Conscious Venture Partners raises $15.8 million for Conscious Venture Fund II, locally led by Kevin Plank’s Sagamore Ventures
Investment Highlights Baltimore as a thriving investment region, with local and national participation
BALTIMORE, July 12, 2022 /PRNewswire/ — Conscious Venture Partners today announced that Conscious Venture Fund II has raised $150.8 million of its $50 million objective. Sagamore Ventures – the investment arm of Under Armor founder Kevin Plank – leads local investments with a $2.5 million euros of commitment in the Conscious Venture Fund II, which is on track to become the largest fund managed by a minority Baltimore City.
The Fund’s growth supports the emergence of from Baltimore the innovation ecosystem, particularly in the area of companies using innovations to create a more equitable or “Equitech” society.
“Despite the incredible talent and technology that we have in the United States and especially here in Baltimorenew innovations for things like preventive care delivery, better mental health outcomes, access to technology and healthy foods, and predictive analytics for underserved communities are clearly needed if we are to sustain the standard of living – and giving all of our citizens access to such – that we value and cherish so dearly in America,” said Jeff Cherry, Founder and Managing Partner of Conscious Venture Partners. “COVID has shown us all the work we need to do to create a more equitable society and economic system.”
Conscious Venture Partners seeks minority and female founders to invest in entrepreneurs that others ignore for all the wrong reasons. They support companies that use technology to break down barriers to access and create a more equitable society, including in the health, food, technology, media, mobility and entertainment sectors. education.
The strategic investment of by Kevin Plank Sagamore Ventures is part of a $10 million comprehensive set of commitments made by Sagamore and the Port Covington development team, stemming from an agreement with local stakeholders, to help build capacity and improve the landscape for Baltimore City minority and women-owned small businesses.
“Jeff Cherry and Conscious Venture Partners share our commitment to creating positive impact in Port Covington – and throughout Baltimore. The Conscious Venture Partners team has a proven track record in identifying and supporting diverse and innovative projects Baltimore entrepreneurs, which is essential for the future of the city,” said Kevin PlankFounder of Sagamore Ventures.
Conscious Venture Partners believes that companies that practice a more holistic or “stakeholder” form of capitalism create financial as well as societal value. Thus, most of the companies financed by Conscious Venture Partners are graduates of its Conscious Venture Lab accelerator program. Local businesses interested in receiving funding are encouraged to apply for the next Conscious Venture Lab cohort here: https://www.f6s.com/cvlabcohort9. Applications for the current cohort are being accepted now.
The successes of Conscious Venture Partners – including the eight graduate cohorts of the Conscious Venture Lab Accelerator Program, and a newly designed digital platform in partnership with Annapolis FounderTrac – gave investors confidence in Conscious Venture Fund II and the Baltimore region as an investment market. Funds raised by Conscious Venture Partners support companies like Fearless Sports, a Baltimore– social impact apparel company founded by Baltimore Business Journal Power 10 winner, Delali Dzirasa; Outlook Enterprises, the first-ever digital production studio located in East Baltimore, founded by ex-Baltimore Raven Trevor Pryce; and HeyZRO, a unique metaverse e-commerce platform that is one of the first to be founded in Baltimore by a black technologist.
Joining Plank and Sagamore Ventures is the recurring investor in Conscious Venture Partners, Point Field Partners, the investment arm of the owner of the Baltimore Ravens. Steve Bisciottiwith additional investments made by other leading local investors including Brown Advisory, Capital Funding Group, Robb Merrit, Mary Miller and Guy Philippe. The company’s recent successes and growing list of local investors have garnered national attention and proven to be a catalyst for interest in Baltimore from outside of Marylandincluding a recent $5 million commitment of the UFCW – Northern California Employers Joint Pension Plan, a Concord, California based pension fund.
“Mr. Bisciotti certainly believes that fairness and prosperity go hand in hand. This is one of the reasons we were so excited to invest and partner with Jeff and his team at Conscious Venture Partners,” said Ryland Sumner of Point Field Partners. “This is their mission and their innovative approach to community investing. This is how you build communities: investing with equity in mind to create financial and societal returns.”
Mary Miller, Baltimore investor and former T. Rowe Award executive, echoed, “This is the kind of investment opportunity Baltimore Needs. I’m thrilled to see the impact these entrepreneurs will have in their communities.”
The continued flow of investment capital into the fund affirms the shared value of providing meaningful opportunities for women and minority-owned businesses. Cherry believes that supporting entrepreneurs in communities of color that have been disproportionately impacted by lack of access to capital and networks represents an opportunity to provide better services in these communities and to invest in new innovations that can have wide applicability in very large markets. .
“We believe Conscious Venture Partner’s approach to entrepreneurship is forward-thinking and fantastic for our community,” said Mike Hankin, CEO of Brown Advisory. “We are proud to partner with Jeff and his amazing team and hope that together we can help support emerging businesses in Baltimoreas well as the wider start-up ecosystem.”
The Conscious Venture Fund II is created to do what they call rolling fences, so the fund will grow and new investments will be added as additional capital is committed. Final closing is expected to occur during the third quarter of 2022.