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VC Firms Promised to Help Black Founders. My Experience Shows a Different Reality.
VCs are publicly claiming to support diversity but aren’t backing up their words with action
For years, there’s been a lot of talk about the need for more venture capitalist funds to go toward founders who aren’t white men — but there’s been very little action. So as Black Lives Matter protests ramped up across the nation, I was excited to read in the press that venture firms were apparently rushing to take real steps toward better supporting Black startup founders.
As a Black woman and CEO of The Bright App, a fitness app startup that I co-founded with my engineer husband, I’ve been trying to raise funding since December of last year.
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When I read the news about VCs stepping up their diversity game, I thought: Finally. This time could be different. However, after weeks of trying to get in front of the same investors who were publicly claiming their commitment in the media, it appears their public statements of support were merely self-promotional and stopped short of any real action. It’s clear from my interactions with them that they haven’t changed course in any meaningful way.
This is my experience.
After reading this TechCrunch article, I set out to contact the VCs quoted in the piece about being committed to meeting with and helping Black founders. I started by searching for their contact information — this is where I hit my first barrier to entry. Most VC firms are totally unreachable unless you happen to know someone. This alone makes the process for someone who isn’t already an insider incredibly difficult.
Benchmark and Bessemer Venture Partners, two of the VC firms mentioned in the article, don’t even have emails listed or contact forms on their websites to submit a pitch or deck. Benchmark’s website is almost completely barren, only listing two physical addresses and a Twitter link. Bessemer at least lists their partners on their website, but no emails — only links to Twitter and LinkedIn.
