New Voices Fund, the US-based investment fund focused on women of colour, has officially launched with $100m from investors including consumer goods producer Unilever, American Spa has reported.
The fund was formed when Unilever acquired Sundial a producer of personal care brands created to meet the needs of people of colour, in a November 2017 deal that involved the companies joining to make a $50m anchor investment.
New Voices will fund consumer, technology, media and entertainment companies with non-white female founders at seed to series C stage, supplying expertise along with capital and helping to bridge the funding gap experienced by those founders.
Eight portfolio companies have so far received a total of $30m from the fund, which has met the $100m target for its close.
The companies are cosmetics brands Beauty Bakerie, Lip Bar and Mented, workplace engagement platform Envested, wine producer McBride Sisters Wine, renovation services marketplace Sweeten, feminine care product supplier Honey Pot Company and Beautycon Media, which runs a community platform for creatives.
Richelieu Dennis, founder Sundial and New Voices, said: “We are excited and proud to partner with each of these women to bring value that will help fulfil their visions for their companies and create opportunities for economic inclusion, social change and wealth creation in their communities.
“With the tools and support to demonstrate sustainable, profitable and unapologetically inclusive business models, there is no doubt that these women will shatter the stereotypical hurdles and ceilings they face. We are continuously reviewing applications and urge everyone to apply.”