Black Tech Nation Ventures (BTN.vc), a venture capital firm dedicated to supporting underrepresented founders in the tech sector, has announced the final close of its $50 million inaugural fund.
David Motley, founder and CEO of Black Tech Nation, emphasizes BTN.vc’s mission: “We set up BTN.vc to equip and train a new generation of more diverse entrepreneurs and investors. We are committed to providing intellectual as well as financial capital to help our founders navigate growing a successful company and opening up opportunities for future venture capitalists who are Black or diverse to participate in the industry.”
The $50 million will enable BTN.vc to invest in promising pre-seed and seed stage software startups led by Black, Latinx, female, indigenous, and LGBTQ+ individuals. This allows them to support founders at crucial stages of growth, enabling them to build and scale their businesses.
By backing diverse-led startups, BTN.vc fosters innovation and unlocks the potential for breakthrough technologies across various industries, with a focus on fintech, edtech, health tech, climate tech, and AI and machine learning.
The firm has already invested in 10 diverse-led companies spanning cities like Atlanta, Boston, and Pittsburgh. These include EMTECH, a fintech infrastructure company; Goodfynd, an enterprise solutions provider for food trucks and mobile vendors; The Folklore, an online wholesale platform and marketplace for retailers to discover and shop diverse, independent contemporary brands; and Kloopify, a provider of supply chain sustainability analytics. Notably, several of these investments have already secured follow-on funding.
BTN.vc expects to support an additional 20-30 companies with their inaugural fund, primarily focusing on pre-seed and seed stages with investments ranging from $250,000 to $1 million. They actively lead, co-lead, and support funding rounds for promising startups.
To source these ventures, BTN.vc has built a unique deal funnel that leverages diverse professional development groups, top tier research universities, and historically Black colleges and universities.
Additionally, the firm is backed by a strong network of investors including Alphabet, First National Bank, Mark Cuban, First Close Partners, and Bank of America.
by Tony O. Lawson
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