Diversity VC Digest ☕🤑
Your (monthly) digest of all things DEI in venture capital
It’s a bumper issue to start the year - settle in and read on for funding news, funds to watch, upcoming events and conferences, and the latest headlines making the case for diversity in VC…
For auld lang syne…
Welcome to the first Diversity VC newsletter of the year!
Venture has seen the beginnings of a potentially more thoughtful era ahead, one where those who can embrace the shifts in markets and discover more attractive fundraising proposals for potential LP’s (hint: diversity, equity and inclusion often proves compelling 👀) to become the superfunds of tomorrow. Speaking of the giants of venture, what a January for Sequoia Capital already 😰
In the grand tradition of resolutions, we at Diversity VC are looking forward to 2023 and want to hold ourselves to public account. What does that mean in practice? Well…
This is the year of moving from insights to action
What insights are we here to positively move? What is going on for 93% of venture capital dollars to be concentrated in non-diverse fund managers? We are all already familiar with most of the appalling diversity numbers in our industry.
But do we all know that this might mean investors are leaving a trillion-dollar opportunity on the table? 🤯 Watch more from Morgan Stanley’s Carla Harris here.
According to a 2019 report by James L. Knight Foundation, just 1% of the $70 trillion wealth management industry is controlled by women or minority fund managers, which often directly impacts the number of dollars invested in female and underrepresented founders. Today’s numbers are not faring much better.
How will we do our part and move from insights to action? We are setting three big intentions:
Prioritising Partners - those who are trusted and true, and our new heroes joining us on this critical systems shift.
We could quote much-loved African proverbs about going fast alone or going far together and whilst they do hold true especially in the work that we do together, we want this to mean something. Why do we do the work that we do? What would a more equitable venture ecosystem open up for innovation and possibility in the world?
Data sharing and research cross-pollination will be a cornerstone of this intention. Get in touch if you would like to join our Data & Research in VC Coalition bi-annual meetings.
Deepening relationships - helping our Members achieve measurable impact and value-add to their Funds and portfolios through a meaningful membership experience. We will be communicating more, convening more impactful events and encouraging more peer collaboration as we continue growing our community.
International collaboration - in order to effectively drive diversity, equity and inclusion in venture capital - a global industry - we renew our commitment to meet our present and future community of funds where they are. Better understanding their cultural context and supporting them with the understanding, tools and resources to promote diversity and inclusion in both their firms and the companies they fund. We are proud to have Chapter Leads in Europe, Latin America and North America, and are actively looking further afield in 2023.
Get in touch if you have a passion for DEI in venture and want to support the movement from insights to action in your region.
We are looking forward to working with you all; certified funds, friends and supporters old and new, and getting to know as many of you as possible in the coming months.
Find out more about joining the Diversity VC Standard community and becoming a certified Fund here.
Diversity in venture news
Techstars launched their Entrepreneurship & Mental Health Toolkit, a brilliant resource lending weight and support to equitable and inclusive venture building with an eye on sustainable, long-term value adding ventures. Find out more about supporting movements from our “Nurture Capital” friends at Masawa Fund.
Two Supreme Court cases that could break the internet. A cornerstone of life online has been that platforms are not responsible for content posted by users. What happens if that immunity goes away?
The SEC is putting the final touches to a rule that would make it easier for investors to sue VC’s for bad behaviour, negligence or recklessness. Politico has more here. We are watching with keen interest to see if international regulators will follow suit, and how this might affect LP’s appetite alongside the size and type of funds being raised. After all, risk-adjusted returns across private equity are writ large for the foreseeable future.
Speaking of LP’s Sequoia Capital cuts fees for new funds amid VC slowdown.
Why asset managers could be the unlikely heroes who drive social, cultural and economic impact at scale. Find out what billionaire Robert F. Smith had to say at Davos via Fortune.
Venture, like many others, is battening down the hatches as an economic downturn threatens to dampen interest in a relatively risky asset class - don’t rely on the dry powder - but it's not all bad news; why 2023 will be the best year to become a tech founder.
Embrace diversity or get left behind
The who’s who of venture fund of funds in Europe
Google For Startups Black Founders Fund Founders continue growing on their success
Community spotlights - the quarterly celebration issue
🎉 Congratulations and welcome to our most recently minted Diversity VC Standard certified funds 🎉
👏 Blisce
👏 LIOF
👏 Mubadala
Give them a follow, and maybe even reach out for a coffee ☕
Funds and funding news
Five reasons why emerging and diverse fund managers outperform. Find out more and follow Impact Shakers
British Patient Capital and Mubadala have made a co-investment in the SV Biotech Crossover Opportunities Fund (SV BCOF) through the UK’s Life Sciences Investment Programme (LSIP), a £200 million initiative launched in 2021 to support the growth of UK life sciences businesses. More here.
Oxford Life Sciences co-led Series A funding into Oxford spin out Oxford Ionics, creating unique technologies that will support multiple areas including drug discovery, cybersecurity and battery development. More here.
Antler invests €100k in Berlin-based NOVO to speed up energy renovation at scale.
Conviction VC lays out the future of European B2B SaaS in an interview with its co-founder Andrew Jenkins. More here.
Catch up on Stray Dog Capital’s “Alternative Protein Developments; 2022 in Review” here.
Listen to Ananda Ventures’ Zoe Peden on ‘Uncovering Social Mobility Blindspots in Venture Capital’ on Spotify or Apple.
We are keeping a watch for any news on the FCA’s imminent announcement - perhaps as soon as February - following their review announced last year on financial promotions of high-risk investments to consumers.
Signature Block introduces 2022's Emerging 50: the venture industry's newest fund managers as nominated by their LPs and the founders they've backed.
Future VC
A New Year might mean a potential new job for those in your networks looking for junior, including associate and intern, roles at VC Funds - be a guardian angel and share this link: Future VC Jobs Board
Want to post a role? Get in touch here.
Mark your calendars…
🗓️ Mark your calendars for upcoming venture friendly conferences - let us know if you are attending, we’d love to hear the main insights and takeaways from our community
January
Davos, WEF - Jan 15 - 21
IPEM - Jan 23-25
ICEFVC, NYC - Jan 28
February
Morgan Stanley Multicultural Innovation Lab, Europe (invite-only) - Feb 8
Culture Shifting Summit, London - Feb 8-9
Ritossa Global Family Office Summit - Feb 7
ICEFVC, Rome - Feb 18
SaaStr APAC - Feb 22-23
💛 A look ahead to the diversity and inclusion dates in the coming weeks:
January
MLK Day - Jan 16
Lunar New Year / Chinese New Year - January 22
International Day of Education - January 24
Holocaust Memorial Day - January 27
February
LGBTQIA+ History Month - February 1 - 28
Time to Talk Day - February 2
UK Race Equality Week - February 6
International Day of Women and Girls in Science - February 11
Random Acts of Kindness Day - February 17
World Day of Social Justice - February 20
Africa Tech Summit - February 15-16
Added value…
You can add the Diversity VC 2023 calendar for a list of the conferences and diversity & inclusion days for the year ahead: here
Got tips?
Have a tip? Want to be featured for some excellent diversity, equity and inclusion work your Fund wants to shout about? Email us your stories