City and County of Denver

This EDA investment will scale the Inclusive Impact Catalyst (ICC) project and support the operations of the Herman Malone Fund in the City and County of Denver. The Herman Malone Fund—Denver’s and the country’s first investment fund focused exclusively on deploying capital to entrepreneurs who are Black, Indigenous and people of color, women, people with disabilities and people who identify as lesbian, gay, bisexual, transgender or queer (BIPOC+) and others. The Denver Department of Economic Development and Opportunity (DEDO) contracts with a Denver-based venture capital firm to operate the Herman Malone Fund and deploy capital in the form of equity investments to BIPOC+-led Denver businesses. Part of the initiative is to provide businesses seeking investment capital with technical assistance and professional services such as marketing, legal, accounting and human resources. Since the inception of the fund, it has provided professional services to help 132 companies become capital-ready and has provided equity-based capital to 12 companies.

Over the grant period, DEDO expects the Herman Malone Fund to invest equity capital in 100 businesses and provide professional services to 1,000 more BIPOC+-owned companies so they become capital-ready. EDA’s funding will provide operational support to allow the ICC’s ecosystem of training and service providers to deliver technical assistance and support (not investment capital), so more BIPOC+-led tech companies with high-growth potential can attract investment capital through the Herman Malone Fund. ICC will help DEDO scale this proven program and supercharge the growth of Colorado’s tech-based economic development ecosystem.