For Immediate Release
Feb. 29, 2024
BALTIMORE – With over $2 million in philanthropic dollars raised since 2020, Revolve Fund has helped entrepreneurs of color secure $10.9 million in additional capital for their businesses and nonprofits through direct leverage, co-investment, referrals, and strategic guidance. Founded and managed by James Wahls, Revolve assists entrepreneurs of color and other organizations committed to supporting entrepreneurs of color that have been historically underfunded by traditional financial systems.
Initially piloting strategies in Baltimore, Maryland and Detroit, Michigan, Revolve Fund has provided grant funding to entrepreneurs nationally. Moreover, with a grant from the Surdna Foundation, Revolve is further expanding by developing and implementing an U.S. Southern pilot strategy in partnership with other similarly committed organizations, funders, and investors.
“For entrepreneurs and nonprofit leaders of color, systemic barriers and racial and ethnic wealth gaps continue to disproportionately prevent their businesses and nonprofits from obtaining equitable capital access,” Wahls said. “Revolve intentionally deploys catalytic ‘friends and family-like’ or institutional funding, which are critical factors for entrepreneurial success.”
Research indicates Black families and other families of color often have less disposable income for funding businesses and nonprofits. In 2019, the median net worth of white families was 7.8 times that of Black families. Additionally, Latino-owned businesses are more likely to experience funding shortfalls than white-owned businesses.
Revolve Fund offers recoverable grants and strategic business support directly to organizations or collaborates with community development financial institutions, nonprofits, venture funds and business incubators and accelerators. This approach is designed to foster capital access without creating financial harm while maximizing Revolve’s industry expertise and grantees’ sourcing, underwriting and portfolio-monitoring capabilities.
Revolve Fund will continue its capital fundraising over the next 18-36 months. Revolve’s past and current funders include the Annie E. Casey Foundation, JPMorgan Chase, Open Society Institute – Baltimore, PNC Bank, and the Rockefeller Foundation.
As Revolve Fund’s managing director, Wahls brings over 15 years of experience in the philanthropic, impact investing and legal sectors. With stints at the Annie E. Casey Foundation in Baltimore and the W.K. Kellogg Foundation in Battle Creek, Michigan, Wahls has managed or co-managed $250 million-plus in impact investing allocations comprised of grant, equity, debt and direct investments. In addition to Revolve, notable strategies he has designed or led include the Baltimore Small Business Support Fund and the Detroit Entrepreneurs of Color Fund. Wahls also executed investments nationally in affordable housing, financial inclusion, quality job creation and community development.
###