Nonprofit 1863 Ventures Closes and Re-emerges as For-Profit Venture Capital Firm New Majority Ventures
A Shift in Business Model for 1863 Ventures
After eight years of providing capital and mentorship to underrepresented founders, the nonprofit organization 1863 Ventures will close its doors and relaunch as a for-profit entity called New Majority Ventures. According to its founder, Melissa Bradley, this change is aimed at further advancing the mission of supporting founders from diverse backgrounds.
The Origins of 1863 Ventures
Founded by Melissa Bradley in 2014, 1863 Ventures was established with the goal of providing resources and opportunities to underrepresented founders. Since its inception, the organization has helped over 5,000 founders and created more than 2,000 jobs. During this period, 1863 Ventures managed two funds: the 1863 Venture Fund I and the Innovation Equity Impact Fund (IIEIF). These funds made a total of 97 investments in various startups across the US.
Some notable investments include:
- Lingo, an edtech company
- The Black Girl Doctor, a wellness platform
- Harlem Candle Co., a consumer goods company
Changes Under New Majority Ventures
While some staff reductions are expected, the organization’s mission and programs will remain largely unchanged. New Majority Ventures will continue to focus on supporting underrepresented founders and seeking out new opportunities for wealth creation. The name change reflects the expansion of the organization’s scope and reach.
Key changes include:
- Fiscal Sponsorship: New Majority Ventures will rely on a fiscal sponsor, with talks underway with Tides Foundation for this role.
- Staff Reductions: Some staff members may be let go as part of the transition.
- Expanded Partnerships: The organization will partner with other ecosystem builders, accelerators, and incubators to grow its research offerings.
- New Business Model: New Majority Ventures will focus on working more closely with partners rather than running its own programs.
What’s Next for New Majority Ventures
In the coming months, New Majority Ventures will continue to develop its new business model, which focuses on partnering with other organizations and institutions. This shift is aimed at enhancing the organization’s impact and reach in supporting underrepresented founders.
Key Takeaways:
- 1863 Ventures will close and relaunch as New Majority Ventures
- The new organization will maintain its charitable status and continue to offer programs and research
- Staff reductions are expected, but the mission remains unchanged
Reaction from Melissa Bradley
According to an interview with TechCrunch, Melissa Bradley expressed her confidence in the new business model. She stated: "I believe we can do more to advance New Majority founders under a different business model… We will focus on supporting the field with content and research."
As 1863 Ventures closes its doors and reopens as New Majority Ventures, the organization is poised to embark on an exciting new chapter in its mission to support underrepresented founders.
Related Topics:
- New Majority Ventures
- Venture Capital
- Underrepresented Founders
- Nonprofit Organizations
Resources
For more information on 1863 Ventures and New Majority Ventures, please visit the organization’s website: www.1863ventures.com.
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- Share your thoughts on the impact of 1863 Ventures’ closure and New Majority Ventures’ relaunch.
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