“When you unpack the statistics that only 0.004% of $330B in VC capital in 2021 was invested in Native/Indigenous founders, you uncover systemic frameworks keeping Native and Indigenous communities out of sight, out of reach of many things like education, entrepreneurship, and wealth creation,” explains Nicole Johnny (Dine), Investment Associate at Raven Indigenous Capital Partners. These barriers, Johnny argues, have created a deep-rooted cycle that marginalizes Native and Indigenous communities, stifling their visibility and economic potential.​

Nicole Johnny of Raven Indigenous Capital Partners; Photo by Matt Foster of Matt Foster Studios

As North America’s first Indigenous-led venture capital intermediary and impact-driven investment firm, Raven Indigenous Capital Partners addresses this cycle head-on. Founded with a clear mission to uplift Indigenous entrepreneurship, Raven has strategically focused its investment efforts solely on Indigenous and Native American-led businesses in Canada and the United States.

“We understand the hurdles that Native / Indigenous founders face and understand the concept of giving back to our communities without question,” says Johnny.

The firm’s first fund, launched in 2019, set an initial target of $5 million but swiftly exceeded expectations by closing at $25 million, providing crucial early-stage capital to Indigenous ventures. With the launch of its second, substantially larger fund of $110 million, Raven is demonstrating that Indigenous ventures offer powerful opportunities for both impact and growth. Fund II specifically targets innovative, scalable businesses from pre-seed through Series B stages, reflecting Raven’s ambition to expand the presence and potential of Indigenous enterprises in the broader economic landscape.

However, Raven’s approach goes far beyond capital deployment alone. Johnny explains that Raven’s methodology is firmly rooted in the core values and traditions of the communities they support. This culturally informed approach guides every investment decision, ensuring alignment with the broader community’s values and priorities. Central to Raven’s ethos is the foundational principle of trust — viewing investments not merely as transactions but as meaningful relationships.

“We understand that our humanity is the thread that holds all of us together. Trust can be so easily overlooked, but in our communities, we are more relational-based and less transactional-based, and with this comes trust.” Johnny elaborates further, “If you look to understand Native / Indigenous communities, you’ll see this comes through in the way we address each other, in our clan systems, and in how we relate to one another. It’s this call to acknowledge the human connection first before anything else. That’s what we strive to do at Raven.”

Raven is demonstrating that Indigenous ventures offer powerful opportunities for both impact and growth.

The necessity of such an approach becomes evident when considering the structural barriers Indigenous entrepreneurs encounter, particularly around funding access and economic visibility. Johnny points out that non-Native funds often lack a comprehensive understanding of Indigenous economies due to gaps in census data and economic intelligence, which perpetuates misconceptions around the scale and presence of Indigenous economic activity — as though they “aren’t present right now”. According to the 2023 U.S. Census Bureau data, 48,582 American Indian and Alaska Native-owned businesses generated $54.4 billion in receipts, employed nearly 308,000 individuals, and distributed about $12.9 billion in payroll. Yet, despite these impressive figures, Native entrepreneurs still struggle to attract the attention of mainstream capital providers.

“We’re here, we’ve always been here, and we will remain,” Johnny insists, highlighting the resilience and tenacity inherent in Indigenous communities explaining how inadequate economic data perpetuates narratives of invisibility and minimal impact, which further entrenches systemic biases and limits investment in Native entrepreneurship.

Raven’s Impact Measurement Framework; Courtesy of Raven Indigenous Capital Partners

Unique structural challenges compound the difficulty of attracting capital. One key issue is the difficulty of leveraging equity-backed funding for Native entrepreneurs, particularly those operating businesses on Tribal lands. Johnny explains how businesses based on reservations often cannot collateralize their assets due to Federal Trust restrictions on land ownership. While urban-based Indigenous entrepreneurs might have somewhat better access to traditional forms of capital, they also face unique challenges tied to their identity and community relationships.

“We’re here, we’ve always been here, and we will remain,” Johnny insists.

Additionally, Indigenous entrepreneurs operating on or with reservations often navigate complex bureaucratic requirements imposed by Tribes, such as specific registration processes and variable Tribal tax structures. Johnny elaborates: “Once you start to get the capital pieces together for a business, if an Indigenous entrepreneur decides to sell to or operate within their Tribe, they must manage various documentation and taxation frameworks which varies from Tribe to Tribe.”

A further complexity is the intersection of business growth and cultural preservation. Many Indigenous entrepreneurs see their ventures not merely as enterprises but as vehicles for community empowerment, cultural continuity, and intergenerational wealth transfer. Johnny notes how discussions around equity-backed investments and exit strategies—standard conversations in venture capital circles—are often challenging for Indigenous founders who envisage passing their businesses down to their descendants.

“The reason we haven’t seen a larger influx of funding going to Native and Indigenous entrepreneurs is the mix of not knowing this is available, and then becoming familiar with how to access this type of capital,” Johnny explains. Consequently, Raven places a significant emphasis on educating both founders and potential investors, striving to bridge knowledge gaps while respecting the cultural values and visions of Indigenous entrepreneurs.

Recognizing these unique needs, Raven Capital doesn’t just provide financial resources; it also offers mentorship, capacity-building support, and strategic business development guidance. This holistic approach helps entrepreneurs navigate both the practical and cultural aspects of scaling a business. Raven’s approach also extends to broader community engagement, actively fostering connections between portfolio companies, Native communities, and relevant stakeholders.

Crucially, Raven’s investment strategy is deeply informed by UNDRIP, reinforcing a culturally authentic path forward for Indigenous entrepreneurs. Companies supported by Raven are encouraged to select an Article from UNDRIP to align their impact outcomes, co-creating value-creation plans that ensure their businesses genuinely benefit Indigenous communities.

Johnny believes that redefining the narrative around investment in Indigenous-led ventures is crucial.

“We couldn’t exist as ourselves and as our ancestors did, so following UNDRIP gives us the support and encouragement to exist in spaces just as we are–as Indigenous/Native people,” Johnny explains, emphasizing how essential this framework is for both cultural affirmation and sustainable economic progress when, not long ago, boarding schools deprived Native people of their language, connecting with family, culture, and ancestral land.

Johnny passionately challenges the broader investment community, urging them to proactively educate themselves about Indigenous histories and cultures rather than expecting entrepreneurs to bear this responsibility. “Entrepreneurs shouldn’t have to educate funders on Indigenous history and culture. Investors must educate themselves and come prepared for meaningful conversations,” she advises.

“I think people need to realize that we move at the pace of trust as our communities have been overlooked and extracted from for so long that we might proceed a little slower than the pace around us,” explains Johnny.

Ultimately, Johnny believes that redefining the narrative around investment in Indigenous-led ventures is crucial. She pushes back against prevailing misconceptions that label such investments as risky, instead reframing the discussion around the significant opportunities they present for genuine social, economic, and cultural advancement.

“Entrepreneurs shouldn’t have to educate funders on Indigenous history and culture. Investors must educate themselves and come prepared for meaningful conversations.”

What’s really at risk, Johnny provocatively asks, challenging conventional investor hesitations, is the missed opportunity for vibrant economic growth and genuine community empowerment.

Through its intentional, culturally attuned, and trust-centric model, Raven Indigenous Capital Partners exemplifies how venture capital can meaningfully intersect with community well-being and cultural integrity. By shifting investment practices from purely transactional to deeply relational, Raven isn’t merely addressing historical and cultural divides and inequities—it’s actively fostering a future where Indigenous entrepreneurship can be funded to thrive authentically and sustainably.