- Black Tech Nation Ventures closes $50 million inaugural fund to support startups with marginalized founders
- Pittsburgh-based venture firm aims to make the city a haven for Black technologists and entrepreneurs
- BTNV focuses on supporting Black, Latinx, female, indigenous, and LGBTQ+ entrepreneurs in the tech industry
- Venture capital disparity for Black founders highlighted, with only 1% of funds going to Black entrepreneurs in 2021
- BTNV backed by notable investors, provides pre-seed and seed funding, with a goal to attract companies to Pittsburgh
Empowering Marginalized Founders through Black Tech Nation Ventures
In a bold move to address the glaring disparities in venture capital funding, Black Tech Nation Ventures (BTNV) recently closed a $50 million inaugural fund. The primary objective of this Pittsburgh-based venture firm, which serves as the VC arm of the nonprofit Black Tech Nation, is to create a supportive ecosystem for Black technologists and entrepreneurs. The cofounder of BTNV, Kelauni Jasmyn, envisions a future where individuals from all backgrounds can access the necessary support and funding to bring their innovative ideas to life.
Supporting Underrepresented Entrepreneurs in Tech
BTNV is committed to filling the existing gaps that hinder marginalized founders from securing essential capital. The firm has already demonstrated its dedication by backing promising startups such as Kloopify, EMTECH, Goodfynd, and several others in various cities across the United States. With a specific focus on supporting Black, Latinx, female, indigenous, and LGBTQ+ entrepreneurs, BTNV aims to level the playing field in the tech industry.
According to data from Crunchbase, only about 1% of venture capital funds in 2021 were allocated to Black founders, highlighting the urgent need for initiatives like BTNV. Despite ongoing efforts to bridge this gap, some have criticized funds that specifically target minority founders, labeling them as discriminatory. However, BTNV remains steadfast in its mission to empower underrepresented entrepreneurs and provide them with the resources needed to succeed.
Related Video
Forging a Path for Inclusivity in Tech Investment
Backed by notable entities such as Alphabet, First National Bank, Mark Cuban, and Bank of America, BTNV offers pre-seed and seed funding ranging from $250,000 to $1 million. The firm’s strategic partnerships and financial support aim to not only nurture the growth of startups but also attract talented individuals to the vibrant tech scene in Pittsburgh.
Jasmyn envisions a future where 25% of the companies supported by BTNV are based in Pittsburgh. While the current percentage falls short of this goal, the firm remains dedicated to scouting for promising ventures in the area. By actively engaging with the local community and hosting events and programs, BTNV is fostering a dynamic environment that encourages innovation and collaboration.
Driving Diversity and Inclusion in the Tech Ecosystem
The successful closure of the $50 million fund serves as a testament to the sustainability of the Pittsburgh tech ecosystem and the value of investing in Black entrepreneurs. Jasmyn’s journey as a Black woman fund manager reflects the transformative power of determination and vision in breaking barriers and reshaping the narrative of who can participate in the world of venture capital.
With a strong emphasis on inclusivity and empowerment, Black Tech Nation Ventures is poised to make a lasting impact on the tech industry by championing the voices and ideas of underrepresented founders. Through strategic investments, mentorship programs, and community engagement, BTNV is paving the way for a more diverse and equitable future in tech entrepreneurship.
Links to additional Resources: 1. https://www.technical.ly/ 2. https://www.pghtech.org/ 3. https://www.pittsburghtechcouncil.org/