Recent Articles

Archive

81% of VC firms don’t have a single black investor — BLCK VC wants to change that

Venture capital has a diversity problem.

BLCK VC, a new organization founded by Storm Ventures associate Frederik Groce and NEA associate Sydney Sykes meant to connect, engage and advance black venture capitalists, is ready for a new era in the industry.

Their mission: Turn 200 black investors into 400 black investors by 2024.

“We think of ourselves as an organization formed by black VCs for blacks VCs to increase the representation of black investors,” Sykes told TechCrunch.

“You can look around and say ‘well, I know five black VCs,’ but you can also say this firm does not have a single black VC, they may not even have a single underrepresented minority … We want to make firms reckon with the fact that there is a racial diversity problem; there is a lack of black VCs and every firm should really care about it.”

BLCK VC has been at work since the beginning of 2018, building and expanding a network of black investors in the San Francisco area, Los Angeles and New York. They seek to provide a community for black investors, a space for honest conversations and questions and a resource for VC firms looking to make more diverse hires. Today, the organization is taking the wraps off its plan to diversify the VC industry.

“There’s an incredible need to ensure there are resources in place so people don’t churn out of the community; getting people in the door is only half the battle,” Groce told TechCrunch. “This is us saying ‘hey, get involved.’ It’s time to broaden and give others access to what we are doing. It takes a village if we really want to see things start to shift.”

According to data collected by Richard Kerby, a partner at Equal Ventures, 81 percent of VC firms don’t have a single black investor. Roughly 50 percent of black investors in the industry are at the associate level, or the lowest level at a firm; only 2 percent of VC partners are black.

Continue Reading...


BUSINESS+TECH+

CULTURE

the business of culture.

the

THE BUSINESS OF CULTURE

(c) 2019, CULTURE UNLIMITED, LLC

Launched May 2017, Welcome to THE PATH is a media platform and digital community exploring the impact and influence of pan-African culture in the areas of business, entrepreneurship, economics, and tech within the U.S. and around the globe.  

  • Facebook
  • Instagram
  • LinkedIn - White Circle
  • YouTube

(C) 2019 Culture Unlimited, LLC