A St. Petersburg investment group with a focus on early stage startups has launched a new fund focused on minorities.
The Seedfunders Opportunity Fund will focus specifically on funding startups owned by black tech-enabled entrepreneurs in an effort to help in the pre-seed, otherwise known as the "friends and family," investment stage.
“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 statement. "This fund takes that a step further by making that part of the selection and investment process."
A management board will oversee the fund, headed by Seedfunders and Florida Funders co-founder Irv Cohen. While Seedfunders typically requires the company to have a minimum viable product, the Opportunity Fund is intended to supply the capital needed to create that product.
Chitester said the fund is currently accepting applications from interested black entrepreneurs. While they will consider any technology product, they have a specific focus on medical, educational or financial security.
The fund is also open to all accredited investors, with a minimum $5,000 investment.
Seedfunders was founded in 2017 and has made over two dozen investments in the last two years. There are now Seedfunder branches in Orlando and Miami, with a network of 44 investors.
