Black Innovation’s Frontline: FundBlackFounders Providing Resources for Black Founders
Renee King is on a mission to level the playing field for Black entrepreneurs.
With a passion for racial equity and an expertise in fintech, King has dedicated her career to pioneering pathways for Black entrepreneurs.
The Connecticut-based innovator is at the helm of FundBlackFounders. Launched in 2020, the brand has become one of the leading fintech platforms bridging the funding gap for Black-led startups. The rewards-based crowdfunding platform is a much-needed resource for Black founders to get their business ideas off the ground.
As the Founder & CEO of FundBlackFounders, King has transformed the funding landscape, making it more inclusive and data-driven. Her experience extends from building platforms exclusively for Black female entrepreneurs to driving the fintech industry with innovative solutions.
UrbanGeekz: Describe FundBlackFounders and your current role?
Renee King: FundBlackFounders is a fintech platform building a crowdfunding alternative to friends and family funding, that blends traditional finance, grants, and impact investment capital with the power of crowdfunding to fund early-stage Black entrepreneurs. We help Black entrepreneurs raise money to start and grow business ventures, and we match what they raise. Since our 2020 launch, we have funded 151 founders with over $4.4 million of non-dilutive capital.
UrbanGeekz: What is your company’s unique value proposition that makes it stand out from the competition?
Renee King: Specialized Crowdfunding Platform: Tailored specifically for early-stage Black entrepreneurs, offering a focused and supportive funding environment. Alternative to Traditional Funding: Provides a vital alternative to friends and family funding, which is often a barrier for many Black entrepreneurs. Comprehensive Funding Blend: Unique integration of traditional finance, grants, impact investment capital, and crowdfunding, offering diverse and robust funding opportunities. Non-Dilutive Capital: Over $4.4 million of non-dilutive capital has been provided, empowering entrepreneurs to retain full control over their business ventures. Matching Funds: The platform ‚Äôs commitment to match the funds raised by entrepreneurs not only incentivizes fundraising but also maximizes the financial impact. Proven Track Record Since 2020: Demonstrated success in funding 151 founders since 2020, establishing trust and credibility. Closing the Racial Wealth Gap: By funding the start of entrepreneurial ventures for Black founders, FundBlackFounders serves as a direct pathway to closing the racial wealth gap, contributing significantly to economic empowerment and equity. Focus on Impact and Empowerment: The platform is not just a financial venture; it’s an impactful movement towards social change, emphasizing diversity, inclusion, and the empowerment of underrepresented communities.
UrbanGeekz: How has BIack Innovation Alliance supported you on a personal and/or professional level?
Renee King: BIA has immensely supported me, with one notable piece of advice from Kelly: in pioneering initiatives, it’s vital to deviate from old, inadequate methods and create new success metrics and engagement rules. This mindset has been a cornerstone of my approach. BIA’s introduction to UBS is also key, helping us aim to grow from $4.4 million to $10 million in three years. Equally valuable is working with understanding ESOs, where we share struggles yet find enjoyment in our collective journey.
UrbanGeekz: What inspired you to start your business?
Renee King: Witnessing an investor belittle a group of Black women founders at a tech conference by questioning their ability to raise a friends and family round was a turning point for me. It spurred the decision to address this funding gap and create an alternative for those without wealthy, accredited relatives to rely on for initial funding.
UrbanGeekz: Are there any milestones you have achieved that you would like to share?
Renee King: In the past 12 months, FundBlackFounders has achieved significant milestones: Doubled Match Funding Partnerships: The platform doubled its match funding partnerships, reflecting its growing recognition and support within the financial and philanthropic sectors. Increased Match Funding Dollars: FundBlackFounders achieved a remarkable 50% increase in match funding dollars, growing from $1 million to $1.5 million. This substantial increase in funding availability demonstrates the platform’s ability to secure more financial support for its mission and its capacity to provide more substantial non-dilutive capital to early-stage Black entrepreneurs. Rollout of DIY Learning Platform: The platform introduced an early beta version of its DIY (Do-It-Yourself) learning platform. This initiative reflects FundBlackFounders’ commitment to empowering Black entrepreneurs with the knowledge and skills they need to succeed in their ventures. Secured 2024 Match Funder Commitment: FundBlackFounders secured a commitment from match funders for the year 2024, ensuring continued support for its operations and its ability to fulfill its mission of bridging the funding gap for Black entrepreneurs. This commitment also demonstrates confidence in FundBlackFounders’ long-term vision and impact.
UrbanGeekz: Provide your company website and applicable social handles?
Renee King: www.fundblackfounders.com @fundblackfounders & @fundblackwomen on IG
*UrbanGeekz and CultureBanx’s “Black Innovation’s’ Frontline” is an exciting first-of-its-kind editorial series showcasing Black Innovation Alliance member organizations. The Q&A series will highlight the founder’s impact across the entrepreneurial landscape in the United States through a unique culturally attuned lens.
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