Women and founders of color have historically been denied equitable access to capital of all forms. Black and Latinx female founders continue to receive less than 1% of venture capital, but the funding gaps that entrepreneurs of color face start far before they prepare to raise their first venture round. Nearly 40% of early-stage entrepreneurs raise initial funding through a type of investment known as the “Friends and Family” round in order to get their companies off the ground. However, as result of the racial wealth gap—the disparity in median wealth between people of different races—many entrepreneurs of color do not have access to a network that can provide them with friends and family funding.

This grant program seeks to level the playing field for the founders most impacted by gaps in early-stage funding: female founders of color. That is because missing out on this investment can be detrimental to launching early-stage ventures as it prevents them from testing their innovations, hiring key talent, and having the runway to grow and raise future investment. This grant is an opportunity to change the status quo for female founders of color.