DISCOURSE
The problem is that when communities don ’ t have capital , they don ’ t have power . … We ’ ve got to be dealing with the power gap . And the only way you can deal with the power gap is to do it from an investment standpoint .
process , for any group , you ’ re going to see significant changes . We ’ re seeing it now with women investment funds , same thing . You could say , oh well , women don ’ t have representation , and women don ’ t have power in the boardroom , women don ’ t have access to capital . We can say that over and over and over , or a group of wealthy women can get together , put together a few million dollars and invest in some incredible women entrepreneurs and change the game , which is exactly what we ’ re watching happening right now .
Are you still involved in Black Angel Tech Fund , or have you moved over completely to Black Star Fund ? I moved completely over to create a fund . … I wanted to create Black Star Fund in a particular way . … It is ( the ) main fund , sole fund that I run . I consult for other funds that are coming up across the company that want to be in this space .
( It ’ s ) amazing to be able to share some of the data ( of Black Star Fund ), and you ’ ll see … 53 percent of the founders are women ; 77.5 percent of the capital we ’ ve invested , which is millions of dollars , has gone to Black women founders . Our companies have raised collectively over $ 90 million of investment capital . We ’ ve invested in 13 companies . Our companies have generated millions of dollars last year in revenue . It ’ s one thing to raise capital as a startup , it ’ s another thing to make money . … We ’ re proving a thesis . … You ’ re investing in Black founders , you ’ re getting outsized returns . If the landscape was so terrible and dire to be able to raise money , then how could these 13 Black-led companies raise almost $ 100 million ?
In terms of investments , what do you look for that sets a startup apart from all the rest ? The main thing is really the founder . I always say there ’ s a difference between an entrepreneur and somebody who wants to be their own boss . A lot of people want to be their own boss , and very few people are cut out to be entrepreneurs . What I ’ m looking for is a true entrepreneur and a founder who has a big vision , has the mental wherewithal and tenacity to work very hard to see opportunities where other people see roadblocks , to see possibilities where other people see closed doors , to imagine things that don ’ t exist that need to exist that will solve real problems in the marketplace , and a personality type that basically believes they will go through a brick wall to get things done . … I joke with people and say I ’ m not really an investor , I ’ m a talent scout .
In December 2020 , Black Star Fund made a six-figure equity investment into Reviver , a Granite Bay company that makes digital license plates . Why did you make that investment ? People who create products of the future are people who see things that other people don ’ t see and see a way of life that we ’ re moving to , but we ’ re not there yet . To me , Neville Boston , the founder , is that type of entrepreneur . … The old cars , which are basically steel machines on wheels , those have changed to become computers on wheels . … You changed everything about the car to make it modern , make it electronic and make it connected to the Internet of Things . The only thing that hasn ’ t changed is the license plate . … I believe that — just like every driver has to have car insurance — every car in the world is going to have a digital license plate in the next five to 10 years .
To have a founder who has that level of vision , has been able to raise millions of dollars , has been able to get the buy-in from the state municipalities , and has been able to create partnerships internationally , and happens to live ( locally ) and the company is based here , was just like a dream come true from an investment standpoint .
What other companies or investments do you consider success stories ? Partake Foods is a great success story for us . The founder , Denise Woodard , I met her at a pitch competition I was judging three years ago in North Carolina . She told us a very emotional story about her and her husband almost losing their 18-month-old daughter to a severe food allergy . Denise left a very lucrative position at Coca-Cola . … She had a supply chain MBA from Arizona State ( University ), so really technically savvy and business savvy and great experience . She left that position to start a healthy-food company to meet
24 comstocksmag . com | May 2021