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Phirst Market Ventures is a venture capital firm founded in 2022, based in Philadelphia, PA. The organization was established to address the significant funding gap faced by Black women founders, who receive less than 1% of venture capital. By providing a blend of grants, loans, and patient equity, Phirst Market Ventures aims to be the first institutional capital for early-stage companies across various industries, particularly technology and health & beauty products.
The firm operates with a distinctive structure that combines nonprofit and for-profit elements, co-created by three partner organizations. Phirst Market Ventures launched in the fall of 2022 after securing an initial $500,000 and has a target fund size of $2 million. The firm focuses on startups led by at least one Black or Brown female founder or C-suite executive, emphasizing diverse management teams and long-term visions.
Currently, Phirst Market Ventures has a portfolio of 12 companies and aims to provide integrated capital solutions that support long-term growth and impact. Their geographical focus spans from Washington, DC, to New York City, with a strong preference for companies based in Philadelphia. The firm is committed to closing the funding gap for women of color entrepreneurs and fostering innovation in underrepresented communities.
Phirst Market Ventures invests in early-stage companies, specifically targeting the pre-seed and seed stages. Their investment strategy emphasizes startups that have at least one Black or Brown female founder or C-suite executive. The firm seeks to provide integrated capital solutions, which include grants, loans, discounted SAFE notes, and patient equity. This approach allows them to support long-term growth and impact for their portfolio companies.
The sectors of interest for Phirst Market Ventures include healthcare and consumer goods, with a particular focus on technology and health & beauty products. They prioritize companies that demonstrate the potential to impact large market sizes, specifically those with the potential to exceed $1 billion. Their investment thesis underscores the importance of diverse management teams and long-term vision, aiming to empower women of color entrepreneurs who are often underestimated in the venture capital landscape.
Geographically, Phirst Market Ventures concentrates on startups located between Washington, DC, and New York City, with a strong preference for those based in Philadelphia. This regional focus allows them to build a supportive community for their portfolio companies while addressing the unique challenges faced by women of color entrepreneurs.
Phirst Market Ventures has invested in a diverse range of companies, including:
This portfolio reflects Phirst Market Ventures' commitment to supporting innovative solutions and sustainable practices across various sectors.
Amelia Zellander - Founder. Amelia has a background in venture capital and social entrepreneurship, focusing on supporting underrepresented founders.
Angela McIver - Founder. Angela brings extensive experience in nonprofit management and community development, emphasizing economic empowerment for women of color.
Ashley Cimone - Co-Founder. Ashley has a strong background in product development and marketing, particularly in the health & beauty sector.
Moya Annece - Co-Founder. Moya specializes in strategic partnerships and has a history of working with startups in various industries.
Dr. Kimberly McGlown - Founder of Grant Blvd. Dr. McGlown has a PhD in social entrepreneurship and focuses on sustainable fashion.
Monique Curry-Mims - Founder of Empact Data. Monique has expertise in data analytics and strategic insights for the philanthropic sector.
Chrissy Watts - Founder of Philly Experiences. Chrissy is known for her work in community engagement and educational programming.
Lenore Champagne Beirne - Founder of Bright Ventures. Lenore has a background in venture capital and focuses on supporting diverse entrepreneurs.
Shannon Morales - Founder of Tribaja. Shannon specializes in connecting diverse talent with equitable employers in the tech industry.
Kenny Oyefara - Founder of Elari. Kenny has experience in plant-based product development and focuses on health and wellness.
To pitch Phirst Market Ventures, founders should submit their proposals through the firm's website or via email at info@phirstmarketventures.com. A well-structured pitch deck is essential, detailing the business model, market opportunity, and the team behind the startup. Founders should also include information about their funding needs and how they plan to utilize the capital.
Phirst Market Ventures prefers to receive pitches from startups that are in the pre-seed or seed stages, particularly those led by women of color. While there is no specified response time, founders should expect a thorough review process given the firm's commitment to supporting their portfolio companies. Warm introductions are beneficial but not mandatory.
In 2023, Phirst Market Ventures actively invested in several startups, including Biolatice, Trapezium Math, and Grant Blvd. These investments reflect the firm's commitment to supporting innovative solutions and sustainable practices.
Phirst Market Ventures continues to expand its portfolio, focusing on companies that align with its mission of empowering women of color entrepreneurs. The firm has successfully built a diverse portfolio of 12 companies since its launch in 2022, showcasing its dedication to addressing the funding gap for Black women founders.
What are the investment criteria for Phirst Market Ventures?
Phirst Market Ventures invests in early-stage companies, specifically in the pre-seed and seed stages. They require that at least one founder or C-suite executive is Black or Brown and female.
How can I apply or pitch to Phirst Market Ventures?
Founders can pitch their startups by visiting the Phirst Market Ventures website at phirstmarketventures.com or by emailing info@phirstmarketventures.com. A detailed pitch deck should be included in the application.
What makes Phirst Market Ventures different from other investors?
Phirst Market Ventures focuses specifically on women of color entrepreneurs, addressing the funding gap that exists for this demographic. They provide integrated capital solutions, including grants and patient equity, which are tailored to the unique challenges faced by these founders.
What is the geographic scope of Phirst Market Ventures?
The firm primarily invests in startups located between Washington, DC, and New York City, with a strong preference for companies based in Philadelphia.
What is the typical check size for investments?
Phirst Market Ventures typically invests between $10,000 and $250,000 in their portfolio companies, aiming to be the first institutional capital for these businesses.
What kind of post-investment support does Phirst Market Ventures provide?
Phirst Market Ventures offers strategic support tailored to the unique challenges faced by women of color entrepreneurs, including access to resources and mentorship to help startups thrive.
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