The Business Development Bank of Canada’s venture capital arm is launching a $10-million Black Innovation Fund in partnership with Black Innovation Capital. The fund, which will invest in pre-seed and seed-stage companies with Black founders, has raised $6.4 million so far. (The Logic)

Talking point: BDC—whose mandate includes filling gaps in Canada’s funding ecosystem—has been ramping up support for Black and Indigenous founders in recent months. It committed $130 million to the $291.3-million Black Entrepreneurship Loan Fund in May, and in April, it announced $50 million for the nearly $150-million Indigenous Growth Fund. The funding is meant to address longstanding barriers that Black and Indigenous founders face, many of which the pandemic has exacerbated. A recent report from the Canadian Black Chamber of Commerce found that COVID-19 has widened gaps for Black business owners in accessing capital and other support.