GLENWOOD SPRINGS, Colo., Aug. 19, 2021 /PRNewswire/ -- Next Wave Impact is proud to announce the winner of its second annual Founders of Color Showcase – change:WATER Labs was named most investable company and earned $300,000 in seed money. In addition, finalists Boddle Learning and DrugViu received investments of $100,000 each. By hosting this annual event, Next Wave Impact, a global impact investor syndicate with more than 200 women investing, offers founders of color a platform to present their companies to a broad audience of investors, funds and angel groups.
According to a recent report by SEC's Office of the Advocate for Small Business Capital Formation, only 3 percent of VC-backed founders are African American/Black and Hispanic/Latino and just 3 percent of VC dollars went to women-only founding teams.
"Data confirms that minority-led companies are underfunded so we're taking action," said Alicia Robb, founder of Next Wave Impact. "Now in its second year, the Founders of Color Showcase has amplified truly innovative companies that deserve to be seen and funded."
At the Showcase, the six finalists gained exposure to more than 200 investors from the early-stage investing ecosystem. Next Wave Impact partnered with Loon Creek Capital to set up Special Purpose Vehicles (SPVs) which provide a nimble, safe and efficient vehicle for investors from diverse sectors and geographies to fund early-stage startups. SPVs brought a half a million dollars in investments to three of the six Founders of Color finalists.
The 2021 finalists were:
- Kwaku Owusu and Melanie Igwe of DrugViu
- Clarence Tan and Edna Martinson of Boddle Learning
- Diana Yousef of change:WATER Labs, Inc.
- Troy Clarke and Calvin Mackie of Golden Leaf Energy
- Sonja Ebron and Debra Slone of Courtroom5
- Janna Westbrook of Provider Pool
Co-hosts of the second annual Founders of Color Showcase included Kachuwa Impact Fund, Beta Boom, Fundr, Stella Angels, Founders First, Women 2.0 and the Angel Capital Association. Company Champions included Chloe Capital, Avestria Ventures, Ad Astra Ventures, Pax Angels, Groundswell Ventures, Atento Capital, Sputnik ATX, New Orleans Startup Fund, Precursor Ventures, SheEO, AT&T Aspire Accelerator and the International Accelerator.
Platinum Showcase sponsors were Aspiration and Anchor Point Foundation, while the Gold sponsors were Kauffman Foundation and Stella Labs. The Bronze sponsors included: Signature Windows, Clean Energy Credit Union, Eleanor Friedman Fund, Ascent CFO Solutions and Loon Creek Capital.
About Next Wave Impact
Based in Colorado, Next Wave Impact is an international movement driving impact, diversity and inclusion in early-stage investing and the entrepreneurial ecosystem through its innovative learning-by-doing progressive fund model and other activities that drive capital to typically underserved entrepreneurs. Learn more at www.nextwaveimpact.com and www.foundersofcolorshowcase.com
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SOURCE Next Wave Impact