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Program Gives Nearly $1 Million in Funding to Women Entrepreneurs of Color Hit By COVID-19

Women entrepreneurs funded by The Bumble Fund

Bumble, a company known for its business networking app, has launched The Bumble Fund 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. They’re committed to ending the bias in venture capital and beyond, and invite women entrepreneurs to download Bumble Bizz and stay tuned for the opportunity to pitch.
The motivation for this fund came after noticing that the flow of venture capital to all-women teams has been stagnated around the 2% mark. The problem, however, isn't a lack of founders to fund. When women do have access to capital, they succeed, outperforming their male counterparts. And women of color are leading the way in entrepreneurship: while the number of women-owned businesses grew 58% between 2007 and 2018, the number owned by black women grew by 164% -- nearly three times the average.

For these reasons, Bumble has allotted $785,000 to its small business grant program with the plan to disperse more than 200 awards up to $5,000 each to women-owned businesses in 11 countries. The program specifically helps companies that have founders who are underrepresented in the venture capital ecosystem, that are in the early stage of funding (Seed or Series A), and that are working to solve a problem that disproportionately affects women

The average grant amount is $25-$50K with flexibility depending on the needs of the business. Annually, the program receives about 25,000 applications.

For more details, visit https://bumble.com/the-buzz/smallbusinessgrant