More than 1,000 venture capitalists, collectively managing over $276 billion in assets, have pledged their support for Democratic presidential candidate Kamala Harris.
The VCs for Kamala initiative, led by venture fund founders Shila Nieves Burney of Zane Venture Fund and Leslie Feinzaig, aims to rally support for Harris as she competes against Donald Trump. This effort has garnered backing from notable tech figures, including Mark Cuban, Steve Wozniak, Jesse Draper, Ron Conway, Katie Stanton, and Aileen Lee.
These influential voices from Silicon Valley and beyond are committed to electing Vice President Kamala Harris as the next president of the United States. Trump, too, has his own formidable backers, such as Elon Musk, Marc Andreessen, and Ben Horowitz.
I spoke with Nieves Burney about the motivations behind this effort, which is somewhat unexpected given that VCs often prioritize business over politics.
Nieves Burney is dedicated to advancing underrepresented founders through entrepreneurship and venture capital. Her reputation as a leading venture capitalist in the Southeast, combined with her commitment to uplifting minorities, has led to substantial investments for Black, Asian, Latinx, and other underrepresented tech founders.
"The future of our democracy is at stake, and equality is under attack, which threatens our professional values and the social fabric of our country,” she stated. “We must organize for the future we believe in. You can't build businesses and create jobs in an unstable economy with an unpredictable leader. Stability is essential for prosperity."
Recently, Nieves Burney also spearheaded a petition to condemn a lawsuit against the Fearless Fund, which has been accused of illegally discriminating in favor of Black women. Her support for Harris, whom she praises for backing entrepreneurs from underrepresented groups, aligns with her moral and business values.
“A robust and equitable democracy fosters business growth,” Feinzaig expressed in a statement. “I realized there are many in venture capital who don't share the same values as those supporting Trump, and we should voice our beliefs."
While Andreessen and Horowitz have transitioned from the Democratic Party to support Trump—managing approximately $42 billion collectively—the $276 billion represented by the VCs backing Harris underscores a significant financial commitment. Nieves Burney plans to host a mixer in Chicago during the Democratic National Convention, with additional events in San Francisco and Los Angeles prior to Harris's campaign activities in October.
Here’s a focused summary of our interview.
Shila Nieves Burney, Venture Capitalist at Zane VC
a media: How did you begin your journey in venture capital?
Shila Nieves Burney: Initially, I invested in funding programs for large institutions, focusing on marginalized communities. After launching my own company in 2018, I transitioned to venture capital to support underserved founders. Our fund, launched in 2019, aims to elevate overlooked tech innovators.
a media: Were you always based in Atlanta?
Nieves Burney: Yes, I primarily focus on the Southeast, which is one of the most underfunded yet diverse regions. We aim to back companies that address pressing issues like quality of life and education through what we call the “healthy human economy.”
a media: How much has your fund raised?
Nieves Burney: Our first fund raised just under $3 million. We're targeting $30 million for our new fund, launching in September.
a media: How many investments have you made, and what sectors?
Nieves Burney: We've invested in nine tech-enabled companies, focusing on upskilling talent and innovative solutions for formerly incarcerated individuals, IoT, and ad tech.
a media: Have you had any exits?
Nieves Burney: Not yet, but one of our companies, SkillCycle, has been recognized by the Financial Times and Inc. for its rapid growth.
a media: Have you always been politically active?
Nieves Burney: Yes, I’ve worked on behalf of marginalized communities throughout my career. My involvement in the Fearless Fund lawsuit and my activism aligns with my passion for change.
a media: What’s the current sentiment about raising money for underrepresented tech founders?
Nieves Burney: Capital for many is diminishing. Founders express concerns about their ability to raise funds, especially in a difficult market. It's crucial to support these entrepreneurs to maintain their trust in us.
a media: What is the current standing of Georgia in terms of venture capital?
Nieves Burney: Georgia continues to rank low in venture funding. Compared to previous years, we're seeing billions less invested in 2023.
a media: Is startup activity picking up?
Nieves Burney: Yes, there's considerable buzz, especially with projects like the entrepreneurial hub in downtown Atlanta. Events like Atlanta Tech Week showcase the growing support for entrepreneurship.
a media: How did support for Kamala Harris take shape?
Nieves Burney: It began as a collective response to save democracy. Once Harris was solidified as a candidate, excitement surged. I reached out to my network and successfully involved many influential VCs.
a media: What unifies the supporters of your initiative?
Nieves Burney: We are pro-business, pro-American, and pro-technology, committed to amplifying the voices of the underrepresented. Our first event in Chicago during the DNC will foster engagement and fundraising.
a media: What differences between Harris and Trump prompted your involvement?
Nieves Burney: Harris’s leadership on initiatives like the SSBCI funding highlights her pro-technology stance. Unlike Trump, she articulates a vision for an equitable, tech-driven future that prioritizes sustainability.
a media: Have you organized political activities in the past?
Nieves Burney: Yes, I have a history of political activism, from marching against apartheid to supporting local campaigns. My commitment to democracy drives my current initiatives.
a media: Are you seeing a shift among those who historically avoided politics?
Nieves Burney: Absolutely. Many now seek to engage, prioritizing democracy above party lines. Even previous Trump supporters voice their concerns and desire for change.
a media: How many VCs have joined your initiative?
Nieves Burney: We currently have 803 supporters from diverse geographical areas, including Silicon Valley, New York, and Boston.
This initiative not only highlights the diverse support for Kamala Harris but also symbolizes a growing commitment among venture capitalists to advocate for democracy and underrepresented voices within the industry.
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