HBCU Founders Fund
In early 2023, Nex Cubed announced the launch of the $40M HBCU Founders Fund with an anchor investment from Costco Wholesale. The Fund is focused on accelerating and investing in founders selected to participate in the Nex Cubed HBCU Founders Accelerator Program. The HBCU Founders Accelerator Program is a 4 month program open to startups where at least one founder is an HBCU student, alumni, or faculty member. The program, which accepts less than 3% of applicants, provides startups with the support, resources, and connections they need to succeed and thrive. The Fund has invested $2.5M in 17 startups as of December 2023.
After speaking with administrators, students, and alumni at dozens of HBCUs, we learned that while many campuses hosted one-off hackathons, business challenges, and pitch competitions, there was no infrastructure to provide ongoing technical and financial support necessary to scale business ideas whether on campus or in the surrounding communities. By providing a structured program that connects our participants with executives and entrepreneurs with deep experience building companies, coupled with providing access to pre-seed funding, The HBCU Founders Accelerator is filling an investment and startup advisory void in HBCU communities.
Stage of capital: Pre-Seed, Seed, Series A
Location: San Francisco, CA
Fund manager diversity: Black and African American led
Diversity focus: Black and African American
Industry focus: General Tech- and Tech-Enabled, Fintech and Payments, Healthcare and Wellness (incl. FemTech), Future of Work and Living (incl. Education/EdTech)
Marlon Evans
General Partner