(TechCrunch) Illumen Capital is doubling down on its support for fund managers and founders from underrepresented communities.
The firm is an impact fund of funds that has previously supported ways to address racial bias in investing. Yesterday, the firm, founded by Daryn Dodson, announced the raise of a $32.75 million “Catalyst Fund “to once again support emerging fund managers and founders, especially those hailing from underrepresented backgrounds.
The news comes during a fraught time for many diverse funding managers and founders, who are seeing less financial support than in the years before. Black founders raised less than 1% of venture capital funding last year, according to Crunchbase, and as of H1, that group was on track to continue seeing a funding decline.
Speaking to TechCrunch, Dodson said, “During terms of economic uncertainty, political polarization, and concerns of ongoing inflation, we’ve seen biases increase,” adding that these biases are also playing out in the venture space, where billions of capital is still going to the same people.
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