Return on Inclusion | January 31, 2023

ICA Growth Fund backs four Black and Latinx businesses with ‘impact notes’

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, January 31 – ICA Growth Fund supports small businesses while encouraging owners to prioritize social impact objectives. The Bay Area-based nonprofit accelerator and investor’s latest investees include 5 Element Food Therapy, which offers pet nutrition services. Bolita produces fresh masa and other Mexican food staples. P. Harrell Wines is a Black and Latina woman-owned wine company. Ziva Naseer produces luxury handbags.

“Each of these four founders have already built impactful businesses that serve our local community,” said ICA’s Princess Aghayere. “We’re excited about their growth potential and look forward to partnering with these founders for a long time to come.”

ICA’s “impact note” investment structure provides the businesses with growth equity, while allowing them to earn back shares in the company if they achieve impact milestones for job creation, workforce diversity or employee wealth creation.