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Where there is capital, there is opportunity to build the future. Venture capital firms thus have a unique responsibility to build a diverse tech sector that reflects the composition of the larger community.
With this in mind, PledgeLA is announcing “50 in 5,” a pledge to support the goal of investing 50% of all LA VC dollars in underrepresented (Black, Latinx, and female) founding teams by 2028. As new Chair of the PledgeLA Advisory Committee, M13 Partner Anna Barber announced the goal in conversation with will.i.am at the Social Innovation Summit during LA Tech Week.
PledgeLA is a collective of 215+ Los Angeles-based VC firms and tech companies working to foster diversity—through efforts to increase access to capital and jobs for underrepresented communities and reporting to track LA’s progress and challenges. It is an initiative of the Annenberg Foundation, which has long been committed both to Los Angeles and to supporting diversity and inclusion.
“In the fifth year of PledgeLA, we are making a renewed commitment to achieving diversity in LA’s tech ecosystem by focusing on access to capital,” says Anna. “When underrepresented founders receive investment capital, the entire tech community benefits. Over the last two years, we have seen VC investment in women, Black, and Latinx founders decline from 2020 numbers. We are pledging to reverse this trend in LA with our new commitment.”
Supporting diverse founders has long been a priority for Anna, who made her 100th investment at the end of 2022. “When I went back to look at the makeup of the founders I’ve invested in, I was very pleased to see that there were roughly 50% female CEOs and two-thirds underrepresented CEOs. Along with that, there was a strong throughline of investing in social impact, sustainability, and positive societal benefits.”
“But it’s not about me,” she adds. “PledgeLA is driven by people like Austin Clements, who was the Founding Chair when we launched; by Miki Reynolds of Grid110, who has perhaps done more for underrepresented founders in LA than any other single person; by Jesse Draper, who champions investing in women; by other incredible leaders, like Marlon Nichols (one of our top seed investors in LA), Brentt Baltimore, Minnie Ingersoll, Spencer Rascoff, Marcos Gonzalez, Elianne Rodriguez, and Rick Smith; and of course the team at Annenberg, led by Director Cinny Kennard and the incredible team of Allison Holmes, Calvin Selth, and Lilia Jiminez."
Initiatives like PledgeLA represent movement toward a more equitable, effective, and excellent tech ecosystem. While there is no other public-private partnership equivalent to PledgeLA today, the Advisory Committee hopes to set an example that other cities will follow.
M13 shares the commitment to backing a diverse array of founders. “At M13, we’ve backed 39% non-white founders and 40% women founders—compared to the industry benchmarks of 28% and 11%, respectively,” Anna explains. “We see this number as progress toward a better status quo—and we look forward to seeing how initiatives like ‘50 in 5’ will further move us toward funding the underrepresented founders who will build the future.”
PledgeLA was launched in 2018 under the leadership of Executive Director Cinny Kennard in partnership with the office of then-Mayor Eric Garcetti, with the bold goal of building an LA tech ecosystem inclusive of the full LA community. It is guided by an Advisory Board of leaders from LA’s venture and tech communities. Members include Chair Emeritus Austin Clements, Managing Partner at Slauson & Co.; Chair Emeritus Qiana Patterson, Managing Partner at NAYAH; LA serial founder and investor Spencer Rascoff; Halogen Ventures’ Jesse Draper; Vamos Ventures’ Marcos Gonzalez; MaC Ventures’ Marlon Nichols; and LA founders such as Shiloh Johnson and Beatriz Acevedo. See the full Advisory Board and read more about PledgeLA here.
Read more about M13’s holistic approach to investing and ESG policy here.
Where there is capital, there is opportunity to build the future. Venture capital firms thus have a unique responsibility to build a diverse tech sector that reflects the composition of the larger community.
With this in mind, PledgeLA is announcing “50 in 5,” a pledge to support the goal of investing 50% of all LA VC dollars in underrepresented (Black, Latinx, and female) founding teams by 2028. As new Chair of the PledgeLA Advisory Committee, M13 Partner Anna Barber announced the goal in conversation with will.i.am at the Social Innovation Summit during LA Tech Week.
PledgeLA is a collective of 215+ Los Angeles-based VC firms and tech companies working to foster diversity—through efforts to increase access to capital and jobs for underrepresented communities and reporting to track LA’s progress and challenges. It is an initiative of the Annenberg Foundation, which has long been committed both to Los Angeles and to supporting diversity and inclusion.
“In the fifth year of PledgeLA, we are making a renewed commitment to achieving diversity in LA’s tech ecosystem by focusing on access to capital,” says Anna. “When underrepresented founders receive investment capital, the entire tech community benefits. Over the last two years, we have seen VC investment in women, Black, and Latinx founders decline from 2020 numbers. We are pledging to reverse this trend in LA with our new commitment.”
Supporting diverse founders has long been a priority for Anna, who made her 100th investment at the end of 2022. “When I went back to look at the makeup of the founders I’ve invested in, I was very pleased to see that there were roughly 50% female CEOs and two-thirds underrepresented CEOs. Along with that, there was a strong throughline of investing in social impact, sustainability, and positive societal benefits.”
“But it’s not about me,” she adds. “PledgeLA is driven by people like Austin Clements, who was the Founding Chair when we launched; by Miki Reynolds of Grid110, who has perhaps done more for underrepresented founders in LA than any other single person; by Jesse Draper, who champions investing in women; by other incredible leaders, like Marlon Nichols (one of our top seed investors in LA), Brentt Baltimore, Minnie Ingersoll, Spencer Rascoff, Marcos Gonzalez, Elianne Rodriguez, and Rick Smith; and of course the team at Annenberg, led by Director Cinny Kennard and the incredible team of Allison Holmes, Calvin Selth, and Lilia Jiminez."
Initiatives like PledgeLA represent movement toward a more equitable, effective, and excellent tech ecosystem. While there is no other public-private partnership equivalent to PledgeLA today, the Advisory Committee hopes to set an example that other cities will follow.
M13 shares the commitment to backing a diverse array of founders. “At M13, we’ve backed 39% non-white founders and 40% women founders—compared to the industry benchmarks of 28% and 11%, respectively,” Anna explains. “We see this number as progress toward a better status quo—and we look forward to seeing how initiatives like ‘50 in 5’ will further move us toward funding the underrepresented founders who will build the future.”
PledgeLA was launched in 2018 under the leadership of Executive Director Cinny Kennard in partnership with the office of then-Mayor Eric Garcetti, with the bold goal of building an LA tech ecosystem inclusive of the full LA community. It is guided by an Advisory Board of leaders from LA’s venture and tech communities. Members include Chair Emeritus Austin Clements, Managing Partner at Slauson & Co.; Chair Emeritus Qiana Patterson, Managing Partner at NAYAH; LA serial founder and investor Spencer Rascoff; Halogen Ventures’ Jesse Draper; Vamos Ventures’ Marcos Gonzalez; MaC Ventures’ Marlon Nichols; and LA founders such as Shiloh Johnson and Beatriz Acevedo. See the full Advisory Board and read more about PledgeLA here.
Read more about M13’s holistic approach to investing and ESG policy here.
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