Venture capital has a diversity problem . BLCK VC , a new organization founded by Storm Ventures associate Frederik Groce and NEA associate Sydney Sykes to connect, engage and advance black venture capitalists, is ready for a new era in the industry. Their mission: Turn 200 black investors into 400 black investors by 2024. “We think of ourselves as an organization formed by black VCs for blacks VCs to increase the representation of black investors,” Sykes told TechCrunch. “You can look around and say well ‘I know five black VCs,’ but you can also say this firm does not have a single black VC, they may not even have a single underrepresented minority … We want to make firms reckon with the fact that there is a racial diversity problem; there is a lack of black VCs and every firm should really care about it.” BLCK VC has been at work since the beginning of 2018, building and expanding a network of black investors in the San Francisco area, Los Angeles and New York. They seek to provide a...
IAC is changing the way its business is organized, the company reported during its Q3 2018 earnings on Wednesday. The company’s video platform Vimeo and DotDash ( previously About.com ) will become their own separate segments at IAC starting in Q4. That means they’ve reached the point their revenues can stand on their own. The company beat on third quarter revenue expectations in the quarter with a revenue increase to $1.1 billion from $828.4 million a year ago, ahead of FactSet analyst expectations of $1.07 billion. However, net income was $145.8 million, or $1.49 a share, down from $179.6 million, or $1.79 a share, a year earlier. The drop was attributed to a tax benefit that it received in the year-ago period. Vimeo’s revenue growth in the quarter increased 29 percent, and it grew its subscriber base by 10 percent to 932,000, IAC said. “The business has the scale and potential to now stand on its own, and we want to begin to put a spotlight on it,” said IAC CEO Joey Levin, in a ...