1863 Ventures, a nonprofit focused on providing capital and mentorship to early-stage underrepresented founders, is closing and reorganizing it into a for-profit company called New Majority Ventures, according to founder Melissa Bradley. It is said that it will become a group. The new organization will rely on financial sponsors and is said to be in talks with the Tides Foundation for this role.
Bradley started 1863 Ventures eight years ago to support founders of color. Since then, the organization says it has supported more than 5,000 founders and created 2,000 jobs. 1863 had two funds: 1863 Venture Fund I, which made 57 investments across the U.S., and the Innovation Equity Impact Fund (IIEIF), which made 40 investments in DC-focused companies. , Bradley told TechCrunch. Investments include edtech company Lingo, wellness company The Black Girl Doctor, and consumer company Harlem Candle Co., AfroTech reported.
In a statement published on social media, Bradley wrote that even if 1863 becomes New Majority Ventures, there will only be a few changes. First, the organization will continue its philanthropic work, continue to offer programs and conduct research. The affiliated funds will remain unchanged and will operate as separate LLC entities. In a statement, he said his goal is to continue to help create $100 billion in “new wealth by and for New Majority founders by 2023.” Ta.
Changes include names and some layoffs. The organization also plans to expand its work with other “ecosystem builders” such as accelerators and incubators, and partner with “other institutions” such as universities to expand its research content. New Majority Ventures will not be launching any new funds at this time, Bradley confirmed to us. Funding was raised from traditional limited partners, but New Majority will now rely on financial sponsors. But Bradley said the company will continue to seek out undervalued founders.
“We believe we can do more to advance the founders of New Majority under a different business model,” Bradley said. This means focusing more on collaborating with ecosystem partners rather than running our own programs. “We will focus on supporting this area with content and research.”