WHY Black Wall Street
I recently shared a list of Black-Led VC funds and got overwhelming positive feedback about how helpful this information is for founders looking to raise capital, as well as other VCs and LP investors.
I wanted this list to live somewhere where more people can discover it and chose a destination that is important and relevant to the Black VC ecosystem and my journey.
Inspired by Durham’s Black Wall Street
Having grown up in the Raleigh-Durham area of North Carolina with a long family history there, I had an awareness of Durham’s Black Wall Street from an early age.
I was inspired by the Black-owned financial institutions that catalyzed a community of successful entrepreneurs and families. These organizations were pioneers in providing access to capital for their community in the 20th Century.
Similarly, today, there are nearly 100 Black fund managers of Venture Capital firms across the US providing capital to high-growth entrepreneurs building products and services that can impact all of our communities.
“The very first African American Bank was founded in Durham, NC, also home to North Carolina Mutual insurance, which to this day, remains the largest and oldest African American life insurance company.”
Why Venture Capital
VC has an outsized impact on the U.S. economy by fueling innovation and the creation of millions of jobs. Many of the country's top companies, including industry giants like Apple, Google, and Amazon, were initially backed by VC funding. In fact, venture-backed companies represent a significant portion of the U.S. stock market, accounting for nearly 40% of public companies' market capitalization (according to the NVCA).
Despite the growing recognition of the need for diverse investors and entrepreneurs, Black VC fund managers receive disproportionately less funding compared to their non-Black counterparts. Studies, such as the one conducted by Stanford, have shown that race plays a significant role in how professional investors evaluate fund managers and their likelihood of receiving capital. This lack of access to capital not only limits their ability to scale and grow successful funds but also perpetuates the underfunding of diverse founders who are critical to driving innovation and economic growth.
For example: Black founders receive less than 1% of Venture Capital funding.
This DataBase is intended to help founders and Funders
Being able to discover more Black-led Venture Capital firms is one step in helping more entrepreneurs access diverse sources of funding, and also in helping those interested in investing in VC firms find and invest in more Black-led firms.
Stay tuned for more.
About BrittanY
Brittany Davis is an experienced VC with over 8 years in the industry, most recently serving as General Partner at Backstage Capital, a VC firm dedicated to investing in underrepresented founders, including women, People of Color, and LGBTQ+ entrepreneurs. During her tenure, she helped grow Backstage’s fund and portfolio to over 200 companies, focusing on fostering diversity and driving impact through innovative ventures. Currently, Brittany also serves as a VC Advisor at Harvard Business School, where she provides strategic guidance and mentorship to emerging investors and founders.
