Seedfunders, the early-stage investment firm headquartered in St Petersburg, Florida, believes Black entrepreneurs matter. To that end, Seedfunders has announced the launch of the Seedfunders Opportunity Fund. The committed capital fund will make pre-seed stage investments in Black-owned startups throughout the state. Research shows that entrepreneurs of color often have uniquely positioned ideas for technology-driven businesses but cannot raise the capital to get started in what is typically referred to as the “Friends and Family” round. The mission of the Fund is to supply that capital.
Seedfunders has formed an Investment Management Board to oversee the Fund. Founding Partner, Irv Cohen will lead the Board. Mr. Cohen’s extensive experience on Wall Street, as well as local successes as co-founder of Florida Funders and Seedfunders, will assure that the Fund will implement proven processes and techniques in selecting, evaluating, and mentoring Fund portfolio companies. Mr. Cohen is also the local chair of Social Venture Partners, a global network with a stated vision to “support the social change frontline leaders who are reimagining and transforming systems.” He is joined on the Opportunity Fund Board by Seedfunders partners Geoff Keith, Ruth Ross, and George Lange along with local community leaders.
Seedfunders Founder, Dave Chitester, said, “We have always been interested in investing in startups with social value in addition to the economic potential. This Fund takes that a step further by making that part of the selection and investment process. While we typically have required a Minimum Viable Product (MVP) to consider an investment, the goal of the Opportunity Fund is to supply the capital to create that MVP. Once that is accomplished, we will consider the potential for funding through the next cycle of the investment process.”
The Seedfunders Opportunity Fund is open to all accredited investors. The minimum investment is $5,000. For more information, contact Dave Chitester, Dave@Chitester.com. For information on applying for funding, please contact Geoff Keith, Geoff.S.Keith@gmail.com.
Seedfunders was founded by Dave Chitester and Irv Cohen in St Petersburg, Florida, in 2017, with a mission to invest in pre-revenue technology companies throughout the state. In just over two years, the company made 24 investments in a wide range of technology startups. It also launched SeedfundersOrlando in 2019 as well as Seedfunders Miami this year. Collectively, there are now 44 partners in Seedfunders organizations.