Black Ops Ventures, a venture capital fund managed and led by an all-black team of founders, has closed its first fund with a total investment of $13 million to help black founders succeed.
The fund has the support of partners Heather Hiles, James Norman, and Sean Green, all of who have helped black tech entrepreneurs in the United States and Canada get their startups off the ground. The funding was raised with the help of successful founders and venture investors like Drew Houston, Jacob Gibson, Morgan DeBaun, Ben Horowitz, Union Square Ventures, and Jeff Bussgang. James Norman, Partner at Black Ops Ventures, referred to the founding of the fund by stating:
“We are part of this community of Black founders, with better access to deal flow than other venture investors, regardless of their cultural background. With Black Ops, we can use our track record of identifying outstanding Black-led companies and bring capital to scale these companies to success.”
Black Ops Ventures was founded back in 2020 to help black founders navigate the startup ecosystem by harvesting the combined experience of its partners, providing startups with vast networks and skills that translate to a roadmap to success. Heather Hiles, Managing Partner ad Black Ops Ventures, said about this mission:
“I am eager to address the tremendous disparity among startups moving from seed funding to Series A capital. I have advised and met with hundreds of Black founders. I know first-hand there is an abundance of talented and overlooked startups in the marketplace. I have watched dozens grow and many more struggle throughout the years. There is no lack of high-quality, Black-led companies. There is only a lack of access to capital.”
Despite more than 8,000 founders receiving venture funding every year, less than 5.25% are black founders. This lack of funding is representative of the struggle black entrepreneurs have to drive change and innovate. Black Ops Ventures aims to change this reality by providing the right funding and support these founders need to innovate and disrupt their respective industries.