FundBlackFounders, a rewards-based crowdfunding platform, is breathing life into small Black-owned businesses—from a card game that turns awkward questions into a bonding experience to an allergy-friendly cookie business led by a middle schooler CEO.
Only 1% of venture capital funds go to Black business owners, yet Black consumers hold over one trillion dollars in spending power, according to FundBlackFounders.
Founder and CEO of FBF Renee King created the platform in response to a dismissive white investor who shamed Black entrepreneurs for their inability to raise money from friends and family for their startups.
“The quote that this investor said was, ‘if you can’t raise a friends-and-family-round, what does that say about you?’” said King in a video previewing FBF’s crowdfunding incubator. “At that point, that was really triggering for me as a Black entrepreneur, because not all Black entrepreneurs have access to wealthy networks or a well-off aunt or a well-off uncle.”
So, King conceived FundBlackFounders as a way for Black entrepreneurs to jumpstart their businesses through crowdfunding, as opposed to soliciting investments from affluent friends and family.
Maddy Bear Bakes crafts cakes, cookies and jars of edible dough that are vegan, dairy-free and gluten-free. The company consists of 12-year-old baker Maddy and 13-year-old CEO Mariah. Through FundBlackFounders, the duo reached 71% of their 25,000-dollar goal so far. Backers earn rewards from a social media shoutout to a customized cookie flavor, based on the size of their contribution.
Hella Awkward, the card game that prompts giggles and vulnerability through awkward questions, exceeded its $25,000 crowdfunding goal. The game boasts 140 questions ranging from real talk and relationships to dating and sex, and can be found at Macy’s, on Amazon, and in Philadelphia and New York City stores.
Other featured campaigns include Blackfacts.com, a site with over 400 videos and 400,000 articles on Black history and current events and Embody Yoga, a yoga studio in Milwaukee by and for people of color.
FundBlackFounders takes clients through the three stages of crowdfunding—building an audience, creating an appealing campaign and managing that campaign until the financial goal is reached.
FBF’s CEO King also created Tech.Ur.Elders, a platform that uses artificial intelligence and tech to assist caregivers in their care for elderly folks.
Originally posted 2021-11-02 13:00:00.
