Wellington Access Ventures Raises $150 Million To Back Underrepresented Founders

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Wellington Access Ventures Raises $150 Million To Back Underrepresented Founders
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I'm a senior editor at Forbes covering venture capital and startups, especially in cloud and AI, out of New York. I edit the Midas List and Under 30 for VC, and created the Midas List Europe and Cloud 100 lists. I've written more than a dozen cover stories on business leaders including Marc Benioff, Patrick Collison and Melanie Perkins.

Led by four Black investors, WAV looks to help early-stage startups with $1 million to $6 million checks and access to Wellington’s wider network.

“We feel really strongly that talent is universal, but opportunities and capital have not been equally accessible across the VC ecosystem,” said the fund’s leader, Jackson Cummings. “So, what we’re looking to do here is invest in who we think will be the next industry-defining companies and leaders.”alum, Cummings is joined by three deal leads: Frederik Groce, Van Jones and Sasha McKenzie.

And all four were Wellington’s top choices for each role, claimed Carmen; partners from Wellington’s other funds committed $50 million of their own capital to back WAV, alongside insurance and health care companies and foundations. “I always tell them that their roster of institutional LPs is stronger than the original roster of institutions in my fund when I started a decade ago,” Carmen said.

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