Venture capital's diversity problem might see a little improvement, thanks to a new fund dedicated to finding underrepresented founders.
Two London-based investors, Francesca "Check" Warner and Matt Penneycard, both formerly of early-stage fund Downing Ventures, have launched a $34 million vehicle called Ada Ventures to support diverse startup founders.
The fund is named after British female computer science trailblazer Ada Lovelace, who is credited with having written the first algorithm but was not recognised contemporaneously.
Currently, 92 in every 100 dollars invested in Europe goes to all male teams, 83% founders are white and 82% are university educated, according to Atomico's recent State of European Tech report.
Ada Ventures will focus on finding diverse founders through a programme of "Ada scouts," 50 or so local talent spotters who can recommend startups to the fund in exchange for a finders' fee and potentially further incentives.