Silicon Valley may be getting a really bad rap for its lack of racial diversity, but this Latina immigrant duo is proving things wrong with their company, Babel Ventures. With their company being one of the rare tech setups with non-white founders and management, they recently raised a whopping $30 million dollars that will help other startups who struggle to secure corporate funding. This is surely an amazing feat by them, since their firm was founded earlier this year.
How did they start Babel Ventures?
Co-Founder Barbara Kunde Minuzzi from Brazil has a background in fashion, but soon moved towards investment to Miami City with co-founder Daniela Arruda, also from the same country. Both of them have had many years of experience in raising funds for businesses from people with a high net worth. Barbara herself has raised $250 million dollars for real estate and other tech companies. Later, they moved to San Francisco to start their firm, Babel Ventures, together.
What makes them unique?
In the sphere of venture capitalists, around 89% of them are made up of all men, according to a report by National Venture Capital Association/Dow Jones VentureSource. Also, another study conducted by Columbia University in 2016 said that the role of women as key decision makers, while being partners has diminished to 5% from its previous 10%. Apart from this, just 1% of firms assert themselves as Latino. They said, “We are outsiders. As immigrants, we leave everything behind to build something special. Something that inspires other women, Latinas and immigrants. It’s unique to be part of something different and rarely seen in Silicon Valley.”
So, these two remarkable women are smashing the notion of ‘Bro Culture’ that is so prevalent in the tech world with their vision to bring in more diversity and overcome the challenges of being Latina women in a white-male-dominated business.
Image Credit : Huffington Post