💪🏾 Black ownership economy. Black-owned businesses surged 14% during the pandemic. Even at that growth rate, it will take 80 years to reach parity with the Black share of the population as a whole. A new report calls on community developers, investors, and Black entrepreneurs to acquire, merge, and expand existing Black businesses. (Brookings Institution)
The Week's Dealflow
Deal spotlight: 'Deep tech’ impact investing in India. Pure EV, an electric motorbike maker based near Hyderabad, is the latest Indian EV startup to close an equity round. But there's more to impact tech in India than just EVs. The country is emerging as a hub for deep science tech startups working on breakthrough solutions in climate change, food security and other global challenges. Capital flows to India's deep tech ventures surpassed $1 billion over the past three years and are on pace to reach $10 billion in the next five, according to a new report from impact tech investor Ankur Capital that includes the chart above. Growth capital and corporate backing is needed to scale locally-developed solutions. “The entire Indian deep science tech ecosystem is at an inflection point,” according to Ankur. Watch David Bank’s interview with Ankur co-founder Rema Subramanian.
The Week's Talent and Jobs
Keyur Patel, previously with PSG Equity, joined Boston Impact Initiative as portfolio manager… Halcyon Venture Partners promoted Dahna Goldstein to co-founder and managing partner… Shannon Mullins, a former sustainability and climate change manager at Deloitte, joined The Predistribution Initiative as head of special projects… Ilona Limonta-Volkova, previously with Conrad N. Hilton Foundation, joined TruStage Ventures as an investor… UBS Wealth Management’s Santi Miller has been seconded to Ownership Works through October… Wanjiru Kamau-Rutenberg, previously an executive in residence at Schmidt Futures, joined Ford Foundation as a senior fellow.
Editor’s note: This guest post is sponsored by Impact Ventures by J&J Foundation, which supports ImpactAlpha’s Investing in Health coverage. In partnership with Impact Ventures, ImpactAlpha is exploring the …
Bridging Finance launches fund to finance Indigenous development projects in Canada
ImpactAlpha, April 22 – First Nations and Inuit people in Canada do not own their land. Per the Indian Act, it’s held by the Canadian government. Without collateral, private banks are hesitant to fund early-stage development. “It’s very difficult to do on-reserve lending in a traditional format,” Bridging Finance’s David Sharpe, a member of the Mohawks of the Bay of Quinte, toldThe Globe and Mail.
Bridging Finance, with $1.3 billion in assets under management, is raising a private-debt Indigenous Impact Fund to provide early-stage funding to on-reserve grocery stores, pharmacies, housing and renewable energy projects. The firm has notched CAD $25 million ($18.7 million) in commitments toward a target of at least CAD $500 million, Bridging Finance confirmed to ImpactAlpha, and has a deal pipeline of CAD $200 million.
After projects are generating cash, Bridging will sell the loans to banks. Bridging, founded in 2012, projects its higher-risk loans will generate higher-risk returns of 8%. Says Sharpe, “We’ve never had a loss, nor a default, on First Nations lending.”
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