BKR Capital Secures $14.5M To Invest In Black Founders
BKR Capital, previously known as Black Innovation Capital, recently announced that its Fund II has closed CA$20 million (around $14.5 million), as reported by TechCrunch.
The Fund II
Managing partner Lise Birikundavyi told TechCrunch that the fund, which is close to reaching its CA$50 million target, will support “high-growth technology companies led by founders from the Black community, building solutions for the future of work, living, and global connectivity.”
It will focus on backing companies in Canada, but will also consider supporting companies worldwide. Companies will receive $250,000 and $1.5 million on average.
Birikundavy hopes that the firm will close Fund II and invest in 25 companies by December.
About BKR Capital
Launched in 2021, the Black Innovation Fund invests in Canadian pre-seed and seed-stage technology companies founded by Black entrepreneurs. The following year, it raised an additional $4.5 million for its venture capital fund.
In 2024, the Business Development Bank of Canada (BDC) is investing $200 million CAD ($140 million USD) in Indigenous and Black-led businesses to promote inclusive economic growth. The BDC’s $50 million CAD financing and training program targeted businesses that are majority-owned by women, Indigenous, and Black entrepreneurs with revenues under $3 million CAD ($2.2 million USD).
“With less than 0.5% of venture capital dollars in North America going towards Black entrepreneurs, there is a clear gap to fill,” said Lise Birikundavyi, Managing Partner of BKR Capital.
Image: Lise Birikundavyi. PHOTO Courtesy of BIC
