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The technology sector is volatile and Backstage Capital Founder and Managing Partner Arlan Hamilton experience this first hand. Last May, Hamilton announced the launch of a $ 36 million fund intended to invest in as many women of color as possible. But the $ 36 million fund, which would be Backstage's second fund, has not been closed yet, as reported by Axios this morning.
"We had some anchors that forced us to start all over again, and any fundraising that is not Type 16 or Sequoia is a long process :)," Hamilton said in TechCrunch in a direct message from Twitter. "We're still here, talking to records, doing our job … conquering the world while adapting ourselves."
At one point, Backstage was in discussion with the Alliance, previously headed by Carlos Ghosn, two weeks before his arrest. They were discussing a $ 5 million operating contract, Hamilton had already told Axios.
In some tweets this morning, Hamilton pointed out that since the company's inception in 2015, it has invested in more than 100 companies. In 2018 alone, Backstage Capital portfolio companies raised more than $ 50 million in additional funds and launched an accelerator in four cities.
2 / ☔️ 100+ companies invested in
50 $ 50 million raised per portfolio in 2018
Accelerator City4 cities
7 7 M $ + raised through fairness / rev
$ 36 million for black women… in * this * body!
Grew a lot, built a ton, had a few L, reduced, will redo everything.
… and just start. pic.twitter.com/IknMqGBKgg9
– Arlan ?? (@ArlanWasHere) March 19, 2019
Backstage Capital closed its first fund of $ 5 million at the end of 2016, which included everything from a mobile application that takes pictures and turns them into nail art (NailSnaps) to a woman working on a drone capable of performing the work. stop the bullets in the air (Astral AR). Backstage Capital's sponsoring partners include people like Stewart Butterfield, CEO of Slack, Heather Hiles, former CEO of Pathbrite, and Aaron Levie, CEO of Box. Hamilton has already told TechCrunch that closing the fund takes about 16 months. She hoped that this fund would be closed in about a tenth of that time.
Currently, Hamilton is focusing on the accelerator, Backstage Studio, but also said that she did not stop fundraising for the $ 36 million fund. Hamilton, however, confirmed that Backstage had had to lay off two people and had "never had enough capital to fulfill its aspirations," she said in a message sent directly to Axios' Dan Primack.
"We pay the bills with investment money in Backstage Studio and revenue from sponsors," said Hamilton. "We have raised $ 2 million in the last 14 months and generated $ 1 million in rev. We grew up a ton in 2018 and shipped even more. We did with $ 3 million what it would have taken the others 2 to 3 times more than we think. "
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