Extend Ventures Newsletter July'23
Hello Extend Community!
It’s been a while since you’ve heard from us but we wanted to revive the Extend Ventures newsletter after a hiatus to bring you some important updates. We’d like to express our heartfelt gratitude for your patience and continued support while we haven't been as active as usual.
First, it is with profound sadness that we mourn the passing of our friend and colleague Glen Learmond. Glen was an incredible mind and a fantastic soul. We aim to honour his legacy in our work moving forward and hope that you'll join us in doing so.
In this new chapter of our newsletter, we aim to publish at least once a month and bring you updates on the work we’re doing here at Extend while also highlighting the progress being made in diversifying access to funding for underrepresented entrepreneurs. Stay tuned for our upcoming edition as we celebrate the power of knowledge and reignite our cherished community.
On that note please save the date for our upcoming community social on the 12th of September at our new home Curve Club. Please register HERE, space is limited and we wanted to share this with our newsletter subscribers first!
Extend Ventures co-founder awarded MBE
The other piece of news we wanted to share is that Erika Brodnock, Extend’s co-founder was recently awarded an MBE in recognition of her invaluable contributions to promoting diversity in the technology sector. Erika’s journey is a testament to resilience, innovation, and the power of breaking barriers and we at Extend believe it’s important to shine a light on her story.
Erika Brodnock, a serial entrepreneur and philanthropist, hails from the vibrant streets of Streatham Vale, South London. As a Black female entrepreneur, she felt she had no choice but to embark on a mission to drive positive change to promote diversity within the startup ecosystem.
Over the past decade, Erika's passion for inclusivity has led her to co-found two for-profit social enterprises and two non-profit organisations, including Extend Ventures. In November 2020, Extend's dedicated research team produced the groundbreaking "Diversity Beyond Gender"report. This pioneering study unveiled the profound disparities faced by underrepresented founders in accessing venture capital funding—an issue that had long been overlooked. The report gained widespread global recognition and since its publication Extend has forged partnerships with institutions such as Atomico, the Nasdaq Entrepreneurial Center, JP Morgan, and Innovate UK. Together, we have been able conduct a global analysis of capital and grant allocation to startups, and shine a light on the incredibly small amounts of capital being deployed to diverse founding teams. These crucial insights have been at the centre of transforming the landscape of investment opportunities.
The Diversity Beyond Gender report found that the number of Black female founders raising over £1 million in capital between 2009 and 2019 stood at just one. Unearthing the data fueled a remarkable shift, elevating this number to an inspiring count of at least 16!
This achievement is a testament to Erika’s unwavering dedication to creating pathways for underrepresented entrepreneurs.
Beyond research, Erika continues to make waves as the co-founder of Kinhub (formerly Kami), an innovative employee wellbeing platform that enables companies to engage and empower their workforce. Furthermore, Erika is currently pursuing a Ph.D. at LSE, and she recently became an author too, co-publishing the book "Better Venture: Improving Diversity, Innovation, and Profitability in Venture Capital and Startups" alongside Johannes Lenhard.
We at Extend Ventures believe that this recognition is just the beginning of an exciting journey for Erika. As a community, we extend our heartfelt congratulations and shower you with flowers as a symbol of our admiration and support. Your groundbreaking work has paved the way for a more inclusive and equitable future, and we look forward to celebrating your future achievements and milestones. Congratulations Erika!.
Community News
Win £5K for your business! BlackWomenTalkTech is coming to the UK on July 28 to host a special Pitch Competition sponsored by Accenture.
More information & apply to pitch via HERE. Or if you would like to watch the event, Register To Attend Here
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If you’re looking to break into venture capital, or you’re early on in your venture capital career or working in a non-venture capitalist role and would benefit from having a greater understanding of the key concepts, the Newton Venture Program’s Fundamentals course is for you.
Applications are open until 5pm UK time on Wednesday 26 July 2023. Apply Here
If you have any questions, or suggestions or want to hear more about our partnership opportunities feel free to contact our new Head of Marketing & Business abi.mohamed@extend.vc