Two Black founders have teamed together to create Dreamward Ventures, a new Seattle-based fund that plans to invest in diverse founders, including early-stage startups led by Black entrepreneurs.
Dreamward Ventures
Dreamward Ventures offers early-stage capital, technical due diligence, and network connections to founders who need them most.
According to GeekWire, founders Evan Poncelet and Jesse Posey met at a Seattle Angel Conference event and decided to address the gaps in venture capital for Black founders and investors.
“It’s hard for the venture capitalists and angel groups to reach out to founders of color, specifically Black founders, because they don’t have a lot of those relationships,” said Poncelet.
“Dreamward Ventures gets its name from MLK’s dream and “King” County’s celebration of it,” he added on LinkedIn. “Building in the direction of that dream, dreamward, the future we get will be the future we plan for and support.”
The fund will focus on startups currently coming out of the Pacific Northwest.
Empowering Black founders and investors
The duo are also behind the Washington State Black Angel Network (WBAN), which aims to grow the number of Black angel investors.
“With Dreamward Ventures and Washington State Black Angel Network, I want to help build and connect other diverse people in the ecosystem so that startups and VC doesn’t look quite so homogenous in the future,” Posey said.
Posey and Poncelet also helped to launch the Black Founders and Funders group, are working on launching the Seattle chapter of nonprofit organization BLCK VC, and have been accepted into the Material Change Institute.
Image credit: Dreamward Ventures
