How Lightspeed and Atomico Are Using Scout Programs to Reshape VC Diversity

Most venture capital scout programs exist to find deals. Lightspeed Venture Partners and Atomico have built theirs to find people — specifically, the next generation of diverse investors who will reshape the industry from the inside out.

While both firms benefit from expanded deal flow, their scout programs are designed around a thesis that the rest of the industry is still catching up to: representation at the earliest stages of investing produces better outcomes for everyone.

Lightspeed: Building the Pipeline from Underrepresented Communities

Origins

Lightspeed launched its scout program in 2020 with a deliberate focus on bringing together leaders from Black, Latinx, Indigenous, and Pacific Islander communities. Rather than simply extending partner networks, Lightspeed set out to build an entirely new pipeline of emerging investors.

The program now includes 42 scouts from underrepresented communities, each receiving capital and support to make early-stage investments alongside Lightspeed.

How It Works

Lightspeed scouts are selected for their entrepreneurial backgrounds, operator experience, and networks that reach communities traditionally underserved by institutional venture capital. They work directly with Lightspeed partners and their fellow scouts to identify founders, develop investment theses, and build personal track records.

The support goes beyond capital. Lightspeed provides programmatic training, community resources, and mentorship designed to help scouts develop as independent investors. The goal isn't just to source deals — it's to produce the next generation of fund managers.

The BLCK VC Partnership

Lightspeed deepened its commitment to diversity through a partnership with BLCK VC, creating the BLCK VC Scout Network. This collaboration connects Lightspeed's capital and infrastructure with BLCK VC's community and mission, expanding the pipeline of Black investors entering the venture ecosystem.

Results

The program has produced measurable results. Notable alumni include LaDante McMillon and Ivan Alo, who went on to launch New Age Capital, and 2019 scout Monique Woodard, who founded Cake Ventures. These aren't token outcomes — they're proof that scout programs can serve as genuine launching pads for diverse fund managers.

Lightspeed's bet is that the founders building the next generation of great companies will come from communities that today's VC industry doesn't adequately serve. By training and funding scouts embedded in those communities, the firm is positioning itself to see those companies first.

Atomico: Europe's Angel Accelerator

Origins

Atomico's Angel Programme launched in 2018, created by Niklas Zennström — the Skype co-founder who built Atomico into one of Europe's most respected venture firms. But unlike Silicon Valley scout programs designed to feed deal flow upward to the partnership, Atomico's program was built around a fundamentally different premise.

Atomico doesn't do seed investments. The firm backs companies at Series A and beyond. So the Angel Programme isn't about building a proprietary deal pipeline — it's about strengthening the entire European startup ecosystem at the stage Atomico doesn't directly invest.

How It Works

Angels are selected on a 12-month rotating basis. Each receives $100,000 to write multiple early-stage checks into founders of their choosing. Angels operate with full autonomy — they pick their own deals, set their own pace, and run their own diligence.