Most VC Firms Don’t Have a Single Black Investor
According to data, 81% of Venture Capital firms don’t have a single Black investor. Roughly 50% of Black investors in the industry are at the associate level, or the lowest level at a firm; and only 2% of VC partners are Black. The lack of representation, especially in decision-making positions, has made it difficult for Black aspiring investors to enter the industry, as well as for Black investors to stay in VC -- and, presumably, for start-ups catering to Black communities to get funding. A new organization is aiming to change the dynamics. BLCK VC, founded by Storm Ventures associate Frederik Groce and NEA associate Sydney Sykes, is hoping to connect, engage and advance Black venture capitalists. Their mission is to turn 200 Black investors into 400 Black investors by 2024. 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, according to TechCrunch. 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. More about them here.