F.N.B. Corporation (FNB) announced Monday a $2.5 million equity commitment to Pittsburgh-based Black Tech Nation Ventures (BTN.vc).
BTN.vc is a majority Black-owned venture capital fund that provides funding and resources for Black-led technology startups and firms with diverse founders and teams. The goal, officials said, was to enable wealth creation for underrepresented entrepreneurs in FNB’s seven-state footprint and across the United States and is part of FNB’s broader commitment to promoting economic equality.
“Black Tech Nation Ventures has a proven leadership team and a mission that aligns with our own focus on providing resources for diverse communities,” said Vincent J. Delie, Jr., chairman, president, and CEO of F.N.B. Corporation and First National Bank. “We are confident that our partnership will deliver on FNB’s high standards for creating jobs and increasing access to capital and support for underrepresented business owners in our markets.”
FNB said it was part of the company’s investment to stimulate job growth, create affordable housing and small business opportunities, foster financial education, and champion social and economic development.
BTN was formed in 2021 and is already more than halfway to its fundraising goal of $50 million. The venture capital fund aims to build a portfolio of 20 to 30 early-stage technology companies with diverse founding teams and a focus on software and other technical solutions.
Additionally, BTN.vc hopes to connect entrepreneurs with education and consultative resources provided by its sister company, Black Tech Nation, a national community of Black technical professionals, innovators, entrepreneurs, and industry partners.
“We are happy to be in partnership with FNB and appreciate their commitment to support Black Tech Nation Ventures’ mission to democratize access to VC capital and generate wealth for marginalized communities,” Kelauni Jasmyn, a BTN.vc Founding Partner and the Founder and Chief Executive Officer of Black Tech Nation, said. “Together, we can help ensure that Black tech founders receive equal access to investment opportunities. We look forward to working with FNB to create a substantial impact in tech and VC.”