TLDR:
- Founder and CEO of financial innovation firm, RUNWAY, Jessica Norwood, announced the launch of ‘ROOTED,’ a $50M fund to support Black businesses.
- Despite challenges in the VC space for Black women, RUNWAY is committed to investing in the community.
Article Summary:
Despite the challenges faced by Black women in the VC space, financial innovation firm RUNWAY, led by Jessica Norwood, has launched the ‘ROOTED’ fund. This $50 million fund is dedicated to supporting Black businesses, co-operatives, and grassroots organizations in building wealth in select regions across the United States. Norwood emphasized the importance of addressing the racial wealth gap, highlighting that if left unaddressed, the median wealth of Black Americans is projected to reach zero by 2053, while white household wealth is expected to rise significantly. The fund already has investments from organizations like BUILDERS, The No Regrets Initiative, and The Kataly Foundation.
One of the early investors, Lynne Hoey, Chief Investment Officer of The Kataly Foundation, expressed pride in supporting RUNWAY’s initiative to foster resilience and wealth in Black communities. The launch of the ROOTED Fund is seen as a beacon of hope and a call for change in the fight against systemic injustices that have perpetuated the racial wealth gap. The firm and the fund can be further explored at rootedfund.family.
