Westbound Equity Partners announced an exciting and ambitious second fund of $100 million. The fundraising round further stamps Westbound’s position in the venture capital space on its quest to close the racial wealth gap. The venture capital firm surpassed its Fund II goal, more than four times its initial fund of $25 million.

Initially founded as Concrete Rose in 2019, the California-based early-stage venture capital firm invests financial and social capital into ventures led by and solving problems for underrepresented people of color. Diversity in teams is another central pillar of the company’s exceptional list of iconic, forward-thinking companies. Westbound stands as a unique firm in the venture capital landscape, focusing on an often overlooked sector of business owners. Black-founded startups, for example, garnered less than 0.5% of all venture dollars raised by U.S. startups in 2023, according to Forbes.

The company’s recent name change alludes to the phrase, “heading Westbound,” or starting anew. Similarly, Westbound Equity Partners helps its barrier-breaking portfolio partners carve new paths in the pursuit of generational prosperity.

“We aren’t investing in underrepresented founders as this altruistic thing,” cofounder Sean Mendy told Forbes. “The fund is about investing in the best companies and performance. Explicit impact is what we’re doing on the foundation side.”

Westbound Equity Partners has already leveraged funding to invest in 75 audacious founders solving real-world challenges. Minority-led companies including Esusu, PlanetFWD, EdLyft, and Tradeblock are a few of the brands Westbound has put its resources behind. Even for companies not immediately led by Black or Latino founders, Westbound assures that all of its partner companies are committed to diverse teams and equitable cultures.

Westbound’s extensive expert network helps partner organizations develop vital industry relationships, ideas, and knowledge. Officially known as the Westbound Network, these industry-shifting business leaders commit their social connections and expertise to helping Westbound portfolio brands win.

Through the Talent Network, Westbound provides community and opportunity to top Black and Latino professional talent through access to portfolio companies. Finally, with Westbound’s culture coaching, recipient partners can access tools that cultivate inclusive, equitable, and intentional company cultures. 

Similar to its first fund, Westbound committed 50% of its profits to fund the Westbound Foundation. The foundation operates to provide resources to nonprofit organizations closing opportunity gaps for underrepresented communities of color. 

With its newest fund, the company is actively investing in pre-seed and seed-stage tech companies across various sectors. Aiming to “reimagine the world around us,” Westbound Equity Partners’ new name and ever-solid vision for change are making the venture capital world a more inclusive space.