Silicon Valley is full of people from all walks of life, but very little of their wealth is evenly distributed, especially when it comes to the LGBTQ+ community.
Currently, it is estimated that less than 1% of the venture capital goes to openly LGBTQ+ founders. There are no numbers on how much of that capital goes specifically to trans founders or how many investors identify as part of the LGBTQ community. What is known is that LGBTQ founders still feel the need to hide your identity from investors.
Enter LGBT+ CV, a non-profit organization which aims to support LGBTQ+ founders and investors allied with the cause. Launched by investors tiana tukesa Black trans woman who has worked at Accenture, Sequoia Capital, and Silicon Valley Bank, and jackson blockA former early-stage investor who identifies as bisexual, the nonprofit hopes to foster a new generation of inclusion within the ecosystem of companies by cultivating and educating investors to champion and accept LGBTQ+ founders and patrons.
To that end, the LGBT+ VC plans to hold networking events, conferences, and educational classes for the LGBTQ+ community to help them learn how to become accredited investors, one of many steps needed to shift mindsets and add more intersectionality within venture theses. .
“We’re trying to change who is an investor and who these founders can have opportunities with,” Block told TechCrunch.
“The best investors right now are investing in LGBTQ-founded companies,” Tukes added. “Open AI is a great example. That, to me, is the hot ticket company right now.”
The initiative comes amid a historic wave of hate directed at the LGBTQ+ community in the US, with anti-trans legislation sweeping the country and crimes against the LGBTQ+ community increasing across the country. In fact, Tukes and Block were inspired to launch the nonprofit after the Colorado Springs nightclub shooting late last year, in which a gunman targeted the only LGBT club in the city, killing five people.
“It was really hard to see the silence from the business community,” Block told TechCrunch. “Tiana and I got together and thought, ‘Where can we make a difference?'”
That resulted in the duo tapping into their networks and assessing the relationship the LGBTQ+ community currently has with the tech ecosystem. So far, Tukes says the reception has been warm, and the nonprofit has managed to attract investors from some law and accounting firms, as well as larger banks and tech companies.
On June 19 and 20, the nonprofit organization will host its first summit in New York City, called Stonewall to Silicon Valley. This is all part of a larger mission to change what it means to be a venture capitalist. I recently sat down with the two investors to talk about their nonprofit, how they got started, and their plans to build a network of allies.
(Editor’s Note: The interview below has been edited for length and clarity)
TechCrunch: Why did you decide to launch this nonprofit together, and how did you know now was the time to take a chance?
Jackson Block: There is a great opportunity hiding in plain sight. Twenty percent of Generation Z identifies as LGBTQ. Also, according to Gallup, the LGBTQ community is one of the fastest growing segments of the American population. That is a market opportunity.
Tiana Tukes: Our mission is to help all lesbian, gay, bisexual, transgender, and queer people thrive. In the history of the United States, in particular, there are moments, particularly in the civil rights movement, where black leaders and Jewish leaders [Block is Jewish] united in times of crisis for social promotion. We see this as a continuation of that legacy first, and part of our LGBTQ history second.
