Introducing the 2023 PledgeLA Founders Fund Cohort!

After reviewing almost one thousand applications from Black and Latinx entrepreneurs across Los Angeles County over the last three years, it’s clear to us that the heart of L.A. beats with a rhythm of diversity, resilience, and groundbreaking ideas. And yet in a world where innovation knows no bounds, generational wealth and resources still remain an ever-present barrier for these groups of founders. Entrepreneurial success and funding have historically been correlated with the net worth of a founder’s immediate network; as we step into the third year of the annual PledgeLA Founders Fund Program, we are reminded that catalytic change begins with access — access to capital, guidance, and a network that thrives on collective brilliance. PledgeLA and Grid110 are thrilled to unveil the 19 companies selected for the PledgeLA Founders Fund 2023 cohort!

Created to address the systemic barriers that Black and Latinx entrepreneurs face when seeking capital for their companies, the PledgeLA Founders Fund is an accelerator program that transcends mere investment. The main goal of the program is to generate at least five times the economic impact from the initial funding provided, measured in the following three areas: follow-on capital, new employees hired, and increased recurring revenue. In just two years, the Founders Fund alumni companies have collectively raised more than $20 million in follow-on capital. Furthermore, the program has helped create 82 new jobs at alumni companies with 60% of companies using stipends for hiring or job creation, and 70% reporting increased recurring revenue.

Over the next three months, we will help participating founders increase recurring revenue, attract follow-on capital, and build community with their peers. They will receive 12 weeks of intensive support from Grid110, bi-weekly in-person co-working days at BioscienceLA, and a year of ongoing assistance with accessing follow-on capital to sustain their businesses. Each company also receives a no-equity $25,000 cash stipend–-culminating to over 1.3 million dollars in non-dilutive funding distributed to Black and Latinx LA-based founders over the past three years. The Annenberg Foundation provides staff support and funding for the program, and the Acevedo Foundation serves as the fund’s fiscal sponsor.

Earlier this year at #LATechWeek, PledgeLA announced its 50 in 5 goal — in 5 years, by 2028, 50% of all Los Angeles venture capital dollars will go to companies led by women, Black, and Latinx founders. The ingenuity of the Founders Fund lies not just in its ability to propel companies forward, but in its power to catalyze a movement that impacts the trajectory of the whole entrepreneurial landscape. As we kick off the 2023 cohort, the program’s goal remains steadfast: generating five times the economic impact for every non-dilutive dollar invested.

We received nearly 350 applications from all across Los Angeles county. Among the 19 companies selected, 68% have a founder that identifies as a woman, and 16% identify as LGBTQIA+. The most-represented industries in the cohort include Health & Wellness, Technology, CPG, Media & Entertainment, and Real Estate. Learn more about the selected companies below.

Meet the PledgeLA Founders Fund 2023 Cohort!

• Alisos — a community-based platform and marketplace that connects residents with shop owners in Los Angeles with the mission to improve neighborhoods by fostering connections.
• Brush Up Your Space — a creative design studio specializing in branding, visual marketing, and interior design services for real estate properties, helping property investors stand out in competitive markets.
• Colour Bloc Creativ — a design and production studio, and art book publisher based in South Central Los Angeles.
• EmpowerU — an app that aims to provide all students access to resources, such as scholarships, internships, and summer programs with the purpose of helping them go to college and become career ready.
• Entidad — a technology services provider that works with mission driven organizations, such as non profits and social enterprises, to scale the impact of their work.
• Festively — the trusted event planning partner for businesses who want to create an outstanding experience and also want to invest in local, diverse small businesses.
• Fully Charged — a snack manufacturing company producing gluten-free, vegan, and top 14 food allergens-free ready-to-eat pastry snacks including, snack cakes, donut drops, and brownie bites.
• Good Juju Coffee — a sweet, smooth, and earthy single-origin coffee blend organically grown by the founders, the Carrillo Family.
• Mija Fitness — a boxing fitness company committed to creating a safe space for BIPOC women and LGBT+ clients to learn the fundamentals of boxing, grow in their community, and reclaim their confidence.
• Mixed Up Clothing — a purpose-driven children’s wear brand designed through a multicultural lens to celebrate diversity.
• Next Shift Learning — a workforce design studio on a mission to create learning content and experiences that power untapped talent’s economic and professional growth.
• Rooted — a holistic wellness community that offers a comprehensive range of services and products from fitness programs to gardening classes.
• SalviSoul — a dynamic for-profit business and social enterprise, deeply rooted in the Salvadoran community, with their flagship product being The SalviSoul cookbook.
• Socanomics — a fitness and experiential wellness company that is inspired by Caribbean Carnival and fueled by Soca music.
• Soul Food Candle Co. — a brand at the intersection of identity and community, with the intention to ensure communities feel seen, heard and represented in everyday items.
• Spottyr — a mobile-first platform designed for personal trainers to manage their business and connect with their clients.
• Subler — a platform that connects schools with local communities, making it easy for event organizers to find and rent school spaces.
• The Established — a vegan skincare essentials line for the modern day minimalist.
• Zella Life — a dynamic CaaS (Coaching as a Service) platform, enhancing soft skills to bridge leadership development gaps for diverse talent and middle managers.

To keep up with the PledgeLA Founders Fund 2023 Cohort founders, subscribe to our monthly email newsletter, where we will share their stories and updates, and follow PledgeLA (LinkedIn, Instagram) and Grid110 (Twitter, Instagram, LinkedIn, and YouTube)

About PledgeLA

PledgeLA is a first-of-its-kind partnership to promote civic engagement, diversity, and inclusion across LA’s booming and dynamic tech sector created in partnership with the Office of the Mayor of Los Angeles, the Annenberg Foundation, and over 220 Los Angeles venture capital (VCs) and tech leaders. PledgeLA members make a commitment to track their community engagement and diversity data each year and make that data publicly available, as well as expand their engagement with local nonprofits that support diverse talent and reflect the civic spirit of Los Angeles.

About Grid110

Grid110 is an economic and community development nonprofit dedicated to creating clearer pathways to success for early-stage entrepreneurs in Los Angeles. Their mission is to foster the most thriving, inviting & inclusive community for entrepreneurs by making the entrepreneurial path more equitable, inclusive, and accessible. Through their no-cost, no-equity accelerator programs, Grid110 provides founders with a growing community of fellow entrepreneurs, expert mentorship, and crucial resources. It has supported 350+ companies that have raised more than $120 million since its creation in 2015. Ninety-four percent of companies supported by Grid110 are led by women and entrepreneurs of color.