November 9, 2018 IBOMLLC Team

BLCK VC wants to change the narrative of just 19% of Venture Capital firms have black investors

Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

It is no secret; the Venture Capital firm is predominantly white. Even here in Africa, the bulk of investors aboard various VC vehicles are white and male, and blacks get even more underrepresented in North America. BLCK VC is a new venture capital firm out to set up some diversity within the VC landscape.

As per the report tabled by Richard Kerby – a partner at Equal Ventures – 81% of VC firms do not have a single black investor. The report goes further to say 50% of black investors in the VC industry occupy associate levels or lowest levels within the firms. Just 2% have made it to VC partners.

BLCK VC was founded by Storm Ventures associate Frederik Groce and NEA associate Sydney Sykes. The firm’s mission is to connect, engage, and advance black venture capitalists. In not so many words they describe their mission as:

‘Turn 200 black investors into 400 black investors by 2024.’

In an interview with TechCrunch, Sykes said, “We think of ourselves as an organization formed by black VCs for black VCs to increase the representation of black investors.

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