Ignite Capital strategically infuses both social and financial capital in social enterprises located in and serving Baltimore’s disinvested yet tenacious communities, spurring equitable economic growth and fostering the redevelopment of neighborhood economies within these communities
Portfolio Focus
Asset class
Blended Finance
Grants
Growth-Stage Venture Capital (Series B or C)
Private Credit
Private Equity
Impact theme
Community Development & Social Infrastructure
Local Economies & Community Development
Economic Opportunity & Inclusion
Financial & Economic Inclusion
Job Creation & Quality
Investment geographies
North America
Key people
Jay Nwachu
President & CEO
Mark Sieffert
Director of Development
Ryan Levinson
Part-Time Fund Advisor
Ascend Fund
Raised: $2.5 million
Asset class:Blended Finance
+2
Impact theme:Community Development & Social Infrastructure
+6
Investment geographies:North America
About the fund
The Ascend Fund is a blended capital initiative managed by Innovation Works that focuses on accelerating social enterprises and addressing the racial wealth divide in Baltimore. Currently in fundraising status, the $15 million fund employs a mix of low-interest investment notes and grants, having secured $2.5 million toward its target of $10 million in notes and $5 million in grant capital. The fund features a 20% default limit backed by loan guarantees from the state of Maryland and the Abell Foundation, providing risk mitigation for investors. It targets North American investments with specific focus on community ownership, diversity and inclusion, and expanding the ownership economy, accepting capital from foundations, government grant-making agencies, and institutional investors. The fund represents an investment vehicle designed to deliver both financial returns and measurable social impact in underserved communities.
Ignite Capital strategically infuses both social and financial capital in social enterprises located in and serving Baltimore’s disinvested yet tenacious communities, spurring equitable economic growth and fostering the redevelopment of neighborhood economies within these communities.
Meyerhoff Family Charitable Funds
Mercy Investment Services
Goldseker Foundation
University of Maryland Medical System
Abell Foundation
