SheaMoisture haircare and skincare products founder Richelieu Dennis announced a $100 million fund for women entrepreneurs of color at the 2018 Essence Festival. Dennis told the audience at the press conference during the Essence Festival, “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”. Dennis sold SheaMoisture to Unilever in 2017. As part of the deal, he vowed to use the capital to create an investment fund for minority entrepreneurs, specifically women of color. Unilever and Sundial Brands, creators of SheaMoisture, agreed to contribute an initial investment of $50 million to the fund.
To learn more about New Voices Fund, visit www.newvoicesfund.com