In the years since it was established, the New Voices Fund has built up a sizeable portfolio of diverse brands and has notably been instrumental in the recent growth of brands such as Slutty Vegan, the hugely popular plant-based fast-food chain founded by the charismatic Pinky Cole valued at $100 million. And Mielle Organics, the natural haircare company founded by married duo Monique and Melvin Rodriguez, which was acquired earlier this year by Proctor & Gamble for $100 Million.
The fund also counts the McBride Sisters Collection wine company and The Lip Bar, founded by Melissa Butler—whose vegan beauty brand famously defied naysaying Shark Tank judges to become the largest Black-owned beauty brand sold in in Target—as success stories.
Dennis refers to himself as “head intern” when asked his role in the companies’ funding and acquisition journeys.
When New Voices was created, it was done exclusively for Black women, one of the fastest-rising founder demographics, who, according to a Project Diane report cited by Dennis, are the ones most likely to struggle to raise capital for their businesses, with fewer than 100 raising $1 Million. The fund initially partnered with his alma mater Babson College as well as the Tuck School of Business to establish minority entrepreneurship programs “tailored to Black women and their specific needs,” but soon saw a greater need to expand their offerings as graduates struggled to find funding and available resources.
“It became very frustrating to see the type of potential these women have,” said Dennis. “The types of problems they’re solving in our community. And the deliberate exclusionary practices that kept them out of the access to resources.”
The fund has since expanded its reach and support to include Black male founders, and follows a model Dennis calls PACE, which stands for “Purpose. Access. Capital and Expertise.”
In addition to being a godfather of sorts to budding Black entrepreneurs, Dennis is also the founder and chair of Essence Ventures, the parent company of Essence Magazine and its content and events umbrella, which now includes AfroPunk and BeautyCon. He is also co-founder and chair of Group Black.
Always room for more
“I think this is really monumental, what he’s created,” added Kurzman. “Whether they all are successes or whatever happens, it’s all a force multiplier for what’s going to happen. I think we’ll all be crediting Rich.”
