It is no secret that entrepreneurship and venture capital space are suffering from a lack of diversity. Only 2 percent of venture capital is black and Latinx and .002 are black women. While only 1 percent of African American and only 1.8 percent of Latinx led start-ups to receive funding from venture capitals, according to statistics from RateMyInvestor and Diversity VC. “It is kind of eye-opening in the sense of how a good portion of our population thinks about these demographics and what they’re capable of and it is very sad”, highlights Marlon Nichols, Co-Founder and Managing Partner at Cross Culture Ventures (CCV) who sees immense value in unlocking talent of diverse founders and is determined to do it with a difference.
Before venture investing, Marlon had successful careers in software and strategy consulting in the technology, media, private equity, and entertainment sectors. Later he entered venture capital as Investment Director at Intel Capital where he also completed his Kauffman Fellowship. In his role, he initially led investments for the software & services and then the New User Experiences investment groups. Marlon later led investments in women and minority-led start-ups through the company’s $125M‘Diversity Fund’, which he helped to launch. But he learned that the companies in which they invested solved global problems, the notion of being funded as ‘diversity’ made it difficult for them to raise capital in the future. This revelation further solidified his passion to support the overlooked minorities and the genesis of CCV took off. He formulated, “I’m going to look at culture from a global perspective and try to identify emerging trends — if we are successful in doing that — and can be successful in picking trends — I’m going to get a high number of diverse entrepreneurs solving problems for the 99 percent”, reminisces Nichols.
Founding California based CCV in 2015 with Atom factory’s Troy Carter and The Third Space’s Trevor Thomas, Marlon’s rationale was clear: targeting high-impact start-ups, powering up under-represented entrepreneurs of color, and women but also guiding them through future success. Cross Culture’s latest investments--- include FaZe Clan, the world most dominant professional eSports and Pop-Gaming Team; RealBlocks, a blockchain-powered technology platform that allows for seamless fundraising and investing in real estate; BlocPower, the company uses data, thermodynamic models, structured finance, IoT and edge computing to make city buildings, greener, smarter and healthier; and Phiar, the company developing an AI-driven Augmented Reality navigation app for driving, to name a few—are helping creative entrepreneurs to bring novel and positively disruptive ideas to market irrespective of their backgrounds. “This is the time to be here. If you are going to invest in the companies of tomorrow you have to go where the world is moving to — and that’s black and brown, honestly,” says Nichols.