PledgeLA + Grid110 Announce The Summer 2022 Founders Fund Cohort

We are excited to share the 15 companies selected for our PledgeLA Founders Fund Summer 2022 cohort! This partnership between the Annenberg Foundation’s PledgeLA initiative and Grid110 is the convergence of years of work that our respective teams have spent working to increase access within the startup community. The PledgeLA Founders Fund was created to directly address the systemic barriers that Black and Latinx entrepreneurs face when seeking capital for their companies.

Over the next three months, we will help participating founders increase recurring revenue, find follow-on capital, and build community with their peers. Entrepreneurial success and funding have historically been correlated with the net worth of a founder’s immediate network. However, numerous studies confirm that founders from underrepresented communities are less likely to have access to these types of generational resources.

This cohort marks the second annual program from PledgeLA and Grid110. The program is designed to equip underrepresented founders with guidance, mentorship, and a business-forward community to support future funding. The successful inaugural 2021 cohort boasted $10 million in follow-up capital, 89% of founders reported increased revenue, and 51 new jobs were created in the community. The goal for the 2022 Founders Fund is to generate five times the economic impact in jobs, capital, and revenue for every dollar provided to the cohort. Founders selected for this year’s cohort have demonstrated traction and strong growth potential for their companies.

The Los Angeles County businesses selected for the cohort will receive 12 weeks of intensive support from Grid110, a year of ongoing assistance to help alumni access follow-on capital to sustain their businesses, and a no-equity $25,000 cash stipend. The Annenberg Foundation provides staff support and funding for the program, and the Acevedo Foundation serves as the fund’s fiscal sponsor.

We received nearly 400 applications from all across LA county. Among the 15 companies selected, 67% have a founder that identifies as a woman, and 27% identify as LGBTQIA+. The most-represented industries in the cohort include E-Commerce, Food & Beverage, Fashion & Apparel, and Health & Wellness. Here’s a little insight into who they are!

Meet the PledgeLA Founders Fund Summer 2022 Cohort!

• AMP Beauty LA — is a tech-forward destination on a mission to redefine the beauty culture of all textures and all shades.
• Aura — is drop commerce for drop culture.
• Babes of Wellness — is an all-women’s wellness studio that provides a safe space for women to cultivate a holistic approach to wellness through fitness, mindfulness, and community.
• BurritoBreak — is a restaurant and sidewalk vending stand that focuses on selling traditional skinny size, pre-made burritos on the go, made fresh daily.
• Compton Health Bar — is a health and wellness community space in the city of Compton focused on making herbal remedies and ancestral holistic healing practices accessible to our community.
• Con Todo Press — publishes books that reflect a more balanced representation of women, Latinos, and people of color.
• Jitana —is a home decor brand specializing in on-trend designs handmade by artisans worldwide.
• Norwalk Brew House — is a Latino-owned and operated craft beer company dedicated to leveraging products, influence, and brands to give back to the greater community.
• OYA Femtech Apparel — is an athleisure brand that helps women athletes mitigate feminine health issues.
• Saints — is more than just a boutique, a barbershop, or a gallery — Saints is a community of creators with purpose, a community of good people.
• So Organic, So Suave (SOSS®) — is an elevating product suite of premium grooming essentials tailored to enhance the quality of life for Black men and the Black family.
• Tepito Coffee — is a purpose-driven lifestyle brand that intentionally builds bridges between Mexico and the United States, one origin, one person, and one coffee at a time.
• The Plant Chica — is a community greenhouse located in South Central LA. We specialize in indoor plans and ship nationwide.
• The Tree Yoga Cooperative — is a Black and Latinx-owned yoga school and wellness hub in South Los Angeles.
• Todo Verde — is a WOC-owned Mexican plant-based food business that provides delicious, culturally relevant dishes to the LA community.

To keep up with the PledgeLA Founders Fund Summer 2022 Cohort founders, subscribe to our monthly email newsletter, where we will share their stories and updates, and follow Grid110 on social media: Twitter, Instagram, LinkedIn, and YouTube.

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 250 companies that have raised more than $80 million since its creation in 2015. Ninety-four percent of companies supported by Grid110 are led by women and entrepreneurs of color.

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 Mayor Eric Garcetti, 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.