New Jersey announces $10M seed fund aimed at Black and Latinx founders
Today, in a twist, New Jersey Governor Phil Murphy has announced a proposal for a $10 million allocation in the state budget to create a seed fund for Black and Latinx startups, TechCrunch has learned exclusively. The Black and Latinx Seed Fund will be administered by the New Economic Development Authority (NJEDA).
NJEDA CEO Tim Sullivan said based on research conducted by the state, that New Jersey is the first state in the nation to develop this type of fund.
He said the move is a “direct response to the systemic racial inequities in access to capital for Black and brown entrepreneurs” and aimed at addressing “the racial wealth gap.”