HomeUSABlack Tech Nation Ventures Closes $50M Inaugural Fund

Black Tech Nation Ventures Closes $50M Inaugural Fund

From left: Seán Sebastian, Kelauni Jasmyn and David Motley, General Partners at Black Tech Nation Ventures, which announced the close of its inaugural $50 million fund today

Black Tech Nation Ventures, a Pittsburgh, PA-based venture capital firm focused on Black and diverse-led technology startups, closed a $50m inaugural fund.

BTN.vc is backed by a range of blue chip LPs including Alphabet, First National Bank (FNB Corp), Mark Cuban, First Close Partners, and Bank of America.

Co-founded in 2020 by General Partners Seán Sebastian, Kelauni Jasmyn and David Motley, BTN.vc invests in software startups led by founders from diverse backgrounds that have historically been overlooked by venture funding. The fund believes these Black, Latinx, female, indigenous and LGBTQ+ entrepreneurs have the potential to generate outsized returns within the venture industry as a whole.

The firm is investing in high-potential founders at the seed and pre-seed stage who are building companies with technology that is driving change and unlocking outsized value, in sectors including fintech, edtech, health tech, climate tech, and AI and machine learning. 

The firm has already invested in 10 companies in cities including Atlanta, Boston, District of Columbia, Indianapolis, New York, and Pittsburgh. These include; EMTECH, a fintech infrastructure company; Goodfynd, an enterprise solutions provider for food truckers and mobile vendors; The Folklore, an e-commerce platform connecting brands from the African continent to premium retailers in the US; and Kloopify, provider of supply chain sustainability analytics. Multiple investments have already secured up-round follow on funding.

BTN.vc expects to back 20-30 companies from its inaugural fund, typically seeking entry at the pre-seed and seed stages with checks in the $250,000 to $1M range.

The co-founders

  • Kelauni Jasmyn is a former software developer and the founder and CEO of Black Tech Nation, which is building community and resources to bridge the gap between the Black community and the tech community in Pittsburgh and across the US.
  • David Motley brings extensive experience with technology and innovation driven companies having led a corporate venture fund and co-founded a prior private venture fund.  He also co-founded the African American Directors Forum (AADF), which strives to increase representation of African American executives at the public company board level.
  • Seán Sebastian previously founded Birchmere Ventures, a $300m AUM seed-stage investor that led investments in almost 100 portfolio companies attracting more than $4bn in follow-on capital and achieving over $18bn in market value. Included in that portfolio were 25 diverse-led startups and some of the firm’s strongest performers.

VCWire

28/02/2024