We Raised $50m+ To Back New Venture Capitalists Who Don’t Look Like Me

It’s weird to try and help fund people who are going to compete with me, right? Well, I couldn’t be more excited to do just this.

The 10 initial Screendoor Venture Advisors

Why Now?

Satya and I have been thinking about ways to punch above our weight in this area since we started Homebrew, but in order to have the credibility to do so, needed to get our own firm built first. We want future “Homebrews” to be started by all different sorts of people and believed adding capital commitments to mentorship would be the best way to accomplish this. It can’t just be about supportive tweets or ‘office hours’ — write the damn check.

Partnering With Other VCs To Get This Done

It was important from early on to get some of our favorite other firms involved. Homebrew may have helped catalyze and structure Screendoor, but it’s bigger than us. It’s stronger because of the people involved and their relationships within our industry. It proves that firms which often compete in the market can come together for a bigger purpose and mission. And it augments the lived experiences that Satya and I possess with other men and women from different backgrounds, cultures, etc to create a broader value proposition for the firms we’ll be backing.

Making Sure The Capital We Raised Was Additive

This one is a bit subtle, but for us, meaningful. If the $50m+ raised by Screendoor was pulled from sources of capital that was already earmarked for underrepresented emerging managers then all we’d be doing is transferring it from one allocator to another, not growing the pie. This is specifically one of the reasons we fashioned it as an economic vehicle, not a philanthropic one. The LPs backing us are all heavily committed to the venture ecosystem but have deployment models which often make it difficult for them to invest in smaller, first time funds. Why? It’s typically an issue of their check size vs fund size. A first time manager might be raising a $5-$50m fund but large institutional investors write $10m, $25m, $50m+ checks into venture funds. Also, they are looking to back mangers who have track records, etc. Screendoor hopefully will help solve the ‘chicken and egg’ issue of “you want to back managers with track records but I need to raise a fund to get a track record!” And over time, I believe many Screendoor managers will create direct relatonship with our institutional LPs.

Honoring Others Doing This Work (and Hopefully Collaborating With Them Too)

I call it “Columbus’ing” — the tendency in tech for individuals new to spaces already inhabited to pronounce “look what I discovered!” as if they’re pioneering something completely radical despite the fact others have already been there doing the work. We honor and appreciate everyone tackling diversity in tech. We want to collaborate with them, learn from them, go to *their* spaces to talk about Screendoor. We’re going mess some stuff up probably. We’re going to be slow to respond to everyone while this gets started (did I mention we’re hiring) but we’re 100% committed and going to hopefully make this an evergreen effort, not just a one off fund.

You’ll find me @homebrew , Seed Stage Venture Fund w @satyap . Previously made products at YouTube, Google & SecondLife. Married to @cbarlerin .