TLDR:
– Black Tech Nation Ventures is a venture capital firm that specializes in funding Black and diverse tech startups.
– Only one percent of venture capital funds in the U.S. were allotted to Black tech founders in 2022.
Black Tech Nation Ventures, a venture capital firm founded by Kelauni Jasmyn, David Motley, and Sean Sebastian, aims to provide funding for Black and diverse tech startups. Despite statistics showing that only one percent of venture capital funds in the U.S. went to Black tech founders in 2022, the for-profit VC firm has approximately $50 million to invest, thanks to support from companies like Bank of America, Mark Cuban, Alphabet, and First National Bank. So far, the firm has funded 11 startups across the country, including BlendEd, a Cleveland-based startup founded by David Boone and Jeff McLellan. Pittsburgh-based startup Kloopify also received funding from Black Tech Nation Ventures, highlighting the firm’s commitment to supporting diverse entrepreneurs.
Black Tech Nation Ventures is the brainchild of Kelauni Jasmyn, who also founded Black Tech Nation, a non-profit organization that aims to bring together African Americans in the tech industry. The firm’s goal is to help Black tech companies become successful and eventually reach “Black tech unicorn” status, where their companies are valued at millions of dollars. With investments ranging from $250,000 to $1 million, Black Tech Nation Ventures hopes to propel startups to a point where they can attract larger funding from mainstream venture capital firms.
In an effort to bridge the representation gap in the tech industry, Congresswoman Summer Lee emphasized the need for intentional support for Black entrepreneurs in science and technology. With Pittsburgh ranked 13th in the world for emerging startup economies, the city is seen as a prime location for tech companies to thrive. Both Jasmyn and Lee underscored the importance of ensuring that Black individuals are not left behind in the rapidly evolving tech landscape, urging for more opportunities and resources to empower the Black community in the tech sector.
