Meet the New Voices Fund -- $100 Million for Women Entrepreneurs of Color
SheaMoisture Founder Richelieu Dennison Thursday announced the New Voices Fund -- a $100 million fund for women entrepreneurs of color -- at the 2018 Essence Festival. Dennis sold SheaMoisture to Unilever in 2017, and he said he would use the capital to create an investment fund for minority entrepreneurs, specifically women of color. Unilever and Sundial Brands contributed an initial investment of $50 million to the fund. “About six months ago, we announced that we were launching the new voices fund,” Dennis said. “I’m proud to say that we get to officially launch the $100 million New Voices Fund for women of color entrepreneurs here at Essence Festival this weekend. Over the past six months, we have already either invested in or committed to, over $30 million in black women entrepreneurs.” Women founders received less than 3% of VC dollars in 2018, and Black female founders received a paltry .02%. More here.