diversity vc

diversity vc

Photo by Samson Amore

If you know where to look, Los Angeles and its surrounding cities are full of little gems explaining the area’s history. While stopped in traffic in Santa Monica today, one plaque caught my eye – it proclaimed that African-Americans are one of the oldest cultural groups to call the beach cities home, dating back to the late 1800s, and are responsible for building much of the infrastructure we use today.

Looking at the makeup of the business communities in Santa Monica and neighboring Venice, that historical context is far from evident.

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Photo by Blogging Guide on Unsplash

Though more women and entrepreneurs of color are leading venture-backed startups across the country, founding teams are still predominantly white, male and located in the Bay Area.

A report from RateMyInvestor and the nonprofit Diversity VC looked at data from 2018 to 2019 — before the killing of George Floyd and others thrust the country into a racial reckoning. Using data from its previous report taken over a four-year period beginning in 2013, it tracked the top 100 U.S. VC firms accounting for $68 billion in funding across 3,304 companies.

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After seeing the pandemic's disproportionate impact on lower-income minorities, Beatriz Acevedo, the co-founder of digital media company mitú, felt compelled to return to the startup world.

On Thursday, the L.A.-based entrepreneur and three-time Emmy-winning producer announced the launch of SUMA Wealth, a fintech company that will seek to provide U.S-born Latinos with financial-inclusion tools and resources.

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