Canada's BKR Capital announced Monday that Fund II has closed on C$20 million (approximately $14.5 million), moving it closer to its C$50 million target.
The fund aims to back “high-growth technology companies led by founders from Black communities” that are building solutions for the future of work, life and global connectivity, managing partner Lise Birikundavi told TechCrunch. The company is primarily focused on Canada, but is open to supporting select companies around the world. The average check size will be between $250,000 and $1.5 million, she said.
Birikundavi said nearly 70 per cent of Canada's black population are first- or second-generation immigrants, “which allows founders to operate globally from day one, giving them early access to international markets and creating a structural advantage in scaling.”
While many U.S. companies avoid openly advertising missions that could be seen as diversity, equity and inclusion (DEI), Birikundavi said her Toronto-based fund does not share exactly those concerns. He said what's happening in Canada is more of a reframing than an unwinding of DEI, and that investors are “prioritizing the performance conversation” even though “the fundamental opportunity hasn't changed.”
He added: “By expanding access to overlooked founders, high-quality deals continue to surface, making this more about arbitrage than DEI.” She believes Canadian investors still see “inclusive investing” as beneficial to the ecosystem and full of potentially lucrative business opportunities.
The company's thesis is rooted in the belief that “overlooked markets and diverse lived experiences can open up outsized venture opportunities,” Birikundavi said. The company was founded in 2021 and raised $22 million in Fund I (which Birikundavi says has outperformed at least 75% of other funds launched during the same period). He said BKR Capital completed the final close of its second fund in December and hopes to invest in 25 companies.
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