Founders First Capital Partners announced its initial close for a Series A financing led by The Rockefeller Foundation to support diverse, underserved and underrepresented entrepreneurs.
PixabayA group of 400 service-based small businesses led by women, indigenous people, people of color, and military veterans has benefited from a $9 million impact fund anchored by the Rockefeller Foundation.
Out of the 400 companies, 83% reported increased revenues in 12 months, and 53% increased revenues by 25% in six months, according to Founders First Capital Partners, which has channeled the fund over the past five years.
The Surdna Foundation, Kauffman Foundation, Lindmor Foundation, and other impact investors joined the Rockefeller Foundation in contributing to the Series A funding.
“With this investment we can greatly increase our reach to diverse business owners who are poised for high growth but aren’t a fit for venture capital or have the assets to meet traditional lending requirements,” Kim Folsom, founder and CEO of San Diego-based Founders First Capital Partners, said in a statement Monday.
This $9 million Series A funding will accelerate the deployment of the company’s $100 million credit, which the 400 companies could tap into.
Minority-owned small businesses were hit hardest by the Covid-19 pandemic, and Black-owned businesses closed at nearly twice the rate as firms overall at the onset of the pandemic, according to a recent report by the Federal Reserve Bank of New York.
“We have reached a critical inflection point exposing the urgency of leveling the capital access playing field for these businesses, which are key engines of growth in their communities,” Maria Kozloski, senior vice president of the Rockefeller Foundation’s innovative finance initiative, said in a statement Monday.
This funding is part of the Rockefeller Foundation’s Zero Gap Fund, launched in partnership with the John D. and Catherine T. MacArthur Foundation through the Catalytic Capital Consortium (C3) two years ago.
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March 02, 2021 at 04:53AM
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Rockefeller Foundation-Anchored Impact Fund Gives Boost to Minority-Led Businesses - Barron's
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