Colorado-based impact investor drives $500K in funding to founders of color

Seeing a need to support underrepresented founders, a Colorado-based investor has facilitated half a million dollars in venture funding to founders of color.

In May, Glenwood Springs-based Next Wave Impact hosted its second annual Founders of Color Showcase to drive investment to early-stage startups led by a diverse founder. The organization invited six companies from across the country to pitch in order to win a slice of the $500,000 investment.

"Data confirms that minority-led companies are underfunded so we're taking action," said Alicia Robb, founder of Next Wave Impact, in a statement. "Now in its second year, the Founders of Color Showcase has amplified truly innovative companies that deserve to be seen and funded."

Next Wave partnered with Loon Creek Capital to set up special purpose vehicles (SPVs) over the last few months to allow investors from across the country to provide half a million dollars in investments to three of the six Founders of Color finalists. At the showcase, the six finalists pitched to more than 200 investors from the early-stage investment ecosystem.

Since May, Next Wave has helped these founders and investors do due diligence, get commitments, communicate and close on their funding rounds, a spokesperson told Colorado Inno.

Cambridge, Massachusetts-based change:WATER Labs was named most investable company by Next Wave and earned $300,000 in seed money. The company is developing a low-cost, compact, waterless toilet. In addition, finalists Boddle Learning of Tulsa, Oklahoma and New York City’s DrugViu received investments of $100,000 each.

Next Wave Impact is a global impact investor syndicate with more than 200 women members. Robb, the group’s founder and CEO, is also a research fellow at the University of Colorado in Boulder.

The 2021 Founders of Color Showcase finalists were: