FNB announces $2.5m commitment to Black Tech Nation Ventures to fund Black-led technology startups
F.N.B. Corporation announced it is making a $2.5 million equity commitment to Black Tech Nation Ventures (BTN.vc), a majority Black-owned venture capital fund based in Pittsburgh, PA. BTN.vc provides funding and resources for Black-led technology startups and firms with diverse founders and teams, with a goal of enabling wealth creation for underrepresented entrepreneurs in FNB's seven-state footprint and across the United States.
The investment in BTN.vc is part of FNB's broader commitment to promote economic equality. Throughout its multistate footprint, the Company has invested hundreds of millions of dollars in initiatives that stimulate job growth, create affordable housing and small business opportunities, foster financial education and champion overall social and economic development.
Vincent J. Delie Jr., Chairman, President and CEO, F.N.B. Corporation and First National Bank: "Black Tech Nation Ventures has a proven leadership team and a mission that aligns with our own focus on providing resources for diverse communities. We are confident that our partnership will deliver on FNB's high standards for creating jobs and increasing access to capital and support for underrepresented business owners in our markets."
Formed in 2021, BTN.vc is more than halfway to its initial $50 million fundraising goal. The venture capital fund intends to build a portfolio of 20 to 30 early-stage technology companies that have diverse founding teams and focus on software and/or other technical solutions. In addition to funding, BTN.vc connects entrepreneurs with education and consultative resources provided by its sister company, Black Tech Nation, a national community of Black technology professionals, innovators, entrepreneurs and industry partners.
Kelauni Jasmyn, Founding Partner, BTN.vc; Founder and CEO, Black Tech Nation: "We are happy to be in partnership with FNB and appreciate their commitment to support Black Tech Nation Ventures' mission to democratize access to VC capital and generate wealth for marginalized communities. Together, we can help ensure that Black tech founders receive equal access to investment opportunities. We look forward to working with FNB to create a substantial impact in tech and VC."
The collaboration with BTN.vc advances FNB's efforts to encourage growth in low– to moderate-income and marginalized communities. Prominently, the Company has taken action to enable the local community to take part in the significant economic benefits created by FNB Financial Center, its new headquarters in the Hill District in Pittsburgh, PA. The development has substantial requirements for participation by contracting firms with diverse ownership.
In addition, as part of its more than $200 million in loans, investments and grants in the Hill District, FNB has invested in programs that provide funding for local businesses and entrepreneurs, including: $5 million toward a proprietary real estate gap lending program; a $1 million Equity Equivalent (EQ2) Investment in the Urban Redevelopment Authority of Pittsburgh Avenues of Hope program to provide working capital for underrepresented contractors; and a $1 million equity contribution to Invest PGH, Inc., a Community Development Financial Institution, for its Accelerating Business Expansion Loan (ABEL) program.
FNB's investment in BTN.vc was made through its mezzanine finance subsidiary, F.N.B. Capital Corporation. To learn more about FNB's inclusive practices, visit the Diversity & Inclusion section of its website or review its overall community commitment in its Corporate Responsibility Report.