At the core of Brixton Village, three young African-American business owners have formed a vision: to create a 'black Silicon Valley' out of their neighbourhood.
Karl, Cyril, and Yvonne, all natives of south London, are the originators of Black Seed. This company is the foremost venture capital firm in Europe that commits its resources exclusively to black-owned businesses.
Yvonne informs me, when we congregate at their Brixton office, that the odds of an African-American businessperson in the UK being awarded money for their enterprise are much lower than the likelihood of contracting skin cancer.
This powerful statistic combined with the death of George Floyd in 2020 motivated these entrepreneurs to make a difference.
Black Seed has accumulated more than £5m since its inception in 2021 and plans to invest in 30 black-owned businesses by 2026.
The three entrepreneurs have stated that their aim is to make Brixton the center of black tech and form a connection between the City and the black founder community.
The founders have faced difficulty in achieving their current position.
I catch up with Karl Lokko, 33, who grew up at the estate on which we are meeting.
At the age of 12, I had my first exposure to the trauma of violence when I saw someone get shot. Because of this, I found myself deeply entwined in the gang lifestyle and adopted it as my own.
Karl was able to completely re-direct his life, stating "from the age of 18 I made a conscious effort to reject gang-related activity, and I was lucky enough to escape".
He was eager to contribute to his community and consequently started providing consultation services to local government as well as acting as an advisor to Prince Harry.
He did not comprehend the ability he had to assist black investors until he encountered his colleague Cyril Lutterodt, aged 29.
Cyril exemplified the experience of a black business owner in the UK attempting to acquire funds for their company, he stated.
Karl met Cyril as the 29-year-old was seeking out investors for his tech business. Despite having pitched to more than 100 possible investors, Cyril was unsuccessful in garnering any financial support.
He shares with me how challenging it was to secure funding, having received so many rejections.
He states that he had to cope with a great many rejections and, ultimately, he understood that he was not alone in having difficulty in expanding his business as a black entrepreneur.
The entrepreneurs we are currently collaborating with have three requirements: capital, contacts and access. We strive to supply them with all of these components.
When speaking to the founders, it's clear that Black Seed does more than merely invest in companies - it has a strong focus on its community as well.
Yvonne Nagawa states that black entrepreneurs often lack mentors and support networks compared to other start-up founders. She has spoken to numerous such people.
She chose to leave her finance position after 30 years to pursue a career with Black Seed exclusively.
"She describes feeling exhausted by her previous outbursts of rage and wanting to do more than just shout," she said.
I have the honor of creating a fund in the center of Brixton and providing assistance to the neighborhood that essentially nurtured me.
Thus far, Black Seed has been organizing frequent community gatherings, ranging from fireside discussions with thriving entrepreneurs to networking dinners. The trio plans to keep hosting these events in addition to making investments.
Yvonne states that to this point, they have served in the neighborhood of 2,500 to 3,000 firms, furnishing them with mentoring, networking possibilities, and investment.
Black Seed has taken notice of a mom and daughter team who manage an online fashion and wellness business.
Caliya and Rose Sterling, hailing from Ealing, west London, initiated The Pro Box seven years ago and have been getting aid from entrepreneurs since then.
Rose states that with Black Seed's assistance, they have been able to broaden their circle of connections and interact with other business owners to exchange concepts.
They have confirmed our identity as founders and given us the confidence to create a more convincing proposal."
It is highly difficult to obtain financing for one's business in the UK; however, being affiliated with Black Seed has created many opportunities for us.
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