The nonprofit organization 1863 Ventures, which focused on providing capital and mentorship to early-staged underrepresented founders, will close and become a for-profit entity called New Majority Ventures, according to its founder Melissa Bradley. The new organization will rely on a fiscal sponsor and is said to be in talks with Tides Foundation for this role.
Bradley launched 1863 Ventures eight years ago to support founders of color. Since then, the organization says it has helped more than 5,000 founders and created 2,000 jobs. 1863 had two funds — 1863 Venture Fund I, which made 57 investments throughout the U.S., and Innovation Equity Impact Fund (IIEIF), which made 40 investments in DC-focused companies, Bradley told TechCrunch. Investments include the edtech Lingo, wellness company The Black Girl Doctor, and consumer company Harlem Candle Co, as reported by AfroTech.
In a statement published on social media, Bradley wrote that there will be only a few changes, even as 1863 becomes New Majority Ventures. For one, the organization will remain charitable and will continue to offer programs and conduct research; affiliated funds will stay the same and operate as separate LLC entities; the mission will remain to support the creation of $100 billion in “new wealth by and for New Majority founders by 2023,” she wrote in her statement.
Changes include the name and some staff reduction; the org will also expand to work with other “ecosystem builders,” like accelerators and incubators — and will partner with “other institutions” — like universities — to grow its research offerings. New Majority Ventures will not create new funds at this time, Bradley confirmed to us. The funds were raised with traditional limited partners, whereas New Majority going forward will depend on its fiscal sponsor. It will, however, continue in its thesis of seeking out underrepresented founders, Bradley told us.
“I believe we can do more to advance New Majority founders under a different business model,” Bradley told us, meaning a focus on working more with ecosystem partners rather than running its own programs. “We will focus on supporting the field with content and research.”
