This EDA investment funds the resource invest project, an initiative to develop lasting investment infrastructure to mobilize capital for technology startups led by founders of color in the…

The Economic Development Administration awarded a $2.17 million Project Grant to Vilcap, Inc. to develop lasting investment infrastructure for technology startups led by founders of color in the Southeast region of the United States. Under the Resource Invests initiative funded through the agency's BUILD TO SCALE program (CFDA #11.024), Vilcap will work with the Black Innovation Alliance from November 2022 to April 2024 to launch infrastructure and a replicable model to improve underrepresented entrepreneurs' ability to mobilize capital in their region. Specifically, the project supports developing investment vehicles that are expected to raise at least $25 million for technology startups, with a focus on advancing more equitable access to funding. The grant aims to strengthen regional technology-based economic development ecosystems so founders from diverse backgrounds can more readily build and scale their businesses.

This EDA investment funds the resource invest project, an initiative to develop lasting investment infrastructure to mobilize capital for technology startups led by founders of color in the southeast region of the united states. The project supports village capital, in collaboration with the black innovation alliance (BIA), to launch resource invests. Once implemented, the project is expected to raise at least $25 million in investment capital and develop infrastructure and a replicable model to improve the ability of entrepreneurs to mobilize capital in their region.