First National Bank Gives $2.5M Commitment To Black Tech Nation Ventures
First National Bank has announced that it’s making a $2.5 million equity commitment to Black Tech Nation Ventures, a majority Black-owned VC fund based in Pittsburgh, which provides funding and resources for Black-led technology startups and firms with diverse founders.
The investment is part of FNB’s broader commitment to promoting economic equality.
Launched in 2021, the BTN venture fund is more than halfway to its initial $50 million fundraising goal.
The VC intends to build a portfolio of 20 to 30 early-stage tech companies that have diverse founding teams and focus on software or other technical solutions.
Kelauni Jasmyn, a BTN.vc Founding Partner and the Founder and Chief Executive Officer of Black Tech Nation, said, “We are happy to be in partnership with FNB and appreciate their commitment to support Black Tech Nation Ventures’ mission to democratize access to VC capital and generate wealth for marginalized communities.
“Together, we can help ensure that Black tech founders receive equal access to investment opportunities. We look forward to working with FNB to create a substantial impact in tech and VC.”
FNB’s investment in BTN.vc was made through its mezzanine finance subsidiary, F.N.B. Capital Corporation.
Vincent J. Delie, Jr., Chairman, President and Chief Executive Officer of F.N.B. Corporation and First National Bank, added: “Black Tech Nation Ventures has a proven leadership team and a mission that aligns with our own focus on providing resources for diverse communities.
“We are confident that our partnership will deliver on FNB’s high standards for creating jobs and increasing access to capital and support for underrepresented business owners in our markets.”