It can be tough for Black founders to identify the right funding opportunities. Luckily, a new tool is hoping to take the guesswork out of that research process.
In a news release, The Promise Venture announced the launch of its Search Fund platform, a vehicle described as a way to partner Black entrepreneurs with investment opportunities.
Founding partners Reggie Carter, Thomas Askew, Segun Olowofela and Michael Gilligan say they are on a mission to help bridge the racial wealth gap with the new platform and provide access to equitable opportunities.
“We can be a catalyst for creating a seat at the table, that’s when value can be shared, and change is really made,” expresses Reggie Carter, whose expertise lies in success growth strategies and talent development in a news release. “Our efforts will result in greater access to entrepreneurship through acquisition, serve as a solution for business owners addressing succession planning, and foster wealth creation for employees. Imagine improving the lives of hundreds of entrepreneurs, their families, and employees—that’s the American Dream!”
The platform’s launch comes at a time when investment in Black companies is at an all-time, discouraging low. As previously reported by ESSENCE, Black entrepreneurs received less than 2% of all VC dollars each year.
“Our goal is to foster an ecosystem where all entrepreneurs have an equal shot at driving and participating in financial value creation,” declares Michael Gilligan, whose expertise lies in strategy and leadership development. “Equity is the key to the shift we envision, and we’re excited to unlock the untapped talent that diverse entrepreneurs bring. Our success is rooted in the allies, partners and collaborators who desire to join our ecosystem.”
“We take an inclusive and results-oriented approach to investing,” adds Thomas Askew, whose talent development and operating expertise ensures superior candidate selection, strong revenue growth and top-tier operating results. “Our strategy allows us to partner with excellent operators and quality investors, who not only share our vision, but believe in it and will do their part to help us change the economic landscape and close the wealth gap of underrepresented communities.”