Westbound Equity Partners, formerly Concrete Rose Capital, has raised an impressive $100 million to invest in Black, Latine, and diversity-focused founders.
Westbound Equity Partners
Spearheaded by Sean Mendy, a former Boys & Girls Clubs of the Peninsula director, Westbound’s mission is to channel resources into startups that demonstrate potential while embodying a commitment to diversity and equitable culture.
Mendy’s vision was to create a fund to break the homogeneous investment and entrepreneurship cycle and foster a more diverse and inclusive tech ecosystem.
The uniqueness of Westbound lies in its dual approach. On the one hand, they seek out underrepresented founders, primarily Black and Latine, who are creating solutions tailored to their communities.
On the other hand, they are also keen on investing in established companies that prioritize diversity in their workforce and culture.
Westbound’s first fund, a $25 million initiative, saw Mendy and partners Ian Beadle, Will Bumpus, and Danae Sterental making smaller investments in over 40 startups.
The $100M Fund
According to Forbes, the new $100 million fund focuses on making more substantial investments, particularly at the early stages of startup development.
This strategic move is backed by an impressive roster of institutional investors, including Google parent Alphabet, MetLife, Ford Foundation, and others.
Westbound commits 50% of its profits to fund a corresponding foundation.
This foundation, in turn, allocates capital to various equity-focused non-profit organizations and programs, creating a holistic approach to supporting diversity in the tech industry.
Meet Sean Mendy
Mendy’s journey to this point is nothing short of inspirational.
From playing soccer at Cornell to founding a startup connecting underrepresented talent with large companies to leading development efforts at the Boys & Girls Club of the Peninsula, his experiences have shaped his understanding of the need for diversity in tech.
Mentorship from influential figures like LinkedIn chairman Jeff Weiner and training under Alan Waxman of Sixth Street further honed his venture capital acumen.
As Westbound looks forward, their goal is clear: invest not just in companies but in a future where diversity and representation in tech are not exceptions but the norm.
