Innovate Capital Growth Fund
Innovate Capital Growth Fund, an SBIC fund, will invest in minority and women-owned businesses in the Mid-Atlantic region. Minority-owned firms have failed to grow and reach scale at an equitable rate with their non-minority-owned counterparts. The issue significantly impedes job growth, asset building, and economic opportunity in minority communities. At the same time, there is renewed focus by public and private markets on increasing their investment in supplier diversity spend which will provide significant contract opportunities and drive revenue growth and capital needs at these businesses over the Fund’s life and beyond.
The Fund targets small minority and women-owned businesses (51% or more ownership) with a minimum of $2 million in revenue, preferably $0.5 million in proforma EBITDA, a strong management team, and identifiable growth opportunities. The Fund is industry agnostic. All investments will be primarily in the Mid-Atlantic region - Pennsylvania, New Jersey, Delaware, MD, District of Columbia, New York, and Virginia.
The Fund has an experienced, committed, and diverse team – Della Clark, Bob Palmer, and Blessy Thomas - with deep expertise in investing in minority-owned and women-owned businesses. The team shares a passion for this mission and has complimentary skills and experience to execute the strategy. The Fund’s current commitments of nearly 30 million are from some of the largest companies, institutions, banks and private equity groups.
Stage of capital: Series A, Series B
Location: Philadelphia, PA
Fund manager diversity: Woman-led, Black and African American led, Asian American and Pacific Islander led
Diversity focus: Women, Black and African American, Hispanic-Latino, Asian American and Pacific Islander, Native American
Industry focus: Environmental Sustainability, General Tech- and Tech-Enabled, Consumer and Retail, B2B, Fintech and Payments, Healthcare and Wellness (incl. FemTech), Future of Work and Living (incl. Education/EdTech), Food and Agriculture
Min and max capital: $2,000,000 - $5,000,000