St. Petersburg-based investment firm Seedfunders has made its first investment from its Opportunity Fund arm, which launched last year in an effort to bring more funding to Black-owned companies.
The early-stage investment firm invested $50,000 into Tampa-based startup weRise on Thursday. weRise is founded and run by Candice Bradley, who aims to close the wealth gap for underrepresented groups. The company provides a technology platform that allows uses to search for, and invest in, financial products that fit their comfort level. Those users can then bring opportunities to friends and family, helping build the community through additional investing.
The company will use the funds to focus on public relations, media campaigns and fighting social injustices. It is also looking to work with influencers to build brand awareness.
"I'm really excited about the potential for weRise to help new investors from our community build wealth," Seedfunders Opportunity Fund board member Bridgette Heller said in a statement.
This is the first investment for Seedfunder's Opportunity Fund, which was launched in June 2020 in response to the uprising across the nation after the death of George Floyd.
“We have always been interested in investing in startups with social value in addition to the economic potential," Seedfunders founder Dave Chitester said in a previous statement. "This fund takes that a step further by making that part of the selection and investment process."
The fund is intended to serve as the bridge between the "friends and family" round that is often used as a jumping off point for new companies. It will have a specific focus on tech-enabled, Black-owned startups.
"By filling the gap in available 'friends and family' stage investments and mentoring, Seedfunders will do a small part to elevate the entrepreneurial playing field weighted down by decades of systemic racism," a company statement read.
The fund continuously looks for startups to fund and is also open to all accredited investors to join.
