1863 Ventures, a nonprofit organization that focused on providing capital and mentorship to early-staged underrepresented founders, is undergoing a transformation. Founder Melissa Bradley announced that the organization will be closing to transition into a for-profit entity called New Majority Ventures. The new organization will be supported by a fiscal sponsor, with discussions currently underway with The Tide Foundation for this role.
Bradley established 1863 Ventures eight years ago with a mission to support founders of color. Over the years, the organization claims to have assisted over 5,000 founders and generated 2,000 jobs. Noteworthy investments made by 1863 Ventures include edtech company Lingo, wellness company The Black Girl Doctor, and consumer company Harlem Candle Co. The organization had two funds, 1863 Venture Fund I and Innovation Equity Impact Fund (IIEIF).
In a statement shared on social media, Bradley outlined that despite the rebranding to New Majority Ventures, core aspects will remain unchanged. The organization will maintain its charitable status, offer programs, conduct research, and continue its mission to support New Majority founders in generating $100 billion in new wealth by 2023. While there will be some name changes and staff reductions, affiliated funds will stay the same and operate as separate LLC entities.
New Majority Ventures will seek collaboration with other ecosystem builders such as accelerators and incubators, as well as partner with institutions like universities to enhance its research offerings. Although no new funds will be created currently, the organization will uphold its commitment to supporting underrepresented founders. Bradley emphasized a shift towards working more closely with ecosystem partners and focusing on content and research to advance New Majority founders.
