The Blueprint VC: Investing in Diversity and Inclusion in the EU
Fabrice do Rego, a former fund manager with a long career in finance, noticed a lack of diversity in the industry. This realization led him to co-found The Blueprint VC with Ibrahim Ouassari, with the aim of supporting founders from under-represented backgrounds in France and Belgium. The firm focuses on investing in mixed teams with diverse origins, primarily focusing on gender and ethnicity. Launched in December 2021, The Blueprint has already started raising a €25 million fund and has invested in two companies.
The Importance of Diversity in Venture Capital
Do Rego believes that diverse teams perform well but are not receiving enough capital allocation. He states, “There’s a lot of money being left on the table.” With this in mind, he decided to take action and create opportunities for under-represented founders. By investing in diverse teams, The Blueprint aims to bridge the gap and ensure that talented individuals from marginalized groups have access to funding and support.
Investment Strategy and Focus
The Blueprint focuses on seed and pre-seed rounds, providing checks ranging from €100,000 to €400,000. The firm also has a reserve for follow-on investments. While it is sector-agnostic, The Blueprint does not currently invest in deep tech or biotech. The focus is on supporting founders from diverse backgrounds and helping them grow their businesses.
Challenges Faced in Raising the Fund
Raising a fund dedicated to diversity and inclusion has not been without its challenges. Do Rego admits that it has been more difficult than he expected. One of the main obstacles they faced was the skepticism around the availability of diverse talent to invest in. Institutions questioned whether there was enough pipeline of diverse founders in France and Belgium.
Another challenge specific to continental Europe is the lack of a strong and connected community of Black individuals with wealth. Do Rego explains that having such individuals as limited partners is crucial for raising the first fund. The Blueprint’s minimum target size is €25 million, and anything below that threshold makes it challenging to establish a professional fund. They initially aimed for a first close of €12 million but may reduce it to €10 million to deploy the funds more quickly.
Cultivating the Next Generation of Talent
In addition to investing in diverse founders, do Rego believes in cultivating the next generation of talent in the EU. He emphasizes the importance of mentorship and providing opportunities for young individuals from under-represented backgrounds to gain experience and exposure in the finance and venture capital industry. By creating a supportive ecosystem and offering guidance, The Blueprint aims to empower aspiring entrepreneurs and investors.
The Future of The Blueprint VC
With their fund-raising efforts underway and investments already made, The Blueprint VC is poised to make a significant impact on diversity and inclusion in the EU startup ecosystem. By backing founders from under-represented backgrounds, the firm aims to not only provide financial support but also create a more inclusive and equitable landscape for entrepreneurship. As they continue to invest in diverse teams and foster the growth of talented individuals, The Blueprint VC is set to be a driving force for positive change in the industry.
In conclusion, Fabrice do Rego’s journey from a successful finance career to co-founding The Blueprint VC highlights the importance of diversity and inclusion in venture capital. By investing in mixed teams with diverse origins, The Blueprint aims to address the lack of capital allocation to under-represented founders. Despite facing challenges in raising their fund, do Rego remains committed to cultivating the next generation of talent and creating opportunities for marginalized groups in the EU startup ecosystem. With their investment strategy and focus on diversity, The Blueprint VC is well-positioned to make a lasting impact on the industry.
