New Voices Fund Company Profile

Background

New Voices Fund is a venture capital firm established in 2018 by entrepreneur Richelieu Dennis, founder of Sundial Brands. The firm is dedicated to investing in businesses owned and managed by women of color, aiming to provide them with the necessary access, capital, and expertise to grow their enterprises and transform communities.

Key Strategic Focus

The firm's strategic focus encompasses:

Empowering Women of Color Entrepreneurs: Addressing the significant funding disparities faced by women of color by offering financial support and resources.

Investing Across Multiple Stages: Engaging in investments from start-ups/Seed to Series C rounds, primarily within the consumer, technology, and media/entertainment sectors.

Fostering Inclusive Business Models: Supporting companies that serve the diverse and interconnected needs of today's consumers, transcending traditional market boundaries.

Financials and Funding

Initial Fund Size: Launched with a $100 million fund to support women of color entrepreneurs.

Investments: As of 2023, the firm has made 28 investments, with 21 active portfolio companies and 6 exits.

Notable Investments: Companies such as McBride Sisters Wine Company, Slutty Vegan, and Topicals have received funding, reflecting the firm's commitment to diverse industries.

Pipeline Development

The firm has a dynamic pipeline, focusing on:

Consumer Brands: Investing in companies like The Lip Bar and The Honey Pot Company, which cater to the evolving needs of the New General Market.

Technology and Media: Supporting ventures that leverage technology to address market demands, such as Beautycon Media.

Technological Platform and Innovation

While New Voices Fund primarily focuses on providing capital and strategic support, it emphasizes:

Co-Created Value: Leveraging an extensive network of industry contacts and consultants to collaboratively create value across strategic and operational dimensions.

Quality Products: Prioritizing investments in products and services with robust, scalable economics and clear paths to profitable growth.

Leadership Team

Richelieu Dennis: Managing Partner. Founder of Sundial Brands, known for creating iconic brands like Shea Moisture and Nubian Heritage.

Darryl Thompson: Managing Partner & Chief Investment Officer. Brings extensive experience in investment strategy and portfolio management.

Richelyna Hall: Operating Partner. Focuses on operational excellence and scaling portfolio companies.

Steve Chan: Independent Investment and Operating Partner. Provides strategic insights and operational guidance.

Ensa Huger: Chief Financial Officer & Chief Compliance Officer. Oversees financial planning and compliance.

Chisom A’Marie: Vice President / Principal. Manages investment analysis and portfolio development.

William James: Senior Director of Compliance & Fund Operations. Ensures regulatory adherence and operational efficiency.

Brigham Stewart: Director of Financial Planning and Analysis. Leads financial forecasting and analysis.

Luke Thompson: Associate. Supports investment research and due diligence.

Leadership Changes

As of the latest available information, there have been no recent significant changes or appointments within the company's leadership team.

Competitor Profile

Market Insights and Dynamics

The venture capital landscape has seen a growing emphasis on diversity and inclusion, with increasing recognition of the need to support underrepresented entrepreneurs. Despite this, women of color continue to face substantial funding disparities, highlighting the critical role of funds like New Voices Fund in addressing these gaps.

Competitor Analysis

Backstage Capital: Focuses on investing in underrepresented founders, including women, people of color, and LGBTQ+ entrepreneurs. Similar to New Voices Fund, Backstage Capital aims to address funding disparities but has a broader focus beyond women of color.

Pipeline Angels: A network of women investors that funds women and non-binary femme social entrepreneurs. While Pipeline Angels provides capital and mentorship, it operates more as an angel network rather than a venture capital firm.

Harlem Capital: A venture capital firm dedicated to investing in minority and women founders. Harlem Capital shares a similar mission with New Voices Fund but has a broader demographic focus.

Strategic Collaborations and Partnerships

Essence Magazine: Collaborated to create Essence Marché, an e-commerce platform featuring New Voices entrepreneurs and other women of color-owned enterprises.

Unilever: The fund was established as part of the partnership agreement between Sundial Brands and Unilever, providing a foundation for its initial capital and strategic direction.

Operational Insights

New Voices Fund differentiates itself through:

Inclusive Investment Philosophy: Prioritizing investments in companies that serve the diverse needs of the New General Market, transcending traditional market boundaries.

Comprehensive Support: Offering not just capital but also strategic guidance, operational support, and access to an extensive network to ensure the success of portfolio companies.

Strategic Opportunities and Future Directions

Looking ahead, New Voices Fund aims to:

Expand Investment Portfolio: Continue identifying and investing in high-potential companies led by women of color across various sectors.

Enhance Ecosystem Support: Strengthen the support system for entrepreneurs through mentorship, networking opportunities, and access to resources.

Drive Social Impact: Foster long-term social change by creating a more inclusive entrepreneurial ecosystem that values and supports women of color entrepreneurs.