Black Economic Alliance Entrepreneurs Fund has reached the halfway point of its funding goal.

The fund was launched by the Black Economic Alliance Foundation, which is led by Executive Vice President Alaina Beverly, to create generational wealth for the Black community, working alongside public, private, and social sectors to accomplish this goal, its website notes. Samantha Tweedy is CEO of the coalition behind this effort, Black Economic Alliance, which is made up of “business leaders and aligned advocates.”

In 2021, the Washington, DC-based foundation established the Black Economic Alliance Entrepreneurs Fund LP to further its mission and has since onboarded venture capitalist Melissa Bradley, to lead its investment strategy, according to The Business Journals. Bradley was previously recognized as a AFROTECH™ Future 50 Dynamic Investor and founded 1863 Ventures, which provided business development programs, coaching, mentorship, and access to capital primarily for new entrepreneurs. In 2024, she shuttered the entity while launching New Majority Ventures, a for-profit that will carry the same mission of providing programs and products while helping to create $100 billion in wealth for the “New Majority,” Black and brown entrepreneurs. However, the new entity differentiates itself in that it will partner with larger institutions invested in future growth of founders, per LinkedIn.

Through the Black Economic Alliance Entrepreneurs Fund, Bradley is positioned to continue these efforts, working with “overlooked and underserved” entrepreneurs. The fund has also expanded its reach from primarily focusing on Black entrepreneurs and will work with other founders who are supporting underrepresented communities. Additionally, the fund is targeting companies up to Series B rounds.

“Our overall goal is to close the wealth gap,” Bradley mentioned. “And when you think about those who are impacted by the wealth gap, you tend to see communities of color, particularly Black and brown communities. So that stands true, whether it is us doing that directly [by investing in] founders who are diverse and or through founders helping diverse communities.”

The fund has invested in various initiatives, including Unrivaled, a 3-on-3 women’s basketball league founded by Napheesa Collier and Breanna Stewart. This investment aligns with the fund’s commitment to support companies focused on “narrative change” within existing industries, one of its four key pillars.

Its pillars include:

  • Financial inclusion
  • Health and wellness
  • Narrative change
  • Sustainable communities

“There’s a real market opportunity, particularly within those four pillars, to fill a much-needed capital gap to help businesses go from $1 million to $3 million and really begin to position them for larger investments and ultimately an acquisition,” Bradley said.

Already the Black Economic Alliance Entrepreneurs Fund has surpassed half of its $50 million goal, with $28.5 million raised (at the time of this writing).