For Immediate Release
DETROIT – Revolve Fund announced it is ramping up its commitment to Detroit entrepreneurs. With recoverable grants, traditional grants, and other supports, Revolve increases capital access for small businesses owned by, or tax-exempt organizations led by, historically marginalized entrepreneurs.
“To date, Revolve Fund has deployed or committed over $1.2MM in funding nationally with over $400,000 deployed or set aside for Detroit-specific grantmaking,” said James Wahls, founder and managing director of the Revolve Fund. “Revolve’s first-mover funding has already helped with developing $15 million in additional capital access in Detroit. Catalytic capital like ours can make the difference between scaling and stagnation.”
Revolve has flexibility to support or invest at times during an entrepreneur’s journey where many loan or equity investment funding options cannot. Through its approach, Revolve can assist entrepreneurs or investors to test or scale revenue models without increasing debt or taking equity. “James deserves recognition for taking this concept of recoverable grants and growing it in different markets and understanding fundamentally that there was promise and opportunities in this space. He’s been building the ecosystem and leveraging his connections and relationships to support small businesses,” said Sharnita Johnson, Revolve Fund Board Member and Vice President of Impact, Strategy and Communications at the Victoria Foundation.
Wahls has worked for years supporting entrepreneurs and investors nationally through impact investing roles at the W.K. Kellogg Foundation, Annie E. Casey Foundation, Mission Investors Exchange, and Revolve. But for Wahls, born and raised in Detroit, Revolve’s increased commitment to Detroit is personal. Earlier in his career while at Kellogg, Wahls led the development of the Detroit Entrepreneurs of Color Fund concept and the foundation’s seed investment to Detroit Development Fund that has resulted in millions in capital access for Detroit entrepreneurs. Prior to his stint at Kellogg, he co-launched a Detroit-focused early career placement website that helped hundreds of area students and new graduates find meaningful employment.
Revolve’s recoverable grantee partners in Detroit include Invest Detroit Ventures to finance inclusive micro-venture investments, Black Leaders Detroit to support its expanding lending capacity for Detroit businesses, and The Mushroom Angel, an emerging vegan food manufacturer based out of Eastern Market.
“It’s important that there are groups such as the Revolve Fund that are willing to take the earliest and highest risks,” said Patti Glaza, executive vice president of Invest Detroit Ventures. “We need investors to understand that there are returns more valuable than just dollars. Investing in people and building a tech culture require groups like Revolve Fund.”
When Invest Detroit Ventures launched its Funding Access and Mentorship program, Revolve was the project’s first outside funding partner. “It was an important validation for the program to have an outside funding partner,” Glaza noted. “We were using return dollars to fund this because we knew it was risky capital. We were working with founders before they had a stable revenue stream. The partnership from Revolve was additive because it allowed us to make both investments and complimentary grants to our founders.”
Revolve also offers smaller traditional grants to local stalwart organizations to support efforts related to Revolve’s mission, help inform Revolve’s regional activities, and assist with building Revolve’s recoverable grant applicant pool. Grantee partners include Black Tech Saturdays, one of the fastest growing tech movements in the nation, College Career & Beyond, a regional leading nonprofit supporting young adult/early adult career programming, and the Detroit Regional LGBTQ Chamber of Commerce. Kevin Heard, president of the Chamber, noted in his recent social media post that “Revolve’s community grant to the Chamber is going to fund 100 hours of 1:1 business support to small businesses” in Detroit and Southeastern Michigan.
Funded by institutional grants and donors, Revolve seeks greater partnership with Detroit philanthropy and local donors committed to increasing capital access that goes beyond available loans and equity investments options in the city. Current and past funders include W.K. Kellogg Foundation, Surdna Foundation, JPMorgan Chase, Max M. & Marjorie Fisher Foundation, and PNC Bank.
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