ImpactAlpha, December 5 – Harlem Capital has raised its first slug of funding for its debut fund to invest in minority-led companies, according to an SEC filing. The Harlem-based investor has raised $2 million of a targeting $25 million.
Minority-run startups represent a notoriously small percentage of venture capital recipients, though there are signs of positive change. Take Black women founders, who raised more than five times more venture capital last year than the combined total from the previous seven years. Still, they have only received .0006% of all the venture funding since 2009.
Harlem Capital is among a small but growing number of venture capital funds at the forefront of that shift. The firm has backed diverse founders from a range of sectors. Its investments include legal tech firm Paladin, media company Blavity, and cosmetics firm Beauty Bakerie.