Ascend Venture Capital Doubles Down on Underrepresented Founders, Brings on Yinka Faleti

The former candidate for Missouri secretary of state joins the St. Louis venture capital firm to increase opportunities for diverse founders across industries.

ST. LOUIS, May 4, 2022 /PRNewswire/ -- Ascend Venture Capital, a thematic micro venture capital firm in St. Louis, launched today its newest Opportunity Fund to provide up to $25 million in financing and operational support to early-stage startups led by Black, Latinx, women, immigrant, and LGBTQIA+ founders.

The venture capital financing scene has built a habit into an injudicious market dislocation. Just 2.5% of venture capital dollars have been garnered by diverse founders since 2015, despite a demonstrated history of up to 63% better returns and valuation multiples.

Ascend's team recognizes this imbalance of resources, which is why it has brought aboard Yinka Faleti as partner to focus on creating opportunity for historically marginalized entrepreneurs.

"Ascend is thrilled to welcome Yinka Faleti as partner," said Dan Conner, Ascend general partner. "With his passion for breaking down barriers and unbridled entrepreneurial spirit borne of an inspiring journey through poverty, service, and hard-won achievement, Yinka's leadership will benefit Ascend and its diverse founders in myriad ways."

Yinka joins Ascend from an astonishing path as a former candidate for Missouri secretary of state, executive director of Forward Through Ferguson, senior vice president of United Way of Greater St. Louis, prosecutor at the St. Louis Circuit Attorney's Office, and litigation attorney at Bryan Cave Leighton Paisner. Prior to his work in St. Louis, Yinka served as an officer in the active-duty United States Army, where he earned the rank of captain, leading soldiers in tank units on multiple deployments to Kuwait — both prior to and in response to Sept. 11, 2001. Yinka earned his undergraduate degree and officer commission from the U.S. Military Academy at West Point. He earned his law degree from Washington University in St. Louis School of Law.

"With its cohort-leading strategy, commitment to ethics, and principled approach, Ascend is a rising figure among top venture capital firms in the Midwest," said Faleti. "I look forward to maximizing Ascend's impact through supporting promising founders who traditionally have been overlooked or underfunded."

Ascend's Opportunity Fund will directly support its ability to generate market-leading returns. Currently, Ascend has investments in 18 mission-critical, data-centric technologies set to power the future states of industries. Many of these technologies are run by diverse founders, including next-generation food science company Journey Foods, white-label connectivity-as-a-service tech leader OXIO, parametric weather insurance marketplace Arbol, and fashion industry revisionist rOS.

"Making investment decisions based on the merit of the companies above all else was the first step. It reveals opportunities for us to invest in moonshot companies that were being overlooked by other VC firms," said Conner. "We're excited to take an active role as a part of the solution by redoubling our bet against this market dislocation."

Moreover, new data suggests that representation that more closely resembles the diversity of the population could increase overall job numbers and economic growth by leaps and bounds.

"The outsized impact of these businesses is staggering," Faleti explains. "Helping underrepresented populations build successful businesses is linked with better governance, employee satisfaction, stock price outperformance, and higher revenues."

Ascend is opening the Opportunity Fund to select limited partners, targeting $25 million in forward-thinking capital.

About Ascend Venture Capital

Ascend Venture Capital is a thematic micro venture capital firm in St. Louis that provides financial and operational support to startup founders looking to scale. Ascend specializes in data-centric tech that revolutionizes the economy and enables industry acceleration. The firm's headquarters are in St. Louis — the heart of the Midwest startup space. Visit Ascend online at www.ascendstl.com.

Contact Information:
Mason Aid, PR Strategist at Influence & Co.
Phone: 573-825-1021 
Email: [email protected]

SOURCE Ascend Venture Capital

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