Dreamward Ventures, co-founded by Evan Poncelet and Jesse Posey, is a Seattle-based emerging fund that aims to invest in diverse founders, particularly early stage startups led by Black entrepreneurs. Poncelet and Posey, who met at a Seattle Angel Conference event, want to address the significant gaps that exist in venture capital for Black founders and investors. Black-founded startups received less than 0.5% of venture funding in the U.S. last year, and Black investors made up just 5% of investment professionals in 2022. Dreamward seeks to use their connections within the tech industry to help match Black founders with potential funding opportunities, either through their fund or other mechanisms.
The fund is geography and sector agnostic, but will focus on startups emerging from the Pacific Northwest region. Poncelet and Posey are also involved in initiatives like the Washington State Black Angel Network, which aims to increase the number of Black angel investors, and the creation of the Black Founders and Funders group. They are also working to establish a Seattle chapter of BLCK VC, a national nonprofit advancing Black venture investors. Poncelet, a senior engineer at Cisco and R&D specialist at Fluke Networks, is also the director of information technology at Africatown Central District in Seattle. Posey, who worked at Resolution Bioscience and Accelerate Diagnostics, is now with Nodes Advisors AG, a Swiss investment group.
Their goal with Dreamward Ventures and the Washington State Black Angel Network is to help build and connect diverse individuals within the tech startup ecosystem, in order to create a more inclusive and representative industry. By providing technical due diligence and leveraging their industry connections, Poncelet and Posey hope to increase the visibility and accessibility of funding opportunities for Black founders. The fund is committed to supporting startups led by underrepresented entrepreneurs, and will help them navigate the often challenging process of securing investment.
Dreamward Ventures is also hosting a pitch event on June 8 in Bellevue, Wash., featuring startups led by Black founders. This event will provide a platform for these founders to showcase their businesses and potentially attract investment from the fund or other investors attending the event. By actively supporting and promoting Black entrepreneurship in the tech industry, Poncelet and Posey are working towards a more diverse and inclusive venture capital landscape. Their efforts reflect a growing recognition of the need for greater representation of underrepresented groups in the startup ecosystem, and a commitment to driving positive change within the industry.
