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More than half the founders of $1 billion U.S. startups were born abroad (see, “Immigrants and the American Economy).
An Obama-era rule, postponed by the Trump administration, would have given foreign-born entrepreneurs access to special visas. The National Venture Capital Association and other entrepreneurs in September filed a lawsuit in D.C. federal court to save the rule.
Now, some VCs are putting their money where their mouths are. Catalyst Investors, a $1-billion New-York-based firm, recently led a $21 million roundfor Envoy Global, which helps employers navigate immigration and visa procedures for foreign-born workers. (General Catalyst, based in Cambridge, Mass., with $3.7 billion in assets, joined the round.)