The Atlanta Hawks have announced the launch of a new $50 million venture capital fund to support women- and minority-owned small businesses. The initiative is part of the team’s commitment to increasing economic opportunities for underserved communities in its home city.
The fund will focus on providing early-stage investments, mentorship, and resources to female entrepreneurs and people from underrepresented racial backgrounds who are often overlooked by traditional sources of funding. It will also provide access to networks that can help these startups scale their operations more quickly than they would be able to alone.
“We believe it’s our responsibility as an organization with deep roots in this community to create pathways for success,” said Steve Koonin, CEO of the Hawks’ parent company ATLC LLC “This venture capital fund is just one way we’re doing that.”
In addition, the Hawks plan on hosting events throughout Atlanta over the coming months designed specifically for female founders looking for advice or financial backing from investors. They hope these events will further increase awareness about their mission while helping foster connections between budding entrepreneurs and potential partners or backers within their network.