TLDR:
- Black Tech Nation Ventures closed a $50 million inaugural fund to support startups with marginalized founders.
- The venture firm aims to bring companies to Pittsburgh and support underrepresented entrepreneurs.
Black Tech Nation Ventures, the venture capital arm of nonprofit Black Tech Nation, recently closed a $50 million inaugural fund to support startups with marginalized founders. Co-founder Kelauni Jasmyn expressed the firm’s goal to make Pittsburgh a haven for Black technologists and entrepreneurs, providing support and funding for individuals of all backgrounds. Building on its mission to fill gaps for marginalized founders in accessing capital, the Pittsburgh-based venture firm has previously backed startups in various cities such as Kloopify, EMTECH, and Goodfynd.
With a focus on supporting Black, Latinx, female, indigenous, and LGBTQ+ entrepreneurs in the tech industry, Black Tech Nation Ventures aims to address the disparity in venture capital funding for underrepresented founders. The firm is backed by prominent investors such as Alphabet, First National Bank, Mark Cuban, First Close Partners, and Bank of America, providing pre-seed and seed funding to promising startups.
Despite challenges and controversies surrounding funds that target minority founders, Black Tech Nation Ventures remains committed to its mission and is actively seeking to support more Pittsburgh-based companies. By closing on the $50 million fund, Jasmyn believes this signals a positive message about the sustainability of the Pittsburgh tech ecosystem and the value of investing in Black entrepreneurs.
