Stay updated with breaking news from Brex scholarship. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Building on their VC Diversity Pledge, Base10 Partners announces today that it has raised a new $250M fund with the mission of aligning the success of technology companies with wealth creation for underrepresented minorities. The Fund, known as the Advancement Initiative, is investing in leading pre-IPO startups and donating 50% of the fund's carried interest, directly to Historically Black Colleges & Universities (HBCUs) to create student scholarships and support university endowments. ....
This $250 million growth fund will divert half its profits to historically Black colleges and universities There’s been a lot of talk about racial equality in the year since George Floyd was murdered in Minneapolis, but achieving it is far easier said than done given the current state of affairs. Consider: According to the U.S. Government Accountability Office, historically Black colleges and universities have $15,000 on average in endowment per student, while comparable non-HBCUs have $410,000 on average in endowment per student. That matters, a lot. While higher learning institutions are almost universally focused on diversifying their student base, HBCUs are largely responsible for the nation’s Black middle class, and the larger the endowment, the stronger the school and its ability to support its educators, researchers and, in the case of public HBCUs, its public service mission. Venture capitalist Jamison Hill says that his own father, who attended North Carolina ....