It’s no secret that the startup world needs more Black investors and venture capitalists.
Inc. Magazine reports Black founders are raising “record amounts of venture capital” in 2021, even though they only rang in 1.2 percent of all venture capital in the first half of the year. Last year, Black founders received only 0.6 percent of venture capital (VC) deployed.
That’s unacceptable, and Black investors are stepping up to the plate to change that. Some notable Black venture capitalists making major moves in the VC world include Jarrid Tingle, co-founder and managing partner of Harlem Capital; Marlon Nichols, managing general partner at MaC Venture Capital; and Austin Clements, partner at Slauson & Co.
The trio will hit the virtual stage at AfroTech 2021 during the “Black VCs: Raising Millions with a Mission” panel to discuss how they are working to raise millions of dollars to diversify venture capital investments. Ultimately, Nichols, Clements and Tingle want to put more dollars in the hands of Black founders, but they want to make sure they also have the proper resources and guidance to thrive.
Tingle’s Harlem Capital closed a $134 million second fund earlier this year, Nichols’ MaC Venture Capital raised a $110 million inaugural fund, and Clements’ Slauson & Co. launched earlier this year with a $50 million fund. With that said, you might want to tap in and listen to these folks; they know what they are talking about.
“I have to point out the irony of a lot of funds looking at us and seeing new funds popup led by fund managers of color and starting with the idea that, you know, isn’t it getting crowded or, are there too many of these funds popping up?” Clements told AT. “And the reality is, people of color are eventually [going to be the] minority majority. We’re going to be the future of the country.”
Blavity Inc. co-founder Aaron Samuels will be moderating the discussion on VC with Nichols, Clements and Tingle.
Grab a ticket for AfroTech 2021 to hear more on what the experts have to say.