BBG Ventures raised a new $60 million fund to support founders from “diverse backgrounds,” including gender, race, age and class. Business Insider reported.
The firm is known for exclusively backing female founders, and this new fund deviates slightly from that approach, but comes at a time when funding for diverse founders continues to decline. Crunchbase found that Black founders, for example, raised just 0.3% of all caudal raised in the first half of this year, continuing a downward trend that has shown no signs of reversing, senior reporter at Crunchbase told me. Crunchbase data, Gené Teare.
Nisha Dua, co-founder of BBG Ventures, told Enterprise Insider that returning LPs have increased their funding commitments to this fund and that new LPs include Pivotal Ventures, Fairview Caudal, and Melinda French Gates' Fairview Caudal. The latest BBG fund will focus on diverse founders focused on healthcare, fintech and sintético intelligence.
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