Black Tech Nation Ventures (BTN.vc), a Pittsburgh-based venture firm, recently announced the close of a $50 million inaugural fund that would help ease the disparities faced by overlooked founders and entrepreneurs.
BTN.vc is investing in high-potential founders in Atlanta’s tech scene and other U.S. cities. At at the seed and pre-seed stage who are building companies with technology that is driving innovation in fintech, edtech, health tech, climate tech, and AI and machine learning.
“We set up BTN.vc to equip and train a new generation of more diverse entrepreneurs and investors,” said David Motley, one of three general partners. “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.”
The firm has already invested in 10 companies in cities including Atlanta, Boston, District of Columbia, Indianapolis, New York, and Pittsburgh. These include; EMTECH, a fintech infrastructure company; Goodfynd, an enterprise solutions provider for food truckers and mobile vendors; The Folklore, an e-commerce platform connecting brands from the African continent to premium retailers in the US; and Kloopify, provider of supply chain sustainability analytics. Multiple investments have already secured up-round follow on funding.
BTN.vc expects to back 20-30 companies from its inaugural fund, typically seeking entry at the pre-seed and seed stages with checks in the $250,000 to $1M range. The firm has led, co-led and or helped complete funding rounds. The team has built a unique deal funnel to match its investment focus, which includes diverse professional development groups, top tier research universities, and historically Black colleges and universities.
- Kelauni Jasmyn is a former software developer and the founder and CEO of Black Tech Nation, which is building community and resources to bridge the gap between the Black community and the tech community in Pittsburgh and across the US.
- David Motley brings extensive experience with technology and innovation driven companies having led a corporate venture fund and co-founded a prior private venture fund. He also co-founded the African American Directors Forum (AADF), which strives to increase representation of African American executives at the public company board level.
- Seán Sebastian previously founded Birchmere Ventures, a $300m AUM seed-stage investor that led investments in almost 100 portfolio companies attracting more than $4bn in follow-on capital and achieving over $18bn in market value. Included in that portfolio were 25 diverse-led startups and some of the firm’s strongest performers.
BTN.vc is backed by a range of blue chip LPs including Alphabet, First National Bank (FNB Corp), Mark Cuban, First Close Partners, and Bank of America.
Final Word
Atlanta is a the black tech capital of America, with several active pipelines and networks helping to create innovative solutions across many sectors. If you’re looking for a good company to work for or want to do your own thing, Atlanta is the place to be.
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