Supporting HBCUvc’s VC Lab and Fund
Several people pointed me at Hadiyah Mujhid, the Founder and CEO of HBCUvc. We talked a few times and I offered to support HBCUvc in any way that she wanted. She asked me to support the expansion of HBCUvc’s VC Lab and Fund.
HBCUvc is seeking to expand its VC Lab and Fund program that invests in Black, Indigenous, and Latinx entrepreneurs building technology companies. The fund is managed by university students participating in HBCUvc’s Fellowship programs. Fellows originate and execute startup investments under the supervision of HBCUvc’s investment committee, a team of experienced venture capital investors.
Currently, while there are similar funding organizations for other universities, there are no funding groups affiliated with investing or supporting entrepreneurs from the HBCU ecosystem. For perspective:
- Dorm Room Fund (First Round Capital university fund targets Penn, Yale, Stanford),
- Rough Draft Ventures (General Catalyst university fund targets Harvard)
- Big Red Ventures (Student-run fund at Cornell)
- House Fund (Fund focuses on supporting entrepreneurs from Berkeley ecosystem)
The lab and fund builds on the foundation laid in HBCUvc’s fellowship programs and provides direct investing experience for the fellows with the following goals:
- Provide financial and technical support to emerging Black, Indigenous, and Latinx technology entrepreneurs
- Create experiential pathways for the next generation of Black, Indigenous, and Latinx venture capitalists,
- Close data gaps on capital allocation strategies best applicable to Black, Indigenous, and Latinx entrepreneurs
- Create a revenue opportunity for HBCUvc to sustain educational programming through returns
Primary learnings for the fellows include:
- Originating investment opportunities
- Conducting due diligence
- Syndicating transactions
- Executing transactions
- Supporting founders and portfolio companies
Expansion of the VC Lab and Fund will help bridge this funding gap, support more entrepreneurs, and provide venture experience to create a pipeline of Black and Brown VCs.