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Illustration: Eniola Odetunde/Axios

Event software business Bevy raised $40 million in Series C funding led by Accel at a $325 million valuation, and says that 20% of the capital came from Black investors.

Why it matters: The company is the latest to diversify who gets to share in the upside of a startup — typically it's white men, while others have historically been shut out of deals.

Details: Other participating investors include LinkedIn, PayPal's Peggy Alford, former Beats by Dre executive Omar Johnson and retired Olympic sprinter Michael Johnson.

  • 70% of individuals participating in the funding round are Black.

What they're saying: "Where is the wealth being created? It's being created in tech and Silicon Valley, where we haven't been able to play," James Lowry, who was the first Black consultant at McKinsey and participated in Bevy's funding round, told Axios.

The big picture: In the wake of George Floyd's murder that sparked a reckoning over systemic racism last year, some venture capital firms committed to including "diversity riders" in investment agreements.

  • Fintech startup Finix said 10% of its latest funding round came from underrepresented investors, Axios' Kia Kokalitcheva reported last month. It plans to do this in every funding round going forward.

Between the lines: Bevy set a previously unpublicized goal last year for Black employees to make up 20% of its workforce by this September.

  • Currently 14% of its workforce is Black — up from 0% a year ago, Bevy CEO Derek Andersen told Axios.

By the numbers: Startups with a more diverse employee base mean a liquidity event won't just put money in white workers' pockets. Black workers can share in the wealth.

  • Black and Hispanic startup employees hold significantly less equity wealth than white workers, according to a recent survey by Carta.
  • Black workers surveyed were the least likely out of all groups to work as engineers — a type of role that typically sees higher equity grants, per Carta.
  • Black and Hispanic respondents also held disproportionately fewer executive roles than white workers.

The bottom line: "If you want to have a diverse organization — to think that it's only with the workforce, that's silly. You have to think about who's actually sitting on the board and who is an investor and owner of this business," said Upfront Ventures general partner Kobie Fuller, who participated in the round alongside the firm.

Go deeper

2 hours ago - World

Report: LGBTQ+ Afghans' lives "dramatically worsened" under Taliban rule

Taliban fighters in Kabul, Afghanistan, earlier this month. Photo: Mohd Rasfan/AFP via Getty Images

LGBTQ+ Afghans have been threatened, attacked and "faced an increasingly desperate situation and grave threats to their safety" since the Taliban seized control of Afghanistan last August, per a report published Wednesday.

What they're saying: "We spoke with LGBT Afghans who have survived gang rape, mob attacks, or have been hunted by their own family members who joined the Taliban, and they have no hope that state institutions will protect them," per a statement from study co-author J. Lester Feder.

4 hours ago - World

Canadian Indigenous group finds 93 suspected unmarked graves

A makeshift memorial honoring the 215 children whose remains were found in a mass grave in Brantford, Ontario, Canada, last May. Photo: Cole Burston/AFP via Getty Images

Indigenous leaders in Canada's western province of British Columbia said Tuesday they believe they've found 93 unmarked graves near a former boarding school.

The big picture: Hundreds of mass graves have been found at the grounds of former residential schools for Indigenous children since last May, when the remains of 215 children were uncovered at one such site in B.C.

7 hours ago - World

Coast Guard searches for 39 people after boat capsizes off Florida coast

A U.S. Coast Guard ship leaving its base in Miami Beach, Florida, in July. Photo: AP/Marta Lavandier

U.S. Coast Guard crews were searching into the night for 39 people whose boat sank off Florida's coast over the weekend after traveling from the Bahamas.

The big picture: A "good Samaritan" contacted the Coast Guard about 8 a.m. Tuesday to say they "rescued a man clinging to a capsized vessel" 45 miles east of Fort Pierce, per a tweet from the agency, which noted it was dealing with "a suspected human smuggling venture."