Shea Moisture Launches New Voices Fund to Support Women of Color Entrepreneurs

Shea Moisture is doing what it can to ensure that female entrepreneurs of color get the opportunities they deserve!

CEO of the well-known hair care brand, Richelieu Dennis, announced the launch of a $100 million fund for women of color who want to start their own business. “About six months ago, we announced that we were launching the new voices fund,” he during the 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.”

According to the website, the funds purpose is to invest in women of color entrepreneurs and help them reach their full potential. “This groundbreaking initiative, designed to level the playing field, provides women of color entrepreneurs with unprecedented access, capital, and expertise they need to excel.”

The fund a product of a promise Dennis made after selling Shea Moisture to Unilever in 2017. Following the highly publicized sale of Shea Moisture, he vowed to allocate funds and recourses to support businesses ran by women of color. For those interested in the fund, the application can be found on the New Voices Fund website.

Photo Credit: NEW ORLEANS, LA – JULY 06: ESSENCE Ventures CEO, Richelieu Dennis speaks onstage during the 2018 Essence Festival presented by Coca-Cola at Ernest N. Morial Convention Center on July 6, 2018 in New Orleans, Louisiana. (Photo by Paras Griffin/Getty Images for Essence)