Early last year, five young venture capitalists from the UK created Diversity VC. The goal of the new company was to “highlight the fact that most British venture capital investors are middle-class white men, with a knock-on effect on which startups get funding. It released a landmark report in May showing that almost half of British VC firms had no women on their investment teams.” The company’s founding comes during a time when corporations are being hit with allegations of gender discrimination, sexual harrassment, and more. These have included accusations of inappropriate behavior from Binary Capital co-founder Justin Caldbeck, Uber investor Shervin Pishevar, 500 Startups founder Dave McClure, and Tesla investor Steve Jurvetson.
According to Business Insider, Diversity VC is looking to expand their organization into the United States very soon. The new company will look to “promote greater diversity in venture capital through four initiatives, including helping underrepresented groups build a VC network, getting minority interns into VC firms, and publishing data about diverse representation.”
The group is off to a great start accumulating backing from the “Female Founders Fund, Alibaba investor Insight Venture Partners; and the US arm of startup factory Entrepreneur First. Law firm Cooley is giving financial backing.”
While we’re all aware of the lack of representation for minorities and women in venture capital any and all support to help change this narrative is always welcome.