Black Star Fund Research
Investment Thesis
Black Star Fund is one of only six US venture capital firms that are both Black-led and have an all-Black founder portfolio. The fund's core thesis is that best-in-class Black-led, high-growth companies represent a new asset class that produces outsized returns. The firm believes that Black founders and their companies, which have been historically overlooked, undervalued, and undercapitalized, represent a watershed investment opportunity. Rather than just providing capital, Black Star Fund takes a "harvest is only as good as cultivation" philosophy, providing extensive portfolio support and operational guidance to hyper-accelerate founder success.
Investment Philosophy
Black Star Fund goes far beyond capital deployment. Their investment model emphasizes:
- High-touch Portfolio Management: Direct business development and operational support from a dedicated team
- Strategic Network Leveraging: Extensive network of decision-makers throughout the United States to facilitate investment syndication and partnership opportunities for portfolio companies
- Marketing and Brand Expertise: Decades of production and media expertise to enhance brand equity and market positioning for portfolio companies
- Founder-Centric Approach: Recognition that founder quality and diversity drive outsized returns
Stage and Check Size Focus
Black Star Fund primarily invests at the early stage:
- Pre-Seed to Seed: Typical investments in the $50K-$1M range
- Primary Focus: Pre-seed and seed-stage companies with Black founders
- Portfolio Range: The fund has deployed capital across 19 portfolio companies with $180M+ raised collectively across the portfolio
- Capital Efficiency: With only $12M AUM in Fund I, the fund demonstrates capital discipline and focus
Portfolio and Sector Distribution
Black Star Fund's portfolio spans multiple sectors including:
- Technology: Including companies like CEEK Metaverse, Vurple, Acclinate (health tech)
- Consumer Goods: Partake Foods, AYO Foods, Win-Win
- Media & Entertainment: Take Back The Mic Studios, Bandwagon, Mixtroz (music platform)
- Healthcare: ViuHealth, Acclinate (digital health solutions)
- Consumer Apps: Actively Black (social commerce), Reviver (retail tech)
- Other: The MOST (consumer), PopCom, Soko
The firm maintains a remarkable 50:50 gender parity in its portfolio and has deployed 62% of capital to Black women entrepreneurs—demonstrating a clear commitment to intersectional diversity.
Team and Leadership
Kwame Anku - Managing Partner & Chief Investment Officer
- Founding Managing Partner of Black Star Fund
- Named 2022 Entrepreneur of the Year by Sacramento Metropolitan Chamber of Commerce
- Aspen Institute Ascend Fellow (one of only 21 recipients)
- Previously recruited by Prince to develop his mobile app, managing teams across Africa, Asia, and US
- Subject matter expert on CNN, MSNBC, BBC Worldwide, SiriusXM, NPR
- Invited to Obama White House twice to discuss innovation and entrepreneurship
- Keynote speaker at Harvard Business School, Stanford Law, Aspen Ideas Festival, SXSW, TEDx Ghana
- Stanford University honors graduate
Sarah Lynn - Head of Operations
- Designs and implements fund operations policies and procedures
- 12 years in events industry, including 5+ years at SXSW managing 400+ VIP speakers
- Bachelor of Science from Stephen F. Austin State University
- Based in Dallas, TX
Alex Gill - Head of Growth Strategy
- Strategizes and executes growth opportunities for portfolio companies
- Former Consultant at Bain & Company (4 years)
- Stanford graduate (2018) in Symbolic Systems with HCI focus
- Based in New York, NY
Fund Status and Recent Activity
Fund Structure:
- Black Star Fund I: $12M AUM (Closed July 2021)
- Black Star Fund I Growth Fund: In fundraising for follow-on investments in Fund I companies
- Black Star Fund II: In fundraising for new company investments
Recent Activity (2024-2025):
- Latest investment: Partake Foods (April 2024)
- Recent investment: The Most (February 2024)
- Active portfolio engagement across all 19 companies with increasing press features
Geographic Focus
- Primary: United States (Sacramento-based, but national reach)
- Secondary: Africa (explicit mention in investment thesis)
Founder Preferences
Black Star Fund explicitly targets:
- Black founders (all-Black founder portfolio)
- Experienced entrepreneurs
- Founder-operators with vision
- Sectors with Black consumer relevance
Notable Portfolio Companies
Companies with major recognition include Acclinate (digital health), Actively Black (social commerce), Partake Foods (better-for-you snacks), Take Back The Mic Studios (content), CEEK Metaverse, and Reviver (retail tech). Portfolio has collectively raised $180M+ demonstrating strong investor appeal.