Westbound Equity Partners Pledges $100 Million for Black and Latino-Led Startups

Formerly known as Concrete Rose Capital, Westbound Equity Partners aims to inject millions into Black, Latino, and diversity-driven startups.

Co-founder Sean Mendy emphasizes the importance of creating a more inclusive tech ecosystem and providing early-stage entrepreneurs with the resources they need to thrive.

“This fund is about investing in the best companies and performance. On the foundation side, we’re focusing on explicit impact.”

The venture capital firm’s new name pays tribute to the Great Migration, a historic movement of black Americans from the South to the North and West.

Supported by major players like Google parent Alphabet, MetLife, and the Ford Foundation, Westbound commits a significant portion of its profits to funding equity-focused non-profit organizations and programs.

Since its inception in 2019, Westbound has invested in over 40 startups, with a focus on underrepresented founders, particularly those from Black and Latino communities.

Mendy stresses the importance of investing in startups that serve their communities, aiming to break the cycle of homogeneity in the tech industry.

Notable investments include Sierra, an AI firm led by OpenAI chairman Bret Taylor, and Esusu, a credit-building rent payments tool described as one of the few Black-led billion-dollar startups.

“It transforms this vicious homogeneous cycle into a virtuous one that compounds over time.”

Co-founder and co-CEO of Esusu, Wemimo Abbey, praises Westbound’s mission, highlighting its impact on underserved and underrepresented founders.