Backstage Capital launched with a mission: to support underrepresented founders and to invest in 100 of them by 2020.
Almost two years after getting off the ground, the venture firm is halfway to that goal. Last week, Backstage Capital invested in its 50th company, adding to a roster of portfolio companies nearly all from traditionally underrepresented founders.
The milestone is significant for the firm, but also for venture capital as a whole. The firm is one of few out there that uses its money—about $5 million in two funds—to make diversity its top priority. While other firms tout their diversity numbers, they're not explicitly pushing to diversify tech with every investment.
"It proves we're able to choose great companies and that we have the deal flow to find them."
"The reason it's so exciting to reach this halfway point is that it proves we're able to choose great companies and that we have the deal flow to find them," said Backstage Capital founder Arlan Hamilton.