This is not about abandoning women, but expanding our mandate to back a diverse founding team," Lyne told Business Insider.
Founders from diverse backgrounds have taken a hit amid the funding slump in venture capital. In the first half of 2024, Black-founded US startups received $228 million in funding - or about .3% of the nearly $79 billion that went to U.S.-based startups.
When Verizon bought AOL in 2015, BBG Ventures separated and raised a new $50 million fund. For the first time, it raised capital from institutional investors.
Dua explained that the decision to move beyond exclusively backing just female founders reflects the duo's shift in thesis around diversity in entrepreneurship.
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