Widespread protests in response to the police killing of George Floyd have also put a spotlight on a lack of racial and ethnic diversity in the boardroom, a venture capitalist told Yahoo Finance this week, who described the issue as an opportunity for change.
Angel investor Lorine Pendleton, the lead investor for the Rising American Fund with Portfolia, said that the current social upheaval is putting a needed spotlight on issues that pertain to class and wealth. That includes the need to tackle the dearth of minorities on Wall Street, Silicon Valley and in board rooms.
The problem is “really systemic,” Pendleton told Yahoo Finance’s “On the Move” in an interview, adding that the Black Lives Matter movement is “actually shedding a light on income and wealth disparity.”
“And so I say, black founders matter, and that’s…what we’re doing and investing in these best of class companies that are out there,” she added, speaking about her fund’s investment strategy.
Portfolia’s Rising America Fund focuses on investing in diverse companies — including those led by lesbian, gay, bisexual and trans (LGBTQ) — and startups that cater to those markets. “We’re a team of all women of color. All of us are world class investors. We’ve been investing for a