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...
Despite a strong third-quarter earnings report , Square’s forecast for the final quarter of this year gave investors pause, sending its share price down 6 percent in after hours trading before it gradually climbed up again. Square’s adjusted revenue grew 68 percent year-over-year to $431 million, beating expectations from analysts polled by Refinitiv (formerly the financial and risk arm of Thomson Reuters), who had forecast $413.9 million. It also reported 13 cents in adjusted earnings per share, better than the 11 cents analysts expected. Total third-quarter revenue was $882.1 million, a 51 percent increase from the same period last year, and Square also marked its first quarterly profit of $20 million, compared to a loss of $16 million last year. In an earnings call, CFO Sarah Friar said this was due largely to Square’s investment in Eventbrite, which held its IPO in October. Despite beating analysts’ expectations for its third quarter and also raising its adjusted core earnings for...