Sway Impact, a pre-seed venture accelerator dedicated to investing in and uplifting underrepresented founders and underserved communities, is pleased to announce that Bank of America and NCInvest, a venture capital program backed by the State Small Business Credit Initiative (SSBCI), have joined anchor investor Costco Wholesale Corporation in supporting its HBCU (Historically Black College/University) Founders Fund.

The HBCU Founders Fund is designed to support startups with at least one founder who is an HBCU student, alumnus, or faculty member. Launched in 2023, this fund aims to address the funding disparities faced by Black founders, particularly those affiliated with HBCUs.

“The HBCU Founders Fund was established on the understanding that while HBCUs are rich in talent, many founders with HBCU backgrounds struggle to access the capital, strategic resources, and tailored support necessary to launch and grow successful businesses,” stated Sway Impact CEO Marlon Evans. “With the support of organizations like Bank of America, NCInvest, and Costco, we are positioned to meet these critical needs.”

On March 1, 2024, Vice President Kamala Harris announced $32 million in funding through the SSBCI to support women- and minority-led venture capital funds that assist historically underserved small businesses and entrepreneurs in Durham, North Carolina.

This announcement follows an event on March 1 in Durham, NC, where Vice President Harris, North Carolina Governor Roy Cooper, and Deputy Secretary of the Treasury Wally Adeyemo highlighted the HBCU Founders Fund as a prime example of a program that supports historically underserved startups and entrepreneurs, aligning with the White House's broader strategic goals in this area.

“NCInvest is uniquely positioned to unlock equity investment opportunities for high-growth startups and underrepresented founders in North Carolina,” commented Rodney Sampson, SSBCI 2.0 Fund of Funds Manager at the NC Rural Center. “Our investment and partnership with Sway Impact represent a vital step toward improving access to capital, catalyzing job creation, and fostering equitable ecosystem development across our communities.”

“The HBCU Founders Fund has an important mission to empower HBCU-affiliated entrepreneurs through its unique accelerator model,” said D. Steve Boland, Chief Administrative Officer at Bank of America. “We are inspired by the fund’s potential to drive economic opportunity for various underserved populations.”

The Fund’s first cohort launched in April 2023, featuring eight companies. The second cohort commenced in November 2023, including nine companies that recently completed a capstone demo day in Atlanta, Georgia, on April 11, 2024. The third cohort is scheduled to launch in July 2024. For information on program benefits, requirements, and the application process, click here.

Sway Impact will continue its fundraising efforts this year for the HBCU Founders Fund to meet its targets. Please note that investment in the HBCU Founders Fund is limited to accredited investors. For details on accreditation requirements, please consult the SEC website.