1863 Ventures, a nonprofit known for championing underrepresented founders, will close and reemerge as a for-profit entity, New Majority Ventures.
Under the continued leadership of founder Melissa Bradley, the new organization aims to better support New Majority founders—women, people of color, LGBTQIA+, and other historically marginalized entrepreneurs.
In a statement, Bradley explained that the shift to a for-profit model will enable the organization to deepen its impact through partnerships with accelerators, incubators, and universities, while maintaining its core mission.
A Legacy of Impact
Since its founding nearly a decade ago, 1863 Ventures has made a notable difference in the startup ecosystem.
The organization claims to have assisted over 5,000 founders and contributed to the creation of 2,000 jobs. Its two investment funds, 1863 Venture Fund I and the DC-focused Innovation Equity Impact Fund (IIEIF), supported businesses like Harlem Candle Co., edtech startup Lingo, and The Black Girl Doctor.
The transformation will not alter 1863’s mission to help generate $100 billion in new wealth for New Majority founders by 2023. Bradley sayid programs, research efforts, and existing funds will continue under New Majority Ventures.
However, there will be some structural changes, including staff reductions and a focus on collaborations to expand research initiatives.
A New For-Profit Model
New Majority Ventures will now rely on a fiscal sponsor, potentially the Tides Foundation, rather than raising funds from traditional limited partners.
Bradley shared that this new model would prioritize building knowledge and content for the ecosystem while reducing the organization’s direct program operations.
“We believe this new approach will allow us to do more for New Majority founders,” Bradley said. “By focusing on ecosystem partnerships, we can drive broader systemic change.”
The transition marks a pivotal moment for 1863 Ventures as it adapts to a new structure while staying true to its mission.
Feature Image Credit: John Lamparski / Stringer / Getty Images
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