Wink Therapeutics, a Miami-based biotech startup developing a potential treatment for Type 1 diabetes, won the top prize at a pitch competition hosted this past weekend by Venture Black, a Seattle-based nonprofit supporting Black founders and investors.
Founded last year, Wink is using RNA-based technology licensed from the University of Miami. It’s led by Warren Marcus, a biotech industry vet who was previously a director of research and business development at Seattle-based Adaptive Biotechnologies.
“We use injectable RNA therapeutics to restore a person’s own glucose control system, by restoring pancreatic beta cell mass and protecting these cells from T-cell attack,” Wink says on its website.
Wink landed an investment between $50,000-to-$100,000 from an angel investor group associated with Venture Black, which recently absorbed what was formerly known as the Washington State Black Angel Network.
“Venture Black is a 501(c)3 with a mission to connect, empower, and support the Black venture community by fostering relationships, sharing knowledge, and creating opportunities that are vital for a thriving and inclusive startup ecosystem at venture scale,” said Evan Poncelet, executive director at Venture Black.
Poncelet said the nonprofit wants to help increase pre-seed funding to Black founders. The share of U.S. startup funding going to companies with Black founders hit a multi-year low in 2024 at just $730 million, or 0.4% of all funding, according to Crunchbase.
Poncelet is also the founding managing partner at Dreamward Ventures, a Seattle-based emerging fund that invests in diverse founders.
Poncelet, a former senior engineer at Cisco and R&D specialist at Fluke Networks, runs Dreamward with Jesse Posey, a scientist by training who previously worked at Nodes Advisors AG, a Swiss investment group.
At the event this weekend, Venture Black also awarded a smaller check to CAUHEC, a Los Angeles-based startup led by Elaina McAdams that is tackling the healthcare staffing shortage.
Other companies that pitched at the event include Addis Care, which helps caregivers in adult care centers; Identities.ai, which detects deepfakes in enterprise communications; and Mozart Genie, which helps companies turn data into marketing campaigns.
Venture Black is hosting its upcoming Q3 Venture Conference Aug. 30 in Seattle.
The event on Saturday featured a keynote presentation from Mark Monroe, a Seattle tech entrepreneur who leads digital agency From The Culture.
