VentureNext Programs & Funds Supporting Black Founders
During Black History Month 2022, we surveyed our members to gather a list of resources, programs and funds that support Black founders. We compiled those results below.
From 1915 to 1970, six million plus African Americans moved out of the South. And between the years of 1910 and 1930, the cities of New York, Chicago, Detroit and Cleveland's African American populations grew by 40%. This gigantic shift in demographics is called the Great Migration today. But while it was happening, it had no name. There was no leader, just many individuals and families making the choice to no longer live under the South's brutal treatment. This Great Migration has implications even now where many cities in the midwest, which has historically had a smaller portion of venture money, are primarily Black.
We went to our venture community to identify a few programs led by our peer funds to support startups helmed by Black founders:
Invest Detroit (https://investdetroit.com/)
The FAM Program (Funding, Access and Mentorship) supports underrepresented founders and founding teams of Michigan-based startups in the post-idea to early-MVP stage. By providing capital and partnership, our goal is to help fill the friends and family financing gap while preparing companies for their next investment round. ID Ventures strongly believes in leveling the startup playing field so that all populations have the opportunity to make an impact on Michigan’s thriving startup ecosystem.
Lightship Capital (https://www.lightship.capital/)
Lightship Capital invests in remarkable businesses led by FOC (Founders of Color), LBGTQ+, Women & Innovators with Disabilities. By supporting our founders and their teams with the resources every startup needs to thrive, Lightship empowers, uplifts and catalyzes wealth building for ecosystems typically excluded from economic advancement opportunity.
Clearvision Impact Fund (https://www.clearvisionimpact.com/)
Clear Vision Impact Fund will make debt investments in sustainable minority-owned businesses, with a focus on African-American and Latinx-owned businesses, businesses that work in underserved markets, and/or businesses that foster inclusive growth.
Unseen Capital (https://www.unseen.capital/)
Unseen Capital invests in underrepresented founders that are building healthcare companies for marginalized communities.
Investors of Color Network (https://www.investorsofcolor.com/)
The Investors of Color Network is building a thriving ecosystem of Black, Latinx, and Asian accredited investors to close the racial funding gap in startup capital
Renaissance Venture Capital (https://renvcf.com/)
UnDemo Day® is an biannual event hosted by Renaissance Venture Capital that connects regional startups with hundreds of venture capital funds from around the country. The April 27 event will be focused exclusively on making connections for companies in the Midwest or Central US that are founded or led by individuals who are women, people of color or from the LGBTQ community
The event will include hundreds of one-on-one video meetings between applicant companies and investors who invest in their domain areas. In addition, the 20 applicants with the most votes from investors will have the opportunity to make five minute presentations to all of the investors in their “pitch room.”
Techstars Equitech (https://www.techstars.com/accelerators/equitech)
This accelerator is for startups from any sector that are grounded in the values of diversity, led by founders from underestimated communities, or developing technologies that increase access and equity across society. In 2021 this program hopes to run in-person, dependent on COVID-19 conditions.
TechTown Detroit (https://techtowndetroit.org/)
TechTown is Detroit’s entrepreneurship hub. We are a nonprofit business service organization that provides programs, education and resources for early- to growth-stage small businesses and tech entrepreneurs. We own and operate a 135,000-square-foot building in Detroit’s New Center that supports coworking, offices, meetings and events. By building bridges for entrepreneurs to succeed, we are accelerating an inclusive and equitable economy for Detroit and Southeast Michigan.
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