Local venture capital firm Black Founders Matter is encouraging their entire industry to be more intentional about engaging BIPOC women through both investments and employment. And they’ve launched an effort called the 25 by 25 VC Diversity Pledge to formalize it.
Statistics have shown that BIPOC women are underrepresented across the spectrum of venture capital; from venture investment to hiring at all levels across venture firms. In the last 5 years, with increased diversity efforts, issues related to overlooking intersectionality have left BIPOC women behind.
The 25 by 25 VC Diversity Pledge is a commitment for venture capital firms that by 2025, 25% of all firm investments will be dedicated to BIPOC women founders; 25% of all firm hires- across the firm- will be BIPOC women.
“This is about changing the power dynamics in venture capital,” Black Founders Matter founder Marceau Michel told TechCrunch. “You have to start at who is left behind and bring them to the starting line.”
For more information, see the TechCrunch article. Or to sign the pledge, visit Black Founders Matter 25 by 25 VC Diversity Pledge.
[Full disclosure: Black Founders Matter is a PIE alum. I am the cofounder and general manager of PIE.]