US-based financial services group Citi’s $200m Impact Fund has invested undisclosed amounts in seven diversity-driven businesses with women, black and military veteran founders.
The roster includes financial planning platform developer Clerkie, water automation software provider Ketos, specialised patient transportation service MedHaul and Perch Credit, which helps underbanked younger users build their credit score through regular bill payments.
Shift, a human resources startup focusing on professional training programmes for former US Military members, is also on the list, as is micromobility robotics technology provider Superpedestrian and Vyv, which is working on non-ultraviolet light antimicrobial cleaning for healthcare facilities.
The startups joined the September 2020 batch: Fulcrum BioEnergy, which produces biofuel with household waste; Icon Technology, a creator of robotics-powered construction technology; PadSplit, which runs a weekly property rental portal for low-income workers; and The Mom Project, a career services provider focusing on mothers.
Citi Impact Fund was formed in January 2020 with an initial $150m of capital. It primarily backs female and minority entrepreneurs at pre-seed stage to address five pain points: workforce development, financial access, social infrastructure, sustainability and economic equality.
Ed Skyler, head of global public affairs at Citi, said: “In just its first year, the Citi Impact Fund has invested in 11 companies, the majority of which are founded by women, minorities – and in some cases both – that have the potential to make our cities and communities more equitable and sustainable.
“The economic and social challenges of the covid-19 crisis have increased the urgency for new ways of working, and we’re focused on building on these investments to identify new partners this year.”
