#390
Rise Of The Angels

Published:

Jun 05, 2021


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Published:

Jun 05, 2021


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With several headlines concerning the racial wealth gap this week, the tech and financial services ecosystems are stepping up to address the matter. In addition to the US administration pledging billions to reduce the racial wealth gap, financial services companies committed ~$50b worth of racial equity pledges (Chase alone accounted for $30b).

According to Creative Investment Research, unfortunately only ~$250m have been spent or committed to specific initiatives thus far. The venture/startup certainly cannot solve this massive challenge, but it can help. Some companies are stepping up their commitment to the Cap Table Coalition –an attempt to diversify the VC ecosystem by opening investment opportunities to a diverse set of angel investors. Specifically, by reserving 10% of rounds (typically involves future commitments) to such investors.

Startups now have a variety of tools to increase engagement with diverse hires and angel investors. The latter play a meaningful role in the early days of company creation, with so-called “mafias” that emerge in high-growth, tech enterprises. Beyond wealth formation, it perpetuates engagement in the ecosystem, feeding talent and resources back into it.

We previously wrote about Philanthropy in the 21st Century (Apr 24, 2021). Clearly, there’s also potential to innovate in the angel investing sphere, with change already underway. And, for those feeling dizzy by the pace of innovation, there are always some old people out there to help you relax… Friends: The Reunion!

Portfolio News


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Rise Of The Angels


The Cap Table Coalition aims to diversify the VC ecosystem - It seeks to do so by by creating investment opportunities for Black, Latinx, LGBTQ+, women, and other traditionally marginalized investors. The Coalition is made up of high-growth startups, VC firms, and emerging fund managers who want to help close the racial wealth gap. Read more

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Industry News


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Silicon Valley bets on crypto projects to disrupt finance - In the span of two years, what started as a curiosity has ballooned in size, ushering in a new model for technology investing in the process. Private investors have backed 72 DeFi companies this year, according to PitchBook data, already surpassing last year’s total by more than a quarter. Read more

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Select Financings


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Jai Kisan - India based agriculture financing platform for rural India raised $30m in Series A funding led by Mirae Asset. Read more

Jeeves - New York based expense management platform for Latin America raised $26m in Series A funding led by Andreessen Horowitz. Read more

Kushki - Ecuador based financial infrastructure provider raised $86m in Series B funding led by SoftBank. Read more

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Truebill - Maryland based personal finance management app raised $45m in Series D funding led by Accel. Read more

Wefox - Berlin based personal digital insurance platform raised $650m in Series C funding at a $3b valuation led by Target Global. Read more


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