Diversity-focused VC fund Harlem Capital debuts with $40M

Rick Turoczy
Starter of startups that help startups in #pdx — and often els...
Diversity-focused VC fund Harlem Capital debuts with $40M

Harlem Capital has upgraded from angel syndicate to full-fledged venture capital fund, closing its debut effort on an oversubscribed $40.3 million.

Capital from Harlem Capital Partners Venture Fund I, an industry-agnostic vehicle that invests in post-revenue businesses across the U.S., will be used to lead, co-lead or participate in $250,000 to $1 million-sized seed or Series A financings. To date, the team has backed 14 companies, including B2B feminine hygiene product Aunt Flow, gig economy marketplace Jobble and pet wellness platform Wagmo. Harlem Capital plans to add another 22 businesses to Fund 1.

With its first fund close, Harlem Capital becomes one of the largest venture capital funds with a diversity mandate. Despite an increasing amount of punishing data exposing the gender and race gap in venture capital, minority founders continue to rake in just a small percentage of funding each year.

Kevin William David
Director of Community @angellist. No 1 Hunter on @product-hunt .

According to a RateMyInvestor and Diversity VC report released earlier this year, most VC dollars are invested in companies run by white men with a university degree. Other recent data indicates startups founded exclusiv… Show more