A Winston-Salem venture capital firm made its first investments into two Charlotte startups that align with its mission — funding North Carolina women- and minority-owned businesses focused on social issues.
Just Her Rideshare and BatteryXChange each took home $75,000 of capital from Equilibrium Impact Ventures (EQIV) on Aug. 14. Founding EQIV partners include Adrian Smith, Shante Williams and Kasem Rodriguez Mohsen. They each oversee the firm’s fund that deploys $50,000 to $75,000 checks to startups that align with its mission.
“As we begin National Black Business Month, it’s exciting to be able to sow into the work of BatteryXchange and Just Her Rideshare,” said Williams, who is also CEO at Black Pearl Global Investments. ”Their teams have already shown us they can be innovative, and we’re looking forward to seeing more of their impact.”
Desmond Wiggans is the CEO and founder of Charlotte-based BatteryXchange, a platform that provides rentable, portable batteries to cell phone users. The startup, born in 2019, now largely focuses on partnering with businesses to install kiosks in populated facilities such as college campuses, hospitals, convention centers and stadiums. The kiosks ensure users can keep their phones charged on the go.
Wiggans told CBJ he aims to use the capital from EQIV for expansion into markets outside of the Carolinas, growing its team and doubling down on its newly found niche — servicing primarily the health-care sector.
“I think that we've really found our niche within product market fit and where we add the most value on a (business-to-business) level,” he said. “And that's within the health-care space.”
BatteryXchange, which has raised $750,000 since inception, has 10 employees. It expects that number to grow to 14 over the next year, Wiggans said. The company has installed about 65 kiosks throughout North Carolina, located at places such as Winston-Salem State University and The Stuward in uptown Charlotte. He said the company aims to have installed up to 100 kiosks by the end of the year.
Just Her Rideshare was founded by CEO Kimberly Evans in 2020. The startup is a community of female drivers that pick up a majority of women riders upon request. Customers have the option to choose how their experience will go on the app before getting into a Just Her-labeled vehicle.
Evans told CBJ she plans to use the funding boost to focus on growth, retention and repeatability. She said the company is also working to unlock profitability within the B2B space.
“The funding from Equilibrium couldn't have come at a better time, and they couldn't be a better team that we would want to work with,” she said. “We understand that our revenue is driven by drivers and riders, so it's important that we grow in that space, as well as partner with organizations that support our social issues.”
Just Her Rideshare launched a beta version of its mobile app last year to test the local market. After tweaking the technology, it relaunched officially in March, Evans said. Since then, the company has had about 2,000 riders and 300 drivers in its pipeline.
The startup also has a beta test of its app running in Tampa, Florida; Chicago; and Houston to discover if those markets are good places to launch. Following the EQIV investment, Just Her additionally expects to enhance its technology, grow its team and build a larger Just Her Hub community — a portal created to connect women through engagement and social initiatives.
EQIV said two additional startups it plans to invest in will be announced by the end of the year. All of its venture investments will go to minority founders that are focused on social issues such as health care, economic mobility, food security and climate resilience.
