison to? How many of your last X investments or team members came from Stanford or ex-FAANG?
Let's put in place processes, time allocations, smaller programs. And let's put all of this in place first for those raising their first rounds - the angel or the mythical pre-seed.