Gold House Launches $30M Venture Capital Fund to Invest in Asian & Pacific Islander Founders
SAN FRANCISCO, April 19, 2022 (Newswire.com) - Gold House, the premier collective of Asian and Pacific Islander (API) leaders, debuts its $30 million fund — Gold House Ventures — to deliver market-first social impact in corner offices. The fund invests in founders of API descent; corrals capital through its preeminent investor network; delivers industry-focused accelerators; provides extensive marketing and talent recruitment support; and contributes 100% of management fees and profits back to Gold House to further the nonprofit's history-making work.
Asians are among the least likely demographic to be promoted to management. In technology, Asians account for ~30% of the total workforce but are less than 14% of executive ranks and single digits in the C-Suite and boards. However, an estimated 16% of the top companies founded in the last decade have at least one API founder (despite being 7% of the nation's population) while nearly 42% of last year's Forbes Midas list was API — underscoring an opportunity to remove the ceiling by founding companies.
"Gold House was forged to rewrite a history that's been handed to us. It's time to ensure that what we believe is who we can become — not just for the API community but for all communities through equitable hiring, multicultural consumer engagement, and collective economic success," said Bing Chen, President of Gold House and General Partner of Gold House Ventures.
Gold House Ventures invests across industries and stages — always in lockstep with world-class investors. Investing partners include Accel, Alley Corp, Bain Capital, Basis Set, Bling Capital, CircleUp, Coatue, Decibel, Eniac, Floodgate, General Catalyst, GGV, Goodwater, Graph Ventures, Imaginary Ventures, Juxtapose, Lightspeed, Maveron, Mayfield, NEA, Northzone, Tribe, Trinity, Upfront, Wing VC, and Xfund.
"Many iconic companies are founded and run by API entrepreneurs. We want to back the next generation of great API founders and shine a spotlight on their success to inspire more to pursue their entrepreneurial dreams," said Eric Feng, GP of Gold House Ventures and former GP at Kleiner Perkins.
Gold House Ventures' investors include C-suite executives of major corporations; successful API founders (Binance Labs, YouTube, Twitch, DoorDash, Credit Karma, Zuora, Zola, FiscalNote, Honey, GOAT, and more); and cultural leaders with business success such as lifestyle icons Eva Chen, Michelle Phan, Padma Lakshmi, and Prabal Gurung; Grammy-winning musicians Anderson .Paak, Agnez Mo, Dumbfoundead, and Transparent Arts; artists Bowen Yang, Daniel Dae Kim, Gemma Chan, and Ronny Chieng.
Gold House has a long history of supporting diverse entrepreneurs through the leading API founder network, marketing benefits via extensive media and entertainment partnerships, and accelerators like Gold Rush (the preeminent API founder accelerator), — whose new, biannual class also debuts today.
"Since Gold Rush launched three years ago, alums have raised over $370 million in follow-on funding, with women representing over half of our participants and the ethnic diversity of each cohort reflecting API representation in the U.S.," said Megan Ruan, GP of Gold House Ventures.
More information at goldhouse.org/Ventures.
Source: Gold House