One of the more recent VCs to call the Portland area home, Black Founders Matter, recently had the opportunity to take Crunchbase through some of the goals and motivations for starting the fund designed to support Black-led businesses.
It has raised $3 million in committed capital for a planned $10 million seed-stage fund. It’s made about 10 investments so far, investing alongside individuals like Serena Williams and Issa Rae. A usual check size is around $100,000, and about half the fund is reserved for follow-on investments. The firm has invested in companies in sectors including gaming, healthtech and consumer products.
“It’s not just about ensuring that Black people can get capital and have access to capital, because that’s what our fund is doing,” said Marceau Michel, cofounder of the fund. “Still the majority of venture dollars, all venture dollars, pretty much, are controlled by white entities. So that means that a Black founder has to go to a white entity and is at their mercy, and creating Black Founders Matters is about changing the narrative.”
For more, visit Crunchbase.
[Full disclosure: Black Founders Matter is an alum of PIE, as is A Kids Company About, which is also mentioned in the article. I am the cofounder and general manager of PIE. And applications for PIE are currently open.]