Business
BKR Capital makes compelling case for Black-led innovation
BKR Capital, the first institutionally backed Black-led venture fund in Canada, has celebrated its first anniversary by closing a fundraising round that blew past its targets.
The Black Innovation Fund surpassed its CAD$10 million (US$7.5 million) goal by raising CAD$18.5 million (US$13.93 million) by the end of July from investors that included the Business Development Bank of Canada, Caisse de dépot et placement du Québec and Vancity.
BKR invests in preseed and seed-stage technology companies led by Black entrepreneurs. The fund has already deployed funds to 5 companies, including fintech firm mIQ, sustainable-fashion online retailer Goodee, and Fynne, a platform for connecting hairstylists and customers.
The Globe and Mail spoke with Lise Birikundavyi, the managing partner of BKR Capital, about what she’s learned over the fund’s first year, why investors should direct more funds to Black entrepreneurs and how they are weathering a broader downturn in the tech sector.