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Black Tech Nation Ventures’ diversity advocacy continues despite growing DEI backlash

TechBrunchBy TechBrunchFebruary 28, 20244 Mins Read
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Black Tech Nation Ventures was founded in 2021 to address the lack of funding for Black founders amid a wave of venture diversity efforts following the 2020 killing of George Floyd. Three years later, the company's mission may be lost amid a growing backlash against DEI and diversity-focused investing. It's more important now than when I started.

The Pittsburgh-based venture firm has raised an initial $50 million in debut funding to back pre-seed and seed-stage software startups led by founders from underrepresented groups, including Black people, women, and members of the LGBTQ+ community. completed the procurement of The company is backed by LPs including Alphabet, First National Bank and billionaire Mark Cuban.

BTNV general partner David Motley told TechCrunch that getting the first fund to its full $50 million goal was competitive at first and then tough. He explained that the company successfully raised its first funding in 2021 and achieved its first close for $25 million in the same year. This was largely driven by a surge in investors looking to put their money into diversity-focused funds and favorable funding conditions, particularly for emerging managers. The company had originally planned to close the deal by summer 2022, but this trend did not last. The second half of fundraising was tough as market conditions worsened and investors retreated from their 2020 diversity investment goals.

“The backlash is real,” Motley said. “We saw funding for diverse founders and Black-led venture funds decline rapidly. We saw funding levels return to his 2019 totals. ”

Diversity backlash is not unique to venture, but states such as Oklahoma have voted to cut funding for DEI initiatives at public universities, and affirmative action was brought to the Supreme Court in June of last year. has been ruled unconstitutional, but venture businesses are being affected. Fearless Fund, an Atlanta-based venture firm, recently came under legal pressure from conservative activists who say its focus on grants and funding to diverse founders is discriminatory.

Companies like BTNV could be caught in the ripple effects of these recent events. But Motley said the change in the overall narrative around DEI doesn't discourage the team, but rather shows why they should stick to their theories.

“The industry is structured to do what it's done historically. 2021 and 2022 were abnormal in some ways, but then things have returned to normal,” Motley said, focusing on diversity. He talked about the rapid increase in support for VCs in a short period of time. “Funds like ours were created within that time frame and are now in a position to show that this should not be a one-off or just an initiative. We should be looking at these investment opportunities.”

BTNV's checks range from $250,000 to $1 million, with a particular focus on enterprise software solutions in areas such as fintech, edtech and cleantech. The company is investing across the United States and is looking for founders based outside of its coastal locations. The fund has made 10 investments since its initial launch, backing founders in cities including Cleveland, Indianapolis and Atlanta.

Mr. Motley will help the fund reach more than $50 million in assets under management by writing the largest checks, leading startups' funding rounds, and helping startups find additional investors for their rounds. He said he wanted to make an impact. He said that as a lead investor, BTNV hopes to introduce other VC firms to companies that might not otherwise have a chance. On the other hand, undervalued founders sometimes struggle to close a round even after finding a lead investor, he said.

Where possible, the company will also work with Black Tech Nation, a nonprofit run by BTNV general partner Kehrauni Jasmine, which has built a digital network of Black tech professionals. Although the two organizations have the same name but are completely separate, Motley said the two organizations collaborate on events, connect talent, and encourage potential founders to support them through their nonprofit network. He said he hopes he can find it.

Despite the company's philosophy of backing undervalued founders, Motley said Fund I's main goal is to generate top-level returns that will earn the company the right to raise subsequent funding. said. Motley said he believes finding companies in these underserved markets will help the company get there.

“The opportunity here is to rise above the politics of the moment and truly prove that it's in everyone's best interest to promote the best deals, the best founders, the best venture funds,” Motley said. said. “It doesn’t matter what political persuasion you are, it will be better for everyone and it will be better for our country. far exceeds any possible backlash for proceeding with it.”



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