Open this photo in gallery:

BKR Capital has raised $20-million for its second venture-capital fund aimed at supporting Black entrepreneurs.

Canada’s first institutionally backed Black-led venture fund said it has completed its initial round of fundraising for the Black Innovation Fund II, with a target to raise $50-million by the end of the year.

Co-founder and managing partner Lise Birikundavyi says keeping talent in Canada is especially important as U.S. President Donald Trump threatens the country’s sovereignty.

“We need to keep innovation at home,” Ms. Birikundavyi said. “We all want a Canada that is strong economically – where our children can grow up and have everything they need.”

The venture-capital firm invested in 15 technology companies as part of its inaugural fund and said those companies’ revenue is growing strong.

From the archives: BKR Capital makes compelling case for Black-led innovation

BKR Capital’s portfolio includes startup Moneta Health, which connects patients managing early-stage dementia, traumatic brain injuries or other forms of mild cognitive impairment to therapists. There are also sessions with AI assistants, which are then reviewed by therapists and discussed with the patients. Ms. Birikundavyi likened Moneta Health to “physiotherapy for the brain.”

The firm has also backed Woveo, an AI-powered financial platform that helps diverse entrepreneurs build affordable credit and financial security, as well as Protexxa, a cybersecurity platform now operating in nine countries.

“These innovators are working on problems that affect everybody,” Ms. Birikundavyi said, adding that it is rewarding to support entrepreneurs who may not have secured funding elsewhere.

“We believe we played a key role in making sure they were able to bring their innovation to the world,” she said.

Ms. Birikundavyi said global uncertainty has had little effect on the venture-capital firm’s strategy.

“We always invested in entrepreneurs trying to solve local problems, but we were thinking globally from day one,” she said.

Janet Bannister bucks tough venture-capital trend, raising $50-million for early-stage fund

Many Black Canadians are first- or second-generation immigrants who bring connections to growing markets in the Caribbean and Africa, Ms. Birikundavyi said. Those ties lend themselves to trade diversification and international expansion.

Ms. Birikundavyi said funding health care innovation is especially urgent, as resources are increasingly stretched in Canada. She said many newcomers have been trained to practice medicine in their home countries, for example, but struggle to realize their full potential in Canada.

“We feel strongly about taking care of our entrepreneurs in Canada and making sure that nobody is left behind,” Ms. Birikundavyi added.

“Ultimately, we’re the ones winning when we do that.”