Serena Ventures Among 7 Black-Led VCs Joining Alphabet’s $100M Investment Program
Capital G, Alphabet’s independent growth fund, has announced that seven Black-owned VC firms will join the Alphabet family as a part of the program’s $100 million commitment to investing in Black founders.
According to data, only 4% of the US venture capital workforce and 1.2% of VC-backed founders are Black. The lack of diversity within the venture capital space has a knock-on effect on the number of Black-owned businesses that receive extra funding or investments.
After years of leading a large team focused on investing in Black-led VC funds, startups, and organizations supporting Black entrepreneurs, Google and Alphabet came together to announce the first $60 million investment in capital commitments.
After two years of working closely with leaders across CapitalG, GV, and Google, both platforms deployed the final $40 million investments to help Black VC firms.
Here are the VC firms that will be joining Alphabet’s program:
The San Francisco-based investment firm founded by legendary tennis player, Serena Williams, works to champion underrepresented founders who actively work to level the playing field for all entrepreneurs. In addition, Serena Ventures invests in products and ideas to help close the racial wealth gap and create opportunities for everyone to live better.
Heirloom Capital Partners
The Atlanta-based investment fund founded by Tristan Walker aims to partner with meaningful and impactful Black-owned companies committed to developing culturally connected products and services. Heirlooms offer alternative funds and co-investment opportunities to help firms build on or round out their existing portfolios.
Los Angeles investment firm, Share Ventures, was founded by Hamet Watt and focuses on performance management. In addition, the firm works to build the infrastructure to discover, validate, scale, and grow new companies.
Zeal Capital Partners
Washington-based Zeal Capital Partners, founded by Nasir C. Qadree, is a category-specific early-stage investment firm that partners with diverse management teams to further invest in financial technology and the future of work startups that heavily rely on technology to narrow the racial wealth gap.
Black-owned VC firm, co-founded by Brian Hollins and Aaron Samuels a seed-stage venture capital firm that focuses on ensuring opportunities go to the most deserving, not the most privileged. The Collide Capital team has closed Fund I to invest in underrepresented founders that actively work to create solutions for the next generation.
Concrete Rose Ventures
Concreate Rose Ventures is based in the Bay Area. Co-founded by Sean Mendy, Ian Beadle, Jason Normal, and Will Bumpus, the firm focuses on using financial and social capital to build successful early-stage companies and close gaps for underrepresented talent.
Black Tech Nation Ventures
The Pittsburgh-based venture fund, founded by Kelauni Jasmyn, is committed to increasing Black and underrepresented founders’ access to capital investment. Black Tech Nation hopes to spearhead diverse investments in high-potential software companies by providing high-yield investment opportunities for various investors.