Los Angeles- February 9, 2024
Plug In Ventures has been featured in Black Enterprise this week for being awarded a $1 million grant from CalOBSA to boost early-stage Black and Brown startups in Southern California with the funding to be dispersed over four years.
The funding aims to enhance the accelerator program, providing resources, mentorship, and education. Our CEO, Derek Smith, emphasizes preparing Black entrepreneurs for venture capital opportunities. Plug In Ventures plans to increase companies securing investment by 10%-20% by 2025, while expanding into new sectors and geographies nationwide.
The firm will also shift to an equity-based model, offering 5%-7% ownership, and facilitate follow-on investments directly and through their investor community.
Check out the full article here.