Kelauni Jasmyn, general partner in new Black Tech Nation Ventures, Can clearly explain her purpose for the new purpose: “The goal is to fund more black people.”
Something that jasmine is already working on Black tech nation, Is a Pittsburgh-based organization that supports black entrepreneurs with education, content, community and more. She is now further raising the funding size of the equation by raising the first fund of $ 50 million with her fellow GPs Sean Sebastian and David Motley.
“We are really at the beginning of something brand new, which I think will be historic and will offer a literal economic shift for the black community in the creation of generic money,” Jasmin said. “We can be the ones who mold that foundation.”
Sebastian is a partner at Breechmere Ventures, a Pitt fund also based in Pittsburgh, while Motley is a co-founder of the Bluttery Venture Fund and the African American Directors Forum. Sebastian also suggested that he and Motley are partially involved to enable the “transfer of knowledge”, which would empower a new generation of new investors, starting with Jasmine.
Meanwhile, Motley suggested that it is “an attempt to take the Black Tech Nation platform and combine it with the Birmingham platform.” He remembers talking to Jasmin for the first time at Sebastian’s insistence and immediately replied, “Sean, this is the real deal.”
The three partners of BTNV emphasize that while Nidhi has a social mission, they also focus on financial returns.
“We are no different from any other fund, because you have a specific community around it,” Jasmin said. “You should not expect any less valuable returns. We only have the advantage of uncapped potential.
The fund will invest Seed and Series A, and Motley said they are focusing on software startups – which could be software as a service, B2B or B2B2C. These ideas can be pre-revenue and even pre-product, but have to be “scalable and lend themselves to significant value creation.”
Sebastian said that although BTVN is based in Pittsburgh, they will focus on investments across the country, especially entrepreneurs who come from Silicon Valley.
I wondered if the fund’s financial goals could, at times, conflict with the Black Tech Nation’s more inclusive approach, but partners competition Funds and non-profit organizations can actually complement each other for profit. Motley said the Black Tech Nation “gives us more opportunities to say yes,” while Jasmine suggested that if the venture fund had to turn someone down, she could still tell them, “Scooters Across the Road [to Black Tech Nation] And maybe we can revisit it a second time.