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Black Tech Nation Ventures’ diversity thesis undeterred by growing DEI backlash
Despite DEI investment strategies coming under fire last year, BTNV thinks backing underrepresented founders is a solid strategy for returns.
The Pittsburgh-based venture firm has finished raising its first $50 million for its debut fund to back pre-seed and seed-stage software startups led by founders that are Black, women or members of the LGBTQ+ community, among other underrepresented groups. That was greatly helped by a surge of investors looking to put their money into funds focused on diversity, and favorable fundraising conditions especially for emerging managers. While the diversity pushback isn’t a venture-specific issue — states like Oklahoma have voted to defund DEI efforts at public colleges and affirmative action was ruled unconstitutional by the Supreme Court last June — venture is impacted.
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