Dealflow | May 17, 2023

New Summit Investments teams with Gratitude Railroad to back diverse-led funds

Amy Cortese
ImpactAlpha Editor

Amy Cortese

ImpactAlpha, May 17 – The partnership grew out of the firms’ shared belief that “investing in emerging managers will not only generate positive impacts on society but will also strengthen investors’ portfolios,” said New Summit’s Casey Dilloway.

New Summit and Gratitude Railroad have so far invested a total of $7 million in a trio of women-led funds, Dilloway told ImpactAlpha.

Springbank Collective, a New York-based venture firm, invests in early-stage startups supporting women and working families, which it pegs as a $1 trillion opportunity. San Francisco-based Firework Ventures invests in “future of work” startups that drive social and economic mobility.

Good Growth Capital, based in Charleston, SC and Boston, Mass., backs science and technology startups from life sciences to battery tech with the potential for a positive impact. Three-quarters of its portfolio companies have diverse founding teams.