Nex Cubed And HBCU.vc Launch Scout Program To Boost Diversity In VC
Nex Cubed has announced a partnership with nonprofit HBCU.vc to support founders from Historically Black Colleges and Universities (HBCUs) and train the next generation of Black venture capitalists (VCs).
Nex Cubed is a pre-seed venture accelerator on a mission to invest in and uplift underrepresented founders and underserved communities.
They recently announced the launch of a $40 million HBCU Founders Fund aimed to boost startups led by at least one founder who is a HBCU student, alumnus, or faculty.
This week, they announced the partnership with HBCU.vc – a nonprofit organization that trains students attending HBCUs in VC and technology entrepreneurship.
The Partnership
The partnership launched a venture scouting program to support underrepresented founders from HBCUs and train the next generation of Black venture capitalists.
It seeks to provide students and alumni from HBCUs with the resources and support they need to succeed in the tech industry.
By offering real-world experiences and mentorships, the program aims to increase diversity in VC and provide underrepresented founders with equal opportunities.
Black founders raised only 0.13% of all capital allocated to US startups in Q3 of this year, equating to about $39.7 million of the total $29.9 billion allocated.
HBCUvc announced on LinkedIn that working with NexCubed means shifting the industry’s culture in favor of more opportunities for Black and historically excluded communities.
“Instead of reinventing the wheel and setting up a separate program targeted at HBCUs, we decided to team up with HBCU.vc and provide them with an opportunity to go beyond their fellowship program to provide their fellows with real-life experiences working with a VC firm,” Nex Cubed CEO Marlon Evans told TechCrunch.
Scout Programs For HBCUs
Scout programs help aspiring investors build track records and relationships while allowing firms access to talent and possible deals.
This scouting program will see HBCU.vc fellows and its alumni being mentored on everything from performing due diligence to drafting investment memos.
Nex Cubed also stated that the fellows would also receive a percentage of carry in the fund if a startup they sourced goes on to receive investments.
Chelsea Roberts, COO of HBCU.vc, said she hopes the partnership leads to more opportunities for HBCU students and alumni to tap into tech.
“That means doing so with resources and having key stakeholders and players in this industry support HBCU talent to ensure they’re on an equal playing field,” she told TechCrunch.
