FNB Commits $2.5 Million to Black Tech Nation Ventures
PITTSBURGH – F.N.B. Corporation 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.
BTN.vc provides funding and resources for Black-led technology startups and firms with diverse founders and teams. Its goal is to enable wealth creation for underrepresented entrepreneurs.
“Black Tech Nation Ventures has a proven leadership team and a mission that aligns with our own focus on providing resources for diverse communities,” said Vincent J. Delie Jr., chairman, president and CEO of F.N.B. Corporation and First National Bank. “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.”
BTN.vc, formed in 2021, is more than halfway to its initial $50 million fundraising goal, according to the announcement. 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, a BTN.vc founding partner and CEO of Black Tech Nation, praised the FNB investment. “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,” he said.
FNB says its collaboration with BTN.vc advances the company’s efforts to encourage growth in low– to moderate-income and marginalized communities. FNB has enabled the local community to take part in the significant economic benefits created by FNB Financial Center, its headquarters under construction in the Hill District in Pittsburgh (rendering pictured above). 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.
FNB’s investment in BTN.vc was made through its mezzanine finance subsidiary, F.N.B. Capital Corporation.
F.N.B. Corporation has total assets of $42 billion and more than 340 banking offices throughout Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C. and Virginia.
Published by The Business Journal, Youngstown, Ohio.