Black Tech Nation Ventures (BTN.vc), a venture capital firm committed to empowering Black and diverse founders in the tech sector, announced the successful closing of its $50 million inaugural fund on February 28, 2024. This achievement marks a significant milestone in the firm’s mission to bridge the funding gap for historically underrepresented groups in the tech industry.
The newly secured fund will primarily target pre-seed and seed-stage software and enterprise-focused startups led by Black, Latinx, female, indigenous and LGBTQ+ entrepreneurs who have the potential to generate outsized returns. “We set up BTN.vc to equip and train a new generation of more diverse entrepreneurs and investors,” said David Motley, one of three general partners. “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 firm has already invested in 10 companies in cities including Atlanta, Boston, District of Columbia, Indianapolis, New York, and Pittsburgh. These include; EMTECH, a fintech infrastructure company; Goodfynd, an enterprise solutions provider for food truckers and mobile vendors; The Folklore, an e-commerce platform connecting brands from the African continent to premium retailers in the US; and Kloopify, provider of supply chain sustainability analytics. Multiple investments have already secured up-round follow on funding.
BTN.vc expects to back 20-30 companies from its inaugural fund, typically seeking entry at the pre-seed and seed stages with checks in the $250,000 to $1M range. The firm has led, co-led and or helped complete funding rounds.
The team has built a unique deal funnel to match its investment focus, which includes diverse professional development groups, top tier research universities, and historically Black colleges and universities.
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The post Black Tech Nation Ventures Raises $50M to Fuel Diverse Tech Startups appeared first on SHOPPE BLACK.
