Comcast Making $1 Million Investment in Startups With Minority, LGBTQ+ Founders
Backstage Capital funded via Comcast NBCUniversal’s $100 million commitment to address inequality
Comcast said it was making a $1 million investment in Backstage Capital’s Opportunity Fund, which backs startups with founders who are women, people of color or part of the LGBTQ+ community.
Comcast said the investment makes it one of the biggest investors in the fund. The investment is part of Comcast NBCUniversal’s $100 million commitment to help address systemic racism and inequality.
“We’re proud to be an investor in Backstage Capital’s Opportunity Fund, which will provide increased funding to help advance emerging founders who identify as women, people of color, and LGBTQ+,” said Danielle Cohn, VP, startup engagement and head of LIFT Labs, Comcast NBCUniversal. “With more than 60% of the entrepreneurs across our accelerators coming from underrepresented backgrounds, this partnership with Backstage Capital will both help fuel strategic investments among a diverse startup ecosystem and our future innovation pipeline.”
Backstage Capital has one of the largest venture portfolios of women, people of color, and LGBTQ+ founders, with investments in nearly 200 companies.
“We are excited to partner with Comcast as an investor in our newest fund,” said Brittany Davis, general partner at Backstage Capital. “We hope their investment causes other organizations to take note and take their lead. Comcast's capital will have a huge and direct impact on the founders we support and ultimately goes toward increasing equity within the innovation ecosystem.”
Comcast NBCUniversal’s Startup Engagement team offers programs and resources for startups in connectivity, media, entertainment, sports, and tech that can enhance the products and services Comcast, NBCUniversal, and Sky provide. Antonia Dean, director, startup pipeline diversity at Comcast NBCUniversal, will work with with Backstage Capital on this investment to open doors for founders across its global network.
“It is important now more than ever to continue to help provide more equitable opportunities and access to funding for entrepreneurs, at every stage,” said Dalila Wilson-Scott, executive VP and chief diversity officer of Comcast Corporation. “This investment in Backstage Capital will directly support women, people of color, and LGBTQ+ founders at a critical moment in their journey to building successful companies, and reflects our commitment to advancing inclusive programs for the startup community.” ■
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.