Entrepreneurship | December 22, 2021

New Voices secures $97 million for its second fund for women of color entrepreneurs

Amy Cortese
ImpactAlpha Editor

Amy Cortese

Dec. 22, ImpactAlpha – Richelieu Dennis launched the venture firm New Voices to plug a funding gap for women of color entrepreneurs after selling his personal care products business Sundial to Unilever in 2017. Dennis stepped away from leadership roles at Essence Communications last year after anonymous allegations of discrimination and sexual harassment; an internal investigation by two law firms found the allegations to be unsubstantiated.

New Voices’ second fund has secured $97 million, about one-third of its targeted $300 million, according to Axios and an SEC filing.

The New York-based firm’s portfolio includes cosmetics companies Beauty Bakerie and Mented, enterprise software maker Envested, and Cornbread, a farm-to-table soul food restaurant founded by a refugee from Liberia.