On Thursday, Richelieu Dennis, founder of SheaMoisture products and current owner of Essence Magazine, announced a $100 million fund for women entrepreneurs of color at the 2018 Essence Festival.
“About six months ago, we announced that we were launching the new voices fund,” Dennis told the audience at the press conference during the Essence Festival. “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.”
Dennis, who sold SheaMoisture to Unilever in 2017 vowed to use the capital to create an investment fund for minority entrepreneurs, specifically women of color. Unilever and Sundial Brands, creators of SheaMoisture, agreed to contribute an initial investment of $50 million to the fund.