Black-Owned Diversity-Focused VC Firm Welcomes First Female Partner
Black-owned VC firm Cornerstone V.C, which boasts a diversity-led investment thesis, has hired its first female partner Ella Wales Bonner.
Bonner will spearhead the development of Cornerstone’s in-house coaching practice to support the leadership potential of its portfolio companies.
Who Are Cornerstone V.C.?
Born out of a Black-led angel group, Cornerstone Partners, Cornerstone V.C. firm was founded by Rodney Appiah, Edwin Appiah, and Wilfred Fianko.
The early-stage venture capital firm invests in innovative B2B technology solutions in the U.K., launching its first £20 million ($23.9 million) fund last year.
Cornerstone V.C. invests in many more diverse businesses by backing unrepresented and undervalued founders and innovators.
According to a report conducted by the firm in 2021, only 1% of founders that receive seed funding identify as Black and only 3% of VC-funded founders identify as Black.
As TechCrunch reported, it is apparent for a diversity-led thesis in the U.K. that there has been an increased push to back more startups founded by women and people of color.
Cornerstone V.C. invests in pre-seed and seed rounds, with their average checks varying from £250,000 ($319) to £1 million ($1.2 million), and plans to back up to 40 companies.
The First Female Partner
Ella Wales Bonner previously worked at M&C Saatchi creating marketing campaigns and also JamJar Investments, where she ran the deal process and led the process from first call to close.
She told TechCrunch she believes it’s essential for a woman of color like her to be visible in the industry to make other underrepresented groups aware that there is space for them.
“When you don’t have those ties into V.C., it can be hugely valuable to get an insider’s view on what can be a pretty opaque industry,” she said.
She confirmed that Cornerstone V.C. is a “people-first” fund; therefore, having time to foster strong relationships is critical for the firm.
“The more we can help open doors for others, the more this industry will better represent society.”
Cornerstone applauded Ella for bringing a wealth of experience and an undeniable passion for championing diversity in the venture capital industry.
“She has been the force behind multiple diversity initiatives in the last few years, such as mentoring young Black professionals,” they said.
“Her dedication to these efforts will be integral to Cornerstone’s mission to create a more inclusive venture capital landscape.”
