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Valencia, the Los Angeles-based online network committed to expanding economic opportunities for the black network, has raised $5.25 million in investment while seeking to continue expanding its network of black professionals in all fields.
The timing of investment is critical because the country takes into account the implications and effects of systemic racism. In no domain does the under-representation of black professionals feel more deeply than in the generation industry, where the lack of diversity can have profound implications for products and increasingly fit into the center of giant portions of the economy.
The underrepresentation and basis of systemic racism is manifested in facial popularity technologies, social media programs, and loan and credit decision-making software that are facets of the functioning of American society.
It is in the interest of the generation and the venture that Valencia posed its last round, according to a letter addressed to the users of the corporate through the new CEO Guy Primus.
“Now that we have the capital we were looking for, let’s do 3 things. First, we’ll use the existing product. We are very proud of what we have built so far, but we know that there are some problems. will continue to deal with these problems and improve the paintings to the technical functionality of the platform,” Primus wrote. “Secondly, we’ll expand the equipment. We hope the team will triple in the coming months to provide you with a better service. Finally, we will load features and expand our services. We will supply more equipment that will facilitate even more significant connections and expand The scope of Valencia will come with the professional expansion and progression of our members”.
Much of the progression of this product will be used to create teams that can promote progression and professional growth.
“We are very interested in how to generate economic opportunities and create wealth in the black community,” said Kobie Fuller, co-founder of Valencia and managing spouse of Upfront Ventures.
Valencia already has some of Silicon Valley’s biggest names as participants in a program to publicize entrepreneurship and professional development.
Partners of Sequoia, GGV, General Catalyst and Greylock enroll in Valencia’s VC initiative for Black’s founders
Valencia has 10,000 other people registered on the platform lately and is developing at about 20% according to the month, according to Primus. The objective is to provide educational and recommendation material to Valencian users, making this organization of black professionals available to companies that want to rent them.
Primus said Valencia would sell its database and to corporations that wanted to place potential recruits on the platform in a seat-based licensing style that would be compatible with headhunters and human resources departments.
The new investment circular was directed through GGV Capital, the foreign investment company whose investments come with Slack, Peloton, Wish and StockX. Hans Tung, the lead executive who invested in those high-profile contracts, will join the company’s board of directors.
Other investors on the tour come with Upfront Ventures, as well as Maveron, SoftBank Opportunity Fund and Silicon Valley Bank.