Sixty8 Capital Announces First Close of Fund to Support Startups With Diverse Founders

By Thomas Price Monday, May 10, 2021

Even as venture capital funding continues to grow even larger, social equity and inclusion are large issues within growing startup companies. With a significant lack of funding going to startup companies with Black, Latin, female, and LGBTQ+ founders, many business veterans have been looking for ways to support them. Sixty8 Capital is an investment company that looks to help fund and invest in diverse founders of startup companies. The company recently closed its latest venture fund which will focus on startups in the United States (US).

Businessman writing 'Project Funding' on a virtual screen.

Sixty8 Capital Investing Philosophy

Investment company Sixty8 Capital does not focus on any specific industry or region, but instead on uplifting Black, Latin, female, and LGBTQ+ founders who do not often receive as much financial support as their white, male counterparts. In fact, only 1% of all venture capital-funded startup companies have Black founders. Additionally, just 2.4% of all venture funding went to all-female founder startup companies. This lack of funding plays into the larger narrative that inequality on a variety of factors have left nearly $16 trillion out of the US economy over the last 20 years alone.

Sixty8 Capital is looking to fight against this problem through its own venture capital funding. The company wants to do business with diverse founders to unlock trillions of dollars worth of economic potential. While the company is based in Indianapolis, Sixty8 Capital plans to invest in startup companies all over the US. With an initial focus on the midwest region, the company hopes to slowly expand outward to areas where venture funding is less plentiful as Sixty8 Capital grows its own business.

With no preference toward any specific business type, the company looks mostly toward tech, tech-enabled solutions, and D2C (direct-to-consumer) products when searching for startup companies to invest in.

New Venture Fund from Sixty8 Capital

The investment and social philosophy of Sixty8 Capital is now backed by the recently closed $20 million seed venture fund launched by the company. The capital for this seed fund was supported by The Indiana Next Level Fund, 50 South Capital, Bank of America, Eli Lilly and Company, First Internet Bank, and the Central Indiana Community Foundation.

The new fund will help the business invest in 25 to 30 different startups in pre-seed and seed stages of development. Sixty8 Capital will provide initial equity checks between $250,000 and $500,000 per business. The company has already announced the first investment will go to business tech startup Qualifi, which helps other companies improve efficiency and effectiveness in their hiring practices.

When commenting on the new diverse founder-focused venture fund, managing director of Sixty8 Capital Kelli Jones said, “We believe there is an opportunity to truly level the playing field when it comes to capital access for diverse founders in any industry. There is a $4 trillion missed opportunity when we don't put a focus on diverse founders. Venture capital has a significant opportunity to change the trajectory of SMBs and microenterprises by helping them build products and services that utilize tech and have the opportunity to scale.”

About the Author

Headshot of Thomas Price

Tom Price is a writer focusing on entertainment and sports features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.

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