A venture capital firm led by Black individuals is starting a search fund platform to help grow wealth in Black, Indigenous, and people of color (BIPOC) communities.

These partners identified a chance for generating wealth.

Black-led VC firm The Promise Venture unveiled its Search Fund platform

on February 15, a system to offer equitable access to capital and other business resources for Black and other diverse entrepreneurs.

The Promise Venture's founding squad incorporates growth and talent development specialist Reggie Carter, talent development and operating expert Thomas Askew, business transformation and operational specialist Segun Olowofela, and strategy and leadership development expert Michael Gilligan.

The partners established the platform with a mission to further wealth opportunities in underrepresented communities via sustainable quality jobs, employee ownership programs, and investment chances. The firm concentrates on being the chosen investment partner for diverse entrepreneurs.

“We can be a catalyst for generating a seat at the table, that’s when value can be shared, and change is really made,” Carter mentioned. “Our efforts will result in greater access to entrepreneurship through acquisition, serve as a solution for business owners addressing succession planning, and foster wealth creation for employees. Imagine improving the lives of hundreds of entrepreneurs, their families, and employees—that’s the American dream!”

“Our goal is to foster an ecosystem where all entrepreneurs have an equal shot at driving and taking part in financial value creation,” Gilligan said, adding that equity is the key to promote the transition towards success that is rooted in the allies, partners, and collaborators who join the platform.

Askew stated that the team’s approach to investing is inclusive and results-oriented.

“Our strategy allows us to partner with excellent operators and quality investors, who not only share our vision, but believe in it and will do their part to help us change the economic landscape and close the wealth gap of underrepresented communities,” he added.

“Providing the capital to diverse entrepreneurs allows them to focus on where they can excel and completely utilize the untapped potential within every community, making us better as a whole,” Olowofela said. “We are discussing employment opportunities, upskilling of talent and really discovering new ways to solve old problems and, ultimately, fostering wealth creation opportunities for all.”

The Promise Venture is constructing its team in the growing search fund market that has allowed MBA graduates and mid-career professionals to have operating experience to acquire businesses in the lower middle market, with revenues ordinarily ranging between $10 to $50 million.

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