Black Tech Nation Ventures (BTN.vc), a venture firm based in Pittsburgh, has announced the final close of a $50 million inaugural fund.
BTN.vc
This fund specifically targets software startups led by founders from traditionally underrepresented backgrounds, including Black, Latinx, Indigenous, female, and LGBTQ+ entrepreneurs.
BTN.vc’s founding in 2020 resulted from a collaboration between three serial entrepreneurs, Kelauni Jasmyn, David Motley, and Seán Sebastian.
The focus addresses the long-standing issue of inequity in funding and anticipates significant returns within the venture industry.
“We set up BTN.vc to equip and train a new generation of more diverse entrepreneurs and investors,” said David Motley, one of the three general partners.
“We are committed to providing intellectual as well as financial capital to help our founders navigate growing a successful company and opening up opportunities for future venture capitalists who are Black or diverse to participate in the industry.”
The Investment Strategy
BTN.vc’s investment strategy focuses on high-potential founders at the seed and pre-seed stages, especially those working on technologies that drive significant change and value.
The firm’s interests span various sectors, including fintech, edtech, health tech, climate tech, AI, and machine learning.
Already, BTN.vc has made noteworthy strides by investing in 10 companies across various cities such as Atlanta, Boston, and New York.
These investments include diverse and innovative firms like EMTECH, Goodfynd, The Folklore, and Kloopify, several of which have secured significant follow-on funding.
BTN.vc plans to extend its support to 20-30 companies from its inaugural fund, with typical investments ranging from $250,000 to $1 million.
The firm’s unique approach to deal sourcing leverages professional development groups, top-tier research universities, and historically Black colleges and universities (HBCUs).
Blue-chip Limited Partners (LPs) are backing this groundbreaking initiative alongside Alphabet, First National Bank, Mark Cuban, First Close Partners, and Bank of America.
