PROVIDENCE – A city-based search fund created to help women and people of color acquire other businesses is set to close a round of seed funding next month.
The seed funding for New Majority Capital is set to end Jan. 6, though the deadline may be extended depending upon the amount raised, according to founding partner Kris Schumacher, who declined to comment on how much the group is hoping to raise through its seed round.
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As of Dec. 9, the firm had raised $516,300 from 79 investors using community investment platform WeFunder.
The funds aim to help the startup expand its reach helping women and minority entrepreneurs with the capital, education and technical support to acquire existing businesses.
Since launching in January, New Majority Capital has served 20 entrepreneurs in industries ranging from manufacturing to janitorial services, the release stated. The search fund recently launched a new revolving fund, created in partnership with Community Credit Labs, offering 0% interest financing to entrepreneurs to cover pre-acquisition costs. New Majority Capital ultimately wants to set up a fund that will provide financing to cover all acquisition costs, the release stated.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
