The Black venture capitalists who are changing the VC industry

The presence of Black venture capitalists (VCs) is changing the landscape of the VC industry, as many are investing in diverse startup founders. In an environment where diversity, equity, and inclusion (DEI) have become hot topics, these Black VCs remain resolute in their pursuit of backing founders of color. Notable individuals include Paul Judge, Tessa Flippin, Claude Grunitzky, and Gayle Jennings OByrne, who all hold significant roles in various VC organizations. Despite certain controversies surrounding DEI initiatives, these venture capitalists continue to be undeterred and hope to change the industry by investing more in underrepresented startup founders.

DEI can spark heated debates, particularly among billionaires who question its necessity. Intense scrutiny has followed the US Supreme Court’s decision to eradicate affirmative action in college admissions last year, leading to ripple effects in the business world. VC firms such as Fearless Fund have even faced lawsuits over alleged discrimination in their grant programs. In response to George Floyd’s murder in 2020, corporate pledges started focusing more on DEI in their hiring and funding processes.

Despite much of the progress achieved in recent years seeming to be in danger of being scaled back, influential figures such as JPMorgan CEO Jamie Dimon and Mark Cuban remain firm in their belief that diversity should be prioritized. It is the hope of many VC firms whose investments are centered on backing underrepresented startup founders that their intentions will prevail despite the current adversities. For instance, Claude Grunitzky, the CEO of The Equity Alliance, recently expressed his determination, stating they are not “shaking in their boots”.

Daniel Acheampong and Yasmin Cruz Ferrine, co-founders and general partners of Visible Hands, along with Bonin Bough and Marcus Glover from Lockstep Ventures, invest in early-stage startups focusing on various industries. They aim to address the ongoing systemic barriers to funding, social capital, and resources, plaguing underrepresented founders.

In addition to these individuals, there’s also Brian Brackeen and Candice Matthews Brackeen who oversee investment processes as general partners in their respective firms. These Black VCs are ultimately aiming to change longstanding DEI issues in the VC industry by shifting the investing focus towards more underrepresented founders.

Source: The Black venture capitalists who are changing the VC industry.