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Capital Plus Financial Social Impact Venture Competition Names Winners
Eight small businesses from across the country received a total of $2.5 million
DALLAS – Capital Plus Financial, a community development financial institution, certified B Corp and wholly owned subsidiary of Crossroads Impact Corp, awarded $2.5 million in funding in its inaugural Dolphin Tank social impact venture competition.
Capital Plus Financial sponsored the Shark Tank-like competition consistent with its commitment, company philosophy and mission to pay it forward with impact investing. Dolphin Tank is an investment in innovative, high-potential ventures that already have built a successful business around tackling the world’s problems.
More than 50 companies sponsored by CPF’s pitch partners applied to the competition and after multiple rounds, where companies answered questions and concerns from potential investors, eight finalists were selected to participate in the West Coast and East Coast finals.
“It was our honor to be able to direct $2.5 million in capital to these revolutionary companies and help them continue their work in making an impact in their communities and across the country,” Thiru Vignarajah, CEO of Capital Plus Financial, said of the small businesses dedicated to tackling the obstacles that fuel the racial wealth gap and disproportionately burden disinvested communities.
Glass, a San Francisco-based e-commerce startup revolutionizing and streamlining how governments buy, won first place in the West Coast finals, earning $500,000 during a live event held Dec. 2 at the Stanford Graduate School of Business.
The East Coast finals were held Dec. 6 at the Johns Hopkins Carey Business School, where Investor Cash Management of Wilmington, Delaware, which delivers investment-grade returns through same-as-cash mobile banking, won first place, and took home $500,000.
During the West Coast finals, second place and $400,000 was presented to Milagros de Mexico, a San Francisco company whose mission is to improve health and wellness in the Latino community; Cortez Brothers, out of Los Angeles, which places underrepresented filmmakers behind the camera in live-action productions, received a commendation and a loan pledge of up to $500,000; and ScholarLead, a Denver-based firm modernizing student recruitment at public schools, received a commendation and $100,000.
Other winners at the East Coast finals were Hued, a New York city-based venture-backed platform that connects patients to culturally sensitive health care, was awarded $300,000 and second place; Civitas Commercial Real Estate Services LLC out of Washington, D.C., received $100,000 and a commendation; and Baltimore’s We Do It For The Culture, which produces culturally responsive curricula for social-emotional learning for middle- and high school-aged students, also received a commendation and a loan pledge of $100,000.
Sponsoring partners include Ernst & Young, the Latino Business Action Network, a Stanford University partner that operates the Stanford Latino Entrepreneurship Initiative, and the Community Consulting Lab at Johns Hopkins Carey Business School.
About Capital Plus Financial
Certified by the U.S. Treasury as a CDFI, Capital Plus Financial believes minority-owned small businesses and people of color are entitled to equal opportunities in the banking system and is committed to breaking down barriers in communities that have been disenfranchised, underserved, underbanked, and underfunded. Capital Plus is the wholly owned subsidiary of Crossroads Impact Corporation (OTCQX: CRSS), a holding company focused on investing in businesses that promote economic vitality and community development.
About Crossroads Impact Corp
Crossroads Impact Corp’s (OTCQX: CRSS) mission is to promote economic vitality through community development and equitable access to capital; harnessing the power for good to tackle systemic issues within underserved communities. Building on our history of serving minority individuals and small businesses through environmental and responsible social lending, we look to be the leader in providing innovative and sustainable lending solutions.
Ernst & Young (EY)
EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today. EY refers to the global organization, and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a U.K. company limited by guarantee, does not provide services to clients.
Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about the organization, visit ey.com.
Latino Action Business Network (LBAN)
LBAN is a dynamic Silicon Valley nonprofit with a big mission to strengthen the U.S. economy by empowering Latino entrepreneurship across the country. LBAN partners with Stanford University through the jointly supported Stanford Latino Entrepreneurship Initiative (SLEI). In addition to driving SLEI-Research, SLEI-Education Business Scaling Program, LBAN focuses on building a national ecosystem for Latino business owners.
Community Consulting Lab at Johns Hopkins Carey Business School
The Community Consulting Lab at Johns Hopkins Carey Business School challenges students to apply their business skills and knowledge to assist local minority-owned small businesses throughout the Baltimore-Washington, D.C., region. Working as empowered consultants, students apply innovative problem-solving techniques to help partners find solutions to business challenges. Carey Business School offers full-time, part-time and online Master of Business Administration and Master of Science degree programs and executive education programs built to compete in an ever-changing business world. For more information, visit carey.jhu.edu.