1863 Ventures, a nonprofit organization focused on providing capital and mentorship to early-stage, underrepresented entrepreneurs, will close and become a for-profit entity called New Majority Ventures, according to founder Melissa Bradley. The new organization will rely on financial sponsors and is reportedly in talks with The Tide Foundation for this role.
Bradley started 1863 Ventures eight years ago to support entrepreneurs of color. Since then, the organization says it has helped more than 5,000 entrepreneurs and created 2,000 jobs. In 1863, there were two funds: 1863 Venture Fund I, which made 57 investments across the U.S., and the Innovation Equity Impact Fund (IIEIF), which made 40 investments in D.C.-focused companies, Bradley told TechCrunch. As reported by AfroTech, investments include education technology Lingo, wellness company The Black Girl Doctor, and consumer company Harlem Candle Co.
In a statement released on social media, Bradley wrote that even though 1863 becomes New Majority Ventures, there will only be a few changes. First of all, the organization will continue its philanthropic activities and will continue to offer programs and conduct research. Affiliated funds remain the same and operate as separate LLC entities. She wrote in a statement that the mission is to support the creation of $100 billion in “new wealth by and for new majority entrepreneurs by 2023.”
Changes include a name and some staff reductions. The organization will also expand to collaborate with other “ecosystem builders” such as accelerators and incubators, and partner with “other institutions” such as universities to expand its research offering. New Majority Ventures will not be raising new funds at this time, Bradley confirmed to us. Funds were raised through traditional limited partners, but New Majority’s future will depend on its financial backers. But the theme of finding underrepresented entrepreneurs will continue, Bradley said.
“We believe we can do more to advance New Majority founders under different business models,” Bradley said, meaning focusing on collaborating more with ecosystem partners rather than running their own programs. “We will focus on supporting the field through content and research.”
