The Jumpstart Nova fund has raised $55 million from investors including Eli Lilly, HCA Healthcare and Bank of America to invest in Black health-tech firms.
For Black-led startups, the lack of diversity in venture capital can pose a hurdle to access funding
The Jumpstart Nova fund, launched in 2021 to invest exclusively in Black health-tech firms, has raised $55 million from investors including Eli Lilly, HCA Healthcare and Bank of America "Academic medical centers and scientific innovators — they're not pharmaceutical companies. They tend to look for partners to help finish the development of their programs," explained Porter, who foundedGetting start-up off the ground meant making his own connection with financial backers, but his timing was bad. He began talking to investors about Cellevolve in March 2020, on the eve of the pandemic shutdown.
"They're really making a bet on you as the entrepreneur and therefore it's a profoundly personal decision," said Porter, who holds a medical degree from University of Pennsylvania Medical School and an MBA from The Wharton School. He noted,"being different or in the situation where the investor may not see themselves in you, or may not find a way to connect, that makes it harder to find capital.
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