Whether you’ve been following diversity in tech in the news or not, the stats about diverse founders raising capital has been low compared to their white counterparts. Female-led companies made up just 4.94% of all VC deals in 2016. Even worse, less than 1 percent of venture capital funding goes to black founders. Black founders and female founders (especially black female founders) struggle to secure the early stage cash needed to nurture their products into the market.
So Marceau Michel, founder of Werkhorse, and Kathryn Brown, founder of ScoutSavvy, decided to take matters into their own hands. Both have been struggling to raise early-stage funds despite the market demand for their products. Funds early on in the first few years of a venture are critical to understanding who your ideal customers are and what their needs really are. Many female and black founders have the drive, vision, and market knowledge to build successful products, but don’t have the means to move from MVP to true product/market fit. All founders need cash during the critical customer validation phase.
The Portland-based founders are betting that although investors won’t take that chance, the public will. Last month, while celebrating their recent successes over coffee at the familiar haunt of startup movers and shakers, Caffe Umbria, Marceau and Kathryn decided to get real with each other. Their startups needed money to survive, and they were both on edge. “I never feel sorry for myself, and I can’t stand negativity. Neither can Marceau. So, we vowed to raise our own money for our startups from our communities. The idea for Black Founders Matter and Fund Female Founders was born,” notes Brown. The two founders view this as their “AirBnB moment”. The hospitality company notoriously raised $30,000 in 2008 by selling Obama O’s and Cap’n McCain’s politically themed cereal. Instead of cereal, the duo is selling limited edition apparel with graphics donated by well-known designers. Their goal is not only to raise money for their own ventures but to also raise awareness around the macroeconomic benefits of investing in female and black founders. Marceau and Kathryn invite you to be a part of the solution by purchasing apparel and wearing to proudly to show your support, as well as sharing the Fund a Founder story on social media.
Fund a Founder’s campaign mission is to provide a direct funding path for women and minority founders by sourcing the cash from the supporting community. The campaign goal is to raise 1 million dollars.
When you buy our limited edition Fund Female Founders and Black Founder Matter products, you raise awareness around the importance of funding women and minority founders, and you have a direct impact on the cash flow of women and minority-led ventures.
To get involved, make a purchase or show your support, click on the following links below.
Sport your swag on Instagram and tag #fundafounder to show your support!