Early last month, the U.S. Court of Appeals agreed to suspend venture capital Fearless Fund’s grant program.
Dedicated to helping Black women grow their businesses, the Strivers Grant Contest was reportedly found to violate Title 42, a law declaring equal rights to awards.
As the firm continues to fight against conservative efforts to dismantle its project, here are five Black-owned venture capitalist firms that are alternatives to the Fearless Fund.
- Black Angel TechFund: Located in Sacramento, California, this venture capital firm focuses specifically on financially supporting and empowering Black tech entrepreneurs. Focused on combating the lack of Black talent in Silicon Valley, Black Angel TechFund was reportedly born out of a discussion panel at the Stanford Black Alumni Summit which addressed the issue. Since its conception in 2016, the VC firm has supported numerous businesses, including engineer and innovator Mary Spio’s “CEEK Virtual Reality.” The award-winning VR platform is known for its ability to hold live classes, concerts, and other content.
- Black Tech Nation Ventures: Black Tech Nation Ventures is a for-profit venture capital firm that focuses on investing in groups that have typically been overlooked in funding. BIPOC Americans, women and members of the LGBTQIA+ are all supported in their companies by this firm if they have ideas in the technology sector. Black Tech Nation Ventures has previously supported AI, online marketplaces and blockchain companies as they work to create solutions in problem areas in the U.S. such as healthcare and education. Investments range from $250,000 to $1 million.
- Backstage Capital: Having already invested in about 200 companies, Backstage Capital focuses on giving women, Black Americans and people in the LGBTQIA+ community funds for their ideas. Overall, historically, less than 10% of all VC funds go to these creators. Backstage Capital invests in pre-seed and other startups with 180 businesses estimated to be a part of their portfolio. The VC firm first began in 2015 when Arlan Hamilton pivoted to the field to help address the lack of representation in capital receivers.
- BLCK VC: BLCK VC, otherwise known as Black Venture Capital, aims to empower Black investors. As of now, they receive only 1% of all VC funds; through the organization, CEO Robert Gordon IV and his team are working to address these low rates of funding. Along with providing monetary aid, BLCK VC also offers programs for Black investors. While the “Breaking Into Venture” program focuses on early careers, the Black Venture Institute helps investors with the basics of investments.
- Harlem Capital: Dedicated to investing in a minimum of 1,000 founders, Harlem Capital helps fund the ideas of women and BIPOC Americans. Approximately 43% of their investments have been made towards women while 61% have been made towards Black and Latino founders. Throughout its years, Harlem Capital has supported projects such as Blavity, Expectful, Gander and House of LR&C.
