Black Tech Nation Ventures (BTN.vc) has officially crossed off a major goal that it set out to achieve.
In December 2021, AFROTECH previously reported that the VC fund, focused on investing in Black- and diverse-led tech startups, had raised $25 million in less than a year since it was founded.
“This is not just for play. It’s not charity. It’s not do good dollars. We’re a real fund with real people who have real ideas who can make real money. I want the industry to see these companies in our fund as an actual player in the overall venture and tech spaces,” Kelauni Jasmyn, founder of nonprofit Black Tech Nation and general partner of BTN.vc, told AFROTECH at the time.
Less than three years after reaching the halfway mark of its funding goal, its target has been met. According to a press release, BTN.vc has announced a final close of $50 million for its inaugural fund for pre-seed and seed companies.
“We set up BTN.vc to equip and train a new generation of more diverse entrepreneurs and investors,” BTN.vc General Partner David Motley shared in a press statement. “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.”
Backed by Alphabet, Bank of America, Mark Cuban, and more, the press release discloses that BTN.vc has made 10 investments — and several “have already secured up-round follow on funding.” The companies include Emtech, Goodfynd, The Folklore, and Kloopify.
BTN.vc’s focus on tech companies with Black and diverse founders includes fintech, health tech, climate tech, edtech, and AI and machine learning. What’s more, its investments range from $250,000 to $1 million.
BTN.vc plans to expand from its investment in 10 companies to include 20 to 30 more with the fund.
