Nashville, Tenn.-based investment firm Jumpstart Health created a fund to exclusively invest in Black-led health technology startups, CNBC reported Feb. 16.
According to CNBC, the venture capital industry is among the least diverse in finance. Nearly eight out of 10 VC investment partners in 2020 were white, 15 percent Asian and just 3 percent Black, according to the VC Human Capital Survey conducted by Deloitte, in conjunction with the National Venture Capital Association and Venture Forward.
The Jumpstart Nova fund, created by Marcus Whitney, venture partner and co-founder of Jumpstart Health, aims to bring more focus to underrepresented founders to help even the playing field when it comes to accessing and raising capital.
The fund has $55 million in investments and is backed by Nashville-based HCA Healthcare, Bank of America and Indianapolis-based Eli Lilly. It plans to back 20 startups this year.