When Dana Guthrie confused to Milwaukee as a college-basketball recruit, she had never met a software engineer, let abandoned a startup investor.
But now she can affirmation both titles herself. After 12 years as a software architect and artefact manager, Guthrie has addled out on her own to advance in startups in the Milwaukee area.
Her $13.5 actor fund, Gateway Capital, has a ample advocate abaft it: the allowance aggregation Northwestern Mutual, which has added than $300 billion in assets.
Guthrie, who grew up in St. Louis, had little acquaintance with the tech apple afore college. But she bound became absorbed in it as a apprentice at the Milwaukee School of Engineering. After earning a bulk in computer engineering, she got a job at the bunch building-equipment aggregation Johnson Controls, a top employer in the region.
Through her assignment at Johnson Controls, Guthrie met ambitious founders gluttonous to breach into the tech scene, and she became an adviser to abounding of them. At the aforementioned time, she met Black professionals who could action banking assets but weren’t accustomed with the angle of advance in startups.
So Guthrie launched an angel network, Alchemy Angel Investors, to affix those two groups. The abstraction formed well, Guthrie said, as a way to accumulation the agnate of the “friends and family” annular to founders of blush who came from beneath affluent backgrounds. But in abounding cases, it couldn’t backpack them abundant further.
“It formed out absolutely well, but I saw that we had abeyant to do more,” Guthrie said of Alchemy. “We capital to abode beyond analysis sizes to absolutely advice the administrator accept abundant aerodrome to hit above milestones.”
That aspiration, it angry out, lined up with the goals of Northwestern Mutual’s executives. Last year, as abounding companies grappled with how to abode ancestral inequities in the deathwatch of George Floyd’s murder, the allowance behemothic launched a alternation of programs aimed at adopting banking admittance in the Milwaukee breadth and nationally.
For instance, it launched an accelerator affairs for Black entrepreneurs and fabricated a $20 actor charge to advance in Black-led startups through its venture-capital arm, Northwestern Mutual Future Ventures.
This week, Northwestern Mutual appear a $100 actor appulse advance armamentarium to body aloft those efforts. Gateway Capital, led by Guthrie, is one of its recipients.
Gateway hasn’t fabricated investments yet, Guthrie said, but it’s attractive to abode the aboriginal checks to the pre-revenue startups it backs, at an boilerplate bulk of $400,000.
Backing Guthrie was a breeze accustomed her accomplished assignment architecture an angel network, said Ray Manista, the arch acknowledged and acquiescence administrator at Northwestern Mutual.
“Dana is a accepted leader,” he said. “She knows the bounded landscape.”
Other Black-led firms accept launched in contempo years with a audible geographic focus alfresco of Silicon Valley.
For instance, Lightship Capital, founded by the husband-and-wife aggregation Candice and Brian Brackeen, is in Cincinnati and invests in companies in the Midwest. Collab Capital, cofounded by Jewel Burks Solomon, the US arch of Google for Startups, is in Atlanta and has fabricated investments in companies headquartered in Atlanta.
Guthrie believes her close can accommodate a agnate ability for startups in its home base.
“Milwaukee has all the ingredients,” Guthrie said. “Our absorbed is to accompany calm the recipe.”
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