Beringea’s U.K. funds have achieved Level 2 in the Diversity VC Standard
Beringea, the transatlantic venture capital investor, has been accredited as a Level 2 firm in the Diversity VC Standard, an assessment and certification that evaluates best practice for diversity and inclusion in the venture capital (VC) sector. This process considered the hiring practices, culture, investment strategy, and portfolio management of Beringea’s U.K. funds.
In achieving Level 2 – the highest level of certification currently available through the Diversity VC Standard – Beringea has been recognised as developing and adopting best practice for diversity and inclusion throughout its operations as a VC firm.
Beringea has a longstanding commitment to nurturing diverse talent throughout its team. Currently, 42 per cent of Beringea’s U.K. investment team are women, as well as 40 per cent of its investment committee in the U.K., and investing in Europe is led by Karen McCormick, Chief Investment Officer. There remain, however, areas for improvement within Beringea and across the VC industry.
Data from Dealroom – a Beringea portfolio company – found that 82 per cent of venture capital investments made in the U.K. between 2017 and 2021 backed all-male founding teams, with only 7 per cent of investments going to all-female teams. Similarly, Extend Ventures – a non-profit focused on improving diversity in start-ups and venture – found that only 3 per cent of venture capital deals in the U.K. in 2020 and 2021 backed founding teams from entirely ethnic minority backgrounds.
Through completing the Diversity VC Standard, achieving Level 1 in 2021 and Level 2 in 2022, Beringea has sought to continue to improve its approach to DEI and the practices it implements to strengthen particularly gender and ethnic diversity within its team, portfolio, and the wider venture capital ecosystem. Beringea is also a signatory to the Invest in Women Code, and it has played a critical role in several industry initiatives that tackle DEI across venture capital and start-ups.
Maria Wagner, who led Beringea’s accreditation through the Diversity VC Standard in 2022, is a founder of the influential Ladies in VC network and she has recently established Europe’s first Mums in VC network. Beringea is also co-founder and chair of ESG_VC, a network of VC firms including Atomico, Seedcamp, Molten and Lakestar that supports venture-backed businesses in improving DEI among other issues.
James Adams, Head of Talent at Beringea, commented: “Solving the social, economic, and environmental problems that we face today will require thinking in diverse and original ways, which is why my work as Head of Talent at Beringea advocates for greater inclusion, and more diversity of thought and experience across our portfolio. This recognition as a Level 2 firm is one small step in our efforts to lead by example in ensuring we are committed to building a diverse team ourselves.”
Maria Wagner, Partner at Beringea, commented: “Achieving Level 2 in the Diversity VC Standard is a significant milestone for Beringea and a reflection of our ongoing commitment to driving greater diversity and inclusion within our firm, across our portfolio, and throughout the VC industry. There remains plenty of work to be done, but our work in building a gender-balanced team at Beringea has already had a significant impact.”