500 Startups is raising a 25M dollar Microfund to invest in Black and Latino Founders. This microfund aims at investing in over 100 companies. It will grant them the necessary capital, networks, and expertise to boost their businesses. Over the years 500 startups has invested in over 500 startups including Walker & Co., AllDay Media, and Mayvenn.
They invest in all kinds of companies such as consumer commerce, family tech and education, design etc. 500 Startups funds companies through investments that range from $50-500k. Black Founders is a national community of entrepreneurs. Their mission is to increase the number of successful black entrepreneurs in tech. Monique Woodard, venture partner at 500 Startups and co-founder of Black Founders will lead the fund.
With her broad network, experience, and best market deals, she is best to lead the fund. “This is a two-sided investing strategy”, said Woodard. “ On one side you have Black Latino founders who are undercapitalized and there are great deals to be made. On the other side, you have a population that over-indexes. In many areas of technology, consumption increased consumer purchasing power and an increase in the US Spanish-speaking population. This is making Black and Latino consumers a market that investors should be paying attention to.”
500 Startups has also announced its next Geeks on a Plane (#GOAP) trip which will visit the continent of Africa. This tour will be based on invites. It will give startups, investors, and executives an opportunity to learn about high-growth technology markets worldwide. It will allow invitees to connect with African entrepreneurs in startup hubs across the continent. GOAP has made 17 trips to 30 countries. This includes Asia, South America, Latin America, India, Eastern Europe, New Zealand, US, Middle East, and North Africa.