Pittsburgh is ready for more 'Black Unicorns' as BTN launches $50m venture fund

General partners of new Black Tech Nation Ventures are (from left): David Motley, Kelauni Jasmyn and Sean Sebastian.

Pittsburgh, PA – A new Pittsburgh-based venture capital fund is launching to invest in Black-led/own businesses and other underserved communities. Black Tech Nation Ventures (BTNV) identified a $50 million goal and has already begun raising capital.  

BTNV is the culmination of the collaborative efforts of Kelauni Jasmyn, founder of Black Tech Nation; David Motley, president, and CEO of MCAPS LLC and co-founder of the African American Directors Forum; and Sean Sebastian, founding partner of Birchmere Ventures.  

Pittsburgh transplant Jasmyn launched Black Tech Nation in 2018 with approximately $500,000 in foundation grants to develop and amplify Black technology entrepreneurs in the region. Affectionately known as ‘Black Unicorns’, Jasmyn’s tech army quickly became more of a national network.  

“We’re digital and a lot of Black people — entrepreneurs, innovators and techies — were starving for space to get into tech, to network, to have conversations, to have access, to not be the only one. It blew up into something way larger than I thought it would be. Times are changing. There’s an awakening across the country, and tech is no different, venture is no different,” Jasmyn explained in an interview with the Pittsburgh Business Times.   

Also in an interview with the Pittsburgh Business Times, Motley added, “It starts with being majority Black-owned, and on the LP (limited partner) stack, leaders and advisors on a national scale who are Black. The VC world is noted for its lack of diversity but we’re looking at all the things that drive the success of a venture fund.” 

“BTNV will invest in companies owned or led by diverse entrepreneurs — including Black, Brown, women and LGBTQ+. Otherwise, it’s a lot like Birchmere, same check sizes, type of companies,” said Sebastian.

Black Tech Nation has already inspired the work of Kalyani Singh, Inclusive Innovation Manager at InnovatePGH. 

"In my short time working to help build equity and inclusion in Pittsburgh's tech sector, I'm continually inspired by Kelauni’s clarity and commitment. We all must show up for entrepreneurs of color in this region, as Kelauni has emphasized and demonstrated in her leadership at BTN. This fund ought to signal the beginning of crucial investments by the region in fostering and advancing black talent," said Singh.  

Pittsburgh’s future as a global innovation leader includes empowering 'Black Unicorns' and minority entrepreneurs. The 2017 “Capturing the Next Economy” report indicates that Pittsburgh significantly underperforms in the number of black residents working in the tech sector. BTNV’s founders set a strong example for Pittsburgh’s innovation ecosystem to follow.

Sean Luther, Executive Director of InnovatePGH later added, "We know the region must do more to intentionally support founders of color. Bold steps - like this one - demonstrate the depth of commitment by our local investment community to push Pittsburgh forward. Congratulations and thank you to David, Sean, and especially Kelauni." 

Learn more about Black Tech Nation Ventures at BTN.VC

Visit the Pittsburgh Business Times for the full story.