Zane Venture Fund held its initial close on its $25 million-targeted fund. The Atlanta-based fund is focused on investing in diverse founders building tech-enabled solutions.
ATLANTA – May 21, 2021 – Zane Venture Fund announced its initial close today. The close includes a blend of institutional capital and high net worth individual investors. Zane Venture Fund is an Atlanta-based fund focused on investing in diverse and often underrepresented teams that are outperforming their peers in the Southeast. They are targeting a $25M fund I to invest in diverse founders building tech-enabled solutions.
Zane Venture Fund is the recipient of several commitments from institutional investors including Bank of America and Atlanta Emerging Markets, Inc. This close also includes investments from long-time advisor, Sig Mosley, Managing Partner at Mosley Ventures, Tope Awotona of Calendly, Jeff Muir of Fulcrum Partners, Ed Zimmerman and First Close Partners, Black Women Talk Tech, and Arlan Hamilton of Backstage Capital, among others.
These investments support the expansion of Zane Venture Fund’s portfolio of Southeast companies led by underrepresented founders, which currently includes Inirv (IoT) and ParrotMob (FinTech). It should be noted that Zane has committed to investing 80% of its fund into companies where the majority of the founding team identifies as Black, LatinX, Asian, Women, or LGBTQ+, additionally 100% of its fund will go towards founding teams with at least one member being of an underrepresented minority background.
“In the near term, we’re assisting founders in creating sustainable businesses that generate outsized returns for our limited partners. In the long term, we’re creating generational wealth and closing the racial, gender and LGBTQ+ wealth gap, particularly in the Southeast.” says Shila Nieves Burney, Founding General Partner of Zane Venture Fund.
In line with its focus on diversity, the partners behind this initial close include:
Shila Nieves Burney – Founding General Partner, Catalyst for Funding Underrepresented Founders in the Southeast
Sig Mosley – Partner Emeritus, Named “Godfather of Angel Investing” and Record Holder for the Largest Southeast Venture Deal
Stefanie Diaz – Partner, Renowned LatinX Women’s Entrepreneurship Leader
Martina Edwards – Venture Partner, First Black Woman on the NYSE for Merrill Lynch
Zane has also created a powerful network of human capital, including an 8-person advisory board and an ever-expanding co-investor network to support its launch and the continued growth of its portfolio companies.
This network has also been made available to early-stage founders of all industries through Zane Access, a non-profit organization providing programming, content, and events for underrepresented founders who are ready to raise their first $150K.
This initial close represents the opening salvo in Zane Venture Fund’s dedication to close the wealth gap. The fund is excited about its future and looks forward to deploying significant capital in support of diverse founders and teams.
About Zane Venture Fund
On a mission to catalyze the proliferation of world-class organizations led by diverse founders and teams building tech-enabled solutions by providing capital access and support to companies that can capitalize on our support to scale their business. To learn more, visit zane.vc.