TLDR:
Key Points:
- NC Rural Center invests $32 million in 10 venture capital funds to empower diverse entrepreneurs in North Carolina.
- The funds focus on Socially and Economically Disadvantaged Individuals (SEDI) and aim to cultivate a more inclusive startup ecosystem.
The NC Rural Center has made a historic $32 million investment in 10 venture capital funds to support diverse entrepreneurs in North Carolina. This initiative, known as NCInvest, is powered by the State Small Business Credit Initiative (SSBCI) and aims to revolutionize capital access for startups led by Socially and Economically Disadvantaged Individuals (SEDI). The selected funds include well-known names in the industry such as IDEA Fund, LeVert Ventures, and Nex Cubed HBCU Founders Fund, collectively committing to investing over $90 million in startups within the state.
Under the NCInvest initiative, the NC Rural Center is focused on empowering diverse entrepreneurs by supporting venture funds that have a proven track record of uplifting founders from under-represented groups. This strategic move not only provides financial support but also represents a vote of confidence in the diverse talent pool within North Carolina’s entrepreneurial ecosystem. The initiative is set to have transformative impacts on the startup landscape in the state, fostering a more equitable and inclusive environment for entrepreneurship.
Rodney Sampson, Venture Capital Fund of Funds manager for the NC Rural Center, highlighted the unprecedented SEDI representation within the selected VC funds, emphasizing the initiative’s potential to empower investors dedicated to supporting historically marginalized entrepreneurs. This investment is expected to catalyze innovation and growth in North Carolina, positioning the state as a hub for diverse and inclusive entrepreneurship. As these funds begin to deploy capital, the state anticipates a wave of innovation and economic growth that will benefit both the startups and the wider community.
