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Digital platform EnrichHer is connecting Black women founders to the capital that they need. The platform has launched the EnrichHER Small Business Grant for $5,000, according to a press release. The initiative is designed to boost the needs of various operations with anything from purchasing new equipment to implementing a marketing campaign. “This is the 5th round of our business grant program and we couldn’t be more proud to offer another opportunity for women and founders of color to access funds that can help them reach their next milestone,” said Dr. Roshawnna Novellus, founder, and CEO of EnrichHER in a news release. “Women own 40% of businesses in the U.S. but receive only 4% of business loans. Our mission is to change that. The EnrichHER grant program brings us closer to our goal of empowering women-led, Black-owned, and POC-owned businesses through capital, coaching, and community.” To date, the platform has funded over 160 million companies with over $14 million since its...
Each year, thousands of tech workers, founders and investors travel to Austin, Texas for the SXSW conference and festival to discover how the world of music and media is evolving. The conference is filled with networking opportunities, demos and pitch competitions from the country’s most innovative creators. This year, Roshawnna Novellus and her team at EnrichHer are part of that group. They’ll competing during the annual SXSW Pitch — a competition that hosts more than 50 companies across 10 divisions. The categories include artificial intelligence, social and culture, sports and performance data, and transportation and delivery. EnrichHer is one of the few women-led companies participating in the pitch contest and is competing in the Social and Culture category for its work in helping women founders secure funding through its platform. Founders and investors can create profiles on the platform and investors can directly give funding to whichever companies they choose. Since 2017,...
The Florida A&M University Foundation announced that it has contributed to the $25 million Fearless Fund led by FAMU alumnae, Arian Simone and Ayana Parsons. The venture capital fund seeks to address the gap that exists in venture capital funding for WOC-led businesses. With the mo tto, “built by women of color for women of color,” t he Fearless Fund aims to address the historically underserved women who seek venture capital funding to build scalable, growth aggressive companies. According to WCTV, the FAMU Foundation has an investment value of $142 million and an endowment value of $106 million. “This marks an historic moment in the history of the FAMU Foundation,” says executive director Shawnta Friday-Stroud, Ph.D. “We are charged with investing in and for the future of our great institution. We expect this investment to pay dividends for generations to come.” The fund reportedly seeks to invest in more than 40 women of color-founded startups in the tech, CPG, beauty and fashion...
Women founders received only 2.2 percent of U.S. venture capital this year, according to data from Pitchbook. That number has not budged since last year, and it sheds light on one of the broader gender issues in entrepreneurship — most of the big decision makers are men. Organizations like EnrichHer , Jane VC and Backstage Capital are working to diversify who venture capital goes to and are bringing women to the forefront of VC funding. EnRicherHer is a platform that allows women-entrepreneurs to connect directly to investors. Investors can send money to the companies and organizations of their choice directly through the platform. EnrichHer also features chatting options and funding profiles to help users navigate how and with whom they’d like to spend their money. Jane VC is a women-led VC firm that wants to fund female entrepreneurs. The company has revamped the way that entrepreneurs pitch investors by asking female founders to pitch directly to the firm. Jane VC gives...
America’s gender pay gap compensates women 80 cents to the dollar of their male counterparts — but for women working in startups, the equity gap is much worse. According to a study released Monday by Carta , a California-based company that helps startups manage their cap table and valuations, women in tech are 35 percent of equity-holding employees, but hold only 20 percent of employee equity. Carta analyzed nearly 180,000 startup employees at more than 6,000 companies and more than 15,000 founders. It is common for startup employees to accept less pay in exchange for equity, in hopes that they will hit the jackpot when the company gains more success. Carta’s study showed that female equity-holding employees earn about 47 cents to the dollar of males equity-holding employees. “Women are consistently undervalued,” said EnrichHer CEO and Founder Roshawnna Novellus. “We often expect even less [pay] because we want to be included in the story and that perpetuates why there is a...