Seeking to make a difference in the funding gap faced by minority and women entrepreneurs, Aperture Venture Capital, a seed-stage venture firm, announced the first close of its $75 million fund that will invest in Black, Latin and female founders. The firm’s mission is to support diverse founders all across the U.S. who are leading startups that are building disruptive game-changing technologies.
“Ever since launching the nation’s first corporate diversity fund in 2012, I have envisioned a more effective investment model that would address the biases plaguing the venture capital industry: lack of capital, relationships, and successful exits by diverse and female founders,” said Aperture VC Founding Partner, William Crowder.
Aperture VC now touts the investor support it is receiving from corporations, endowments and other institutions committed to building an inclusive economy. Its Diversity Investing API℠ platform enables the Aperture team to build relationships with treasury and corporate ventures units by offering them a way to expand their diversity investing toolbox. Aperture has created a win-win with portfolio gaining more resources, while corporate partners access a pipeline of diverse talent and market innovations.
“The commitment of our corporate LPs and the experience of our investment team differentiate us in the market. Aperture VC and its LPs are writing a whole new playbook for diversity investing,” said Founding Partner Garnet Heraman.
With its focus on fintech and enterprise software, the diversity fund is anchored by financial industry giants FIS, Truist Financial Corporation, and PayPal. These partners are committed to creating a scalable solution to systemic biases in venture capital that has been an added hurdle for minority and women entrepreneurs seeking funding for their startups. A study in 2020 revealed the challenges facing women in the automotive industry that prevents them from reaching top leadership positions. Women entrepreneurs have a funding gap and women in corporations face an opportunity gap.
“We are excited to serve as a lead investor in Aperture’s inaugural fund. This investment is an integral part of our commitment to provide innovative technologies that bring more people into the digital economy. With strategic investment partners like Aperture, we will access the broader talent pool and diverse perspectives of underrepresented groups. FIS is proud to play a leading role in this important endeavor,” says Joon Cho, Head of Venture Investing.
Vanessa Vreeland, head of Truist Ventures, echoes Cho’s sentiment about greater inclusion in the economy and the value of corporations supporting minority and women entrepreneurs so they receive a greater portion of venture capital funding.
“At Truist Ventures, our goal is to support diverse founders while delivering innovative solutions for our clients,” said “Aperture’s engagement model solves a critical pain point for advancing diversity in the tech sector and economic empowerment. As an anchor investor, our partnership with Aperture helps build better lives and communities by supporting underserved founders at scale.”
The $75 million Diversity Fund is another concrete step being taken to address the opportunity and funding gaps minority and women entrepreneurs face. This adds to other recent steps taken by corporations such as Amazon that established a $150 million fund for black entrepreneurs and an accelerator program.
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