Community-First Mobile App Secures Investment While Continuing to Shine Light on Inequality in Funding for Black Founders
Hive Wealth by Impart Media (Hive Wealth), a community-first mobile app that helps people grow their wealth and leave a legacy for future generations, announced it received funding from SVB Financial Group. This investment follows Hive Wealth’s recent announcement that it received funding from Black Tech Nation Ventures, a national venture fund for Black- and diverse-led transformational tech startups.
Through the SVB Financial Group investment, Hive Wealth will continue to pursue its mission to close the racial, gender, and generational wealth gaps. According to Crunchbase News, funding for Black-founded startups in the United States has decreased dramatically in the second quarter of this year compared to prior quarters. Crunchbase data shows that startups with at least one Black founder have received just 1.9% of deal counts and 1.2% of overall venture dollars invested in the United States so far this year.
“We must not lose our focus on investing in Black founders,” said Yvette Butler, founder and CEO of Hive Wealth. “Every day, Black founders are working hard to develop tools and resources to create racial wealth and economic equity. Impart Media developed Hive Wealth to provide the tools needed to experience equal financial opportunity and help close the racial, gender, and generational wealth gap by 2040.”
SVB Financial Group’s investment reflects the company’s commitment to build a more diverse and equitable innovation ecosystem and contribute to the economic and social progress of its communities.
“The racial and gender wealth gap is one of the largest and most persistent issues of our time and requires innovative bold solutions,” said Tosh Ernest, Head of Access to Innovation, SVB’s signature initiative to advance women, Black and Latinx individuals to positions of influence in the innovation economy. “At SVB, we know inclusion ignites innovation. We are proud to invest in a Black- and women-founded company building innovative solutions to help all people create wealth.”
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