SheaMoisture Puts Black Women Entrepreneurs First With New $100 Million Fund

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Minority entrepreneurship is being pushed into the forefront more than ever before. People of color and members of the LGBTQIA+ community are rightfully shouldering their way into the conversation, but one business is helping gift black women proverbial seats at the table.

The founder of well-known natural hair care line, SheaMoisture, has launched a $100 million fund towards the development of entrepreneurial women. And what better place for Richelieu Dennis to make the grand announcement than in New Orleans at Essence Festival 2018, a mecca of sorts for trailblazing black women.

“About six months ago, we announced that we were launching the new voices fund,” Dennis said during a festival press conference. “I’m proud to say that we get to officially launch the $100 million New Voices Fund for women of color entrepreneurs here at Essence Festival this weekend. Over the past six months, we have already either invested in or committed to, over $30 million in black women entrepreneurs.”

The hefty fund was born out of Dennis’ promise that after selling SheaMoisture to Unilever in 2017, he would prioritize allocating funds and resources to support women-run businesses. For those looking to apply for the fund, the application form is live on the New Voices Fund site. Good luck, ladies!

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