TLDR:
- Sháka Rasheed joins Open Opportunity Fund as General Partner to lead capital development and portfolio value creation.
- Open Opportunity Fund has invested $100 million in 75 Black- and Latino-led tech companies and is now raising Fund 2 to address the disparity in venture capital funding.
Open Opportunity Fund, a venture capital firm focusing on diverse-founded software companies, has appointed Sháka Rasheed as its new General Partner. Rasheed, with a background in financial services and technology, will lead capital development and portfolio value creation. His experience includes senior roles at Bridgewater, Lazard, Citadel, J.P. Morgan, Salesforce, and Microsoft. The fund has invested $100 million in 75 Black- and Latino-led tech companies, achieving seven exits. As the firm looks to address the disparity in venture capital funding for Black and Latino founders, who received less than 3% of VC funding in 2022 despite comprising over 30% of the U.S. population, it is raising Fund 2 to continue this successful investment strategy.
Sháka Rasheed has an extensive background in building and leading capital formation teams at world-renowned asset management firms and global technology companies. His proven track record in driving growth through innovative strategies makes him a valuable addition to the Open Opportunity Fund team. Rasheed’s appointment aligns with the firm’s mission to foster innovation and drive impactful growth in underrepresented communities.
Open Opportunity Fund’s diverse portfolio includes companies like Atomic, Brex, Career Karma, Cityblock Health, Eight Sleep, Esusu, Lumu, Paystand, QuickNode, Squire, and Subject. The firm’s successful investments have led to seven exits, demonstrating its commitment to supporting diverse founders in the tech industry. In 2022, Black and Latino founders received less than 3% of venture capital funding, highlighting the importance of addressing this disparity.
Sháka Rasheed’s appointment as General Partner signifies a strategic move by Open Opportunity Fund to strengthen its leadership team and expand its investment capabilities. With a focus on making impactful investments and driving growth, Rasheed is poised to contribute to the firm’s continued success and development in the venture capital space.
