Black-led venture capital firms continue to expand the range of investment strategies, sectors, and stages represented across the private markets.
The firms in this third volume invest across fintech, healthcare, education technology, consumer markets, and other sectors, with strategies ranging from backing founders before they have a product to deploying institutional capital from Seed through Series A.
Here are eight Black-led venture capital firms to know.
Featured Firms
- Impact America Fund — Oakland, CA
- Fiat Ventures — San Francisco, CA
- Emmeline Ventures — Los Angeles, CA
- RareBreed Ventures — Baltimore, MD
- 2Flo Ventures — Chicago, IL
- Fictive Ventures — Atlanta, GA
- TFD Ventures — New York, NY
- D2Venture — Chicago, IL
1. Impact America Fund | Oakland, CA
Impact America Fund is an Oakland-based venture capital firm founded by Kesha Cash. The firm invests in technology-driven companies creating economic opportunity for communities that have historically received less access to capital and other economic resources.
Impact America Fund has raised three institutional funds and currently manages $177 million. Its most recent vehicle, Fund III, closed at $112 million and is designed to invest in approximately 30 companies from Seed through Series A.
Its portfolio includes CareAcademy, a training platform for professional and family caregivers; SoLo Funds, a community finance platform; and Twentyeight Health, a digital women’s health platform. The firm identifies itself as 100% Black female-owned.
2. Fiat Ventures | San Francisco, CA
Fiat Ventures is an early-stage venture capital firm focused on fintech and financial services. The firm is led by General Partners Drew Glover and Alex Harris and Managing Partner Marcos Fernandez.
Fiat launched its first institutional fund in 2022. Its investment strategy is closely connected to Fiat Growth, giving portfolio companies access to operating expertise across areas including growth, partnerships, and go-to-market strategy.
Its portfolio includes EarlyBird, a family-focused investing platform acquired by Acorns in 2025; Brellium, which uses AI to automate clinical chart reviews; and Walapay, an API-based platform using stablecoins and modern payment infrastructure for cross-border transactions.
3. Emmeline Ventures | Los Angeles, CA
Emmeline Ventures is an early-stage venture capital firm founded by General Partners La Keisha Landrum Pierre, Azin Radsan van Alebeek, and Naseem Sayani.
The firm invests at the pre-seed and seed stages in female founders building companies across three areas: helping women manage their health, build their wealth, and live in a cleaner and safer world.
Emmeline began with a Pilot Fund that made 14 investments before launching its first institutional fund, which has targeted $25 million. Its investments include WealthMore, an AI-powered wealth management platform; Womaness, a women’s wellness company focused on women over 40; and LunaJoy, a digital mental health platform specializing in women’s health across different life stages.
4. RareBreed Ventures | Baltimore, MD
RareBreed Ventures is a Baltimore-based early-stage venture capital firm founded by Managing Partner McKeever “Mac” Conwell.
The firm invests primarily at the pre-seed stage and has built its strategy around backing founders who may fall outside traditional venture networks, including entrepreneurs building companies outside major technology hubs.
RareBreed’s portfolio includes Allocate, a platform providing access to private-market investments; Levels, a metabolic health company; and EarlyBird, which was acquired by Acorns in 2025.
5. 2Flo Ventures | Chicago, IL
2Flo Ventures is a Chicago-based startup studio and venture capital firm investing in healthcare and life sciences companies addressing large unmet medical needs.
Led by Managing Partner Paul Burton, 2Flo invests in companies developing healthcare technologies that can improve health outcomes, increase access to care, and advance treatments.
The firm currently lists nine portfolio companies. They include CancerIQ, a precision health platform focused on cancer detection and prevention; KeyCare, a virtual care platform built on Epic; and Temprian Therapeutics, which is developing treatments for autoimmune diseases including vitiligo.
6. Fictive Ventures | Atlanta, GA
Fictive Ventures is an early-stage venture capital firm founded by General Partners Khadijah Robinson and Brahm Rhodes. The firm invests across sectors and is particularly interested in opportunities outside the country’s major startup hubs.
Fictive invests at the idea, pre-seed, and seed stages. Its Idea+ strategy provides $25,000 or $50,000 to founders who can still be pre-MVP, while its Pre-seed+ strategy provides $50,000 to $250,000 in initial checks.
The firm says it expects and prefers to be the first investor in extremely early-stage companies. Its broader model also seeks to increase participation in venture investing among Black investors while addressing the friends-and-family capital gap facing many early-stage founders.
7. TFD Ventures | New York, NY
TFD Ventures, short for The First Dollar Ventures, is an idea-stage venture capital firm led by General Partner Orane Carby.
The firm invests before many of the milestones typically required by institutional investors. Founders can approach TFD without a product, revenue, traction, or formal pitch deck.
TFD invests $10,000 to $50,000 for 5% to 10% equity and is sector agnostic, investing across the United States, Canada, and the Middle East and North Africa. Its current portfolio includes TraderClear and Bright Forge.
8. D2Venture | Chicago, IL
D2Venture is a Chicago-based venture capital firm founded by Managing Partner Dwight N. Hopkins and focused on seed-stage education technology companies.
The firm invests primarily in U.S. EdTech startups developing products and services for students, parents, educators, administrators, and people seeking to develop new skills.
D2Venture’s investment thesis draws on more than 30 years of Hopkins’ experience across the education sector. The firm is supported by Decile Group for management company, investment committee, and back-office infrastructure.
Read Black-led Venture Capital Firms | Vol. 1 and Black-led Venture Capital Firms | Vol. 2 for more firms investing across the startup ecosystem.
