Arlan Hamilton was once broke and homeless, but now she's the founder of Backstage Capital - a venture capital firm that promotes underrepresented founders such as people of color, women, and members of the LGBTQ community has launched a new $36 million fund that will specifically invest in Black female entrepreneurs.
Hamilton herself confirmed the announcement when she tweeted:
The rumors are true. Today at #USOW2018 I announced that my venture capital firm @Backstage_Cap has launched a $36m fund that will invest in Black women founders $1mill at a time. Thank you to the Backstage Crew, headliners, LPs, mentors & network for making this moment possible. pic.twitter.com/yT1SMQOFAR
— Arlan 👊🏾 (@ArlanWasHere) May 5, 2018
Launched in 2015, Backstage Capital has since invested in dozens of startups created by underrepresented founders. They have been making headlines around the globe for their open application process which allows any tech startup founder that identifies as a person of color, woman, or LGBTQ, to be considered for funding. But this particular fund is only for Black women.
Buy why just for Black women?
Because Black women have proven themselves to be the strongest demographic in the United States of entrepreneurs to launch successful businesses. Sadly however, in 2017, only 15% of all venture capital funding went to female founders.
Hamilton said in a recent interview:
“Investing in us - people of color, LGBT people, and women - is good business, good sense. And you are foolish if you think otherwise. Investing money, time, resources, access, belief - all of that - into Black people, Latino people, all people of color, and women in the US is not something that should be looked at as doing us a favor. It is doing you a favor if you are a white male, because we are the future.”
Backstage Capital's mission is to invest in the best underrepresented founders in the U.S, and so far has already funded several successful startups. In fact, the firm has already invested more than $2 million into more than 40 companies.
For more details about the firm and/or to apply for funding, visit www.BackstageCapital.com