Dealflow | March 18, 2024

Westbound raises $100 million to back tech ventures built by, for or with underrepresented people of color

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

Westbound Equity Partners launched in 2019 as Concrete Rose Capital to close the racial wealth gap by providing financial and social resources to early-stage founders and ventures led by, solving problems for, or built with underrepresented people of color. The rebranding to Westbound is meant to evoke the aspirations of generations that have headed west to make a new life.

The closing of the Menlo Park, Calif.-based firm’s second fund quadruples the size of its inaugural fund, which backed companies including Black-led waste recycling tech venture Rheaply, equitable car insurance provider LOOP, and Black-led Esusu, which helps low-income Black renters build credit scores by reporting their rental payments to credit bureaus. 

Returns on inclusion

“Fund II allows us to back more founders building companies that will solve the world’s most pressing problems,” said Westbound’s Sean Mendy. “It allows us to bring more Black and Latino founders and professionals into the greatest wealth generating opportunity of our time.”

Westbound will donate 50% of the fund’s carried interest to Westbound Foundation, which supports nonprofit organizations working to close opportunity gaps for underrepresented communities of color.