Black women are the fastest-growing group of entrepreneurs, however, they are the least supported when it comes to securing venture capital to fund their businesses. Tennis star Serena Williams is looking to change that. According to Fortune, she has teamed up with the app Bumble to invest in women of color entrepreneurs.
Bumble—a location-based social and dating app—created a fund specifically for start-ups established by diverse women. Through the fund, they’ve been able to provide women entrepreneurs with capital ranging from $5,000 to $250,000. Amongst the companies that have been supported through the initiative include Cleo Capital, Beautycon, and Alice. “We’re aiming to build a bigger table in the world of venture capital, investing early-stage and focusing primarily on businesses founded and led by women of color and those from underrepresented groups,” read the company’s website. “We’re committed to ending bias in venture capital and beyond.”
Wolfe Herd, Founder & CEO of Bumble, says through the partnership with Williams she wants to provide women with “more keys to success, while encouraging them to push their ideas forward and keep thinking big when it comes to their business ventures.”
Williams has been a fierce advocate for women’s rights and empowerment. She has used her platform to spread awareness about everything from equal pay to body positivity. She’s excited to team up with Bumble and support women entrepreneurs. “I’ve learned how impactful one woman’s voice can be when given a platform to speak and be heard. I am passionate about building on this progress and opening doors for women of all backgrounds, especially women of color, to share their message and trust in their potential to accomplish great things,” she said in a statement, according to the news outlet. “By joining forces with the Bumble Fund, we will continue amplifying female entrepreneurs and creating a place for them to personally and professionally champion their growth.”
Her partnership with Bumble comes a month after it was announced that she was appointed to serve on Poshmark’s board of directors.