Money

When Christine Outram, founder and CEO of Everydae, a digital tutoring app, met with investors last year to try to raise a seed round she kept being told to come back in six months.

"I guess you can say we were turned down," she said.

Outram decided to try a different route, turning to equity crowdfunding, which allows mom and pop investors to dabble in something that until recently was solely the domain of professional investors. Her campaign proved successful – she raised $1.2 million from 1,586 people who wrote checks between $250 and $50,000.

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Venture capital has fueled billions of dollars in wealth but it has largely excluded black Americans. Only 1% of venture-funded startup founders are black and more than 80% of venture firms don't have a single black investor.

Blck VC, a group of young black investors and entrepreneurs are calling on the venture capitalist community to diversify their ranks and support the black community. Declaring Thursday, June 4th, a day of action, the group launched a campaign called "We Won't Wait."

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Here are the latest headlines regarding how the protests around the killing of George Floyd are impacting the Los Angeles startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for the latest update.

Today:

  • Disney will donate $5M to Social Justice Groups
  • Blck VC group launches 'We Won't Wait' campaign
  • a16z VC firm launches fund to target diverse founders
  • Snap stops promoting Trump's account in its Discover feature
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