Black-led startups got more funding from the fifth annual DMZ Black Innovation Summit than ever before.
Ten Black-led startups competed in a pitch competition for funding from DMZ Ventures, Tribe Network, and Capital M Ventures. DMZ, the startup incubator housed in Toronto Metropolitan University, said the pot was initially $300,000 but ended up being $400,000 by the end of the night.
“Backing Black founders isn’t just the right thing to do, it’s one of the smartest bets you can make.”
That is the most funding Black Innovation Summit has awarded in its history, and by a significant amount. Over the past three years, pitch competition winners have typically split $60,000 or less. A DMZ spokesperson told BetaKit the jump comes from awarding both investments and grants at the summit for the first time ever. Previously, funding came exclusively through grants.
“This year’s Summit was our biggest yet, bringing together over 400 attendees from the Black entrepreneurial community and handing out the most funding in the event’s history. That’s not by accident,” DMZ executive director and DMZ Ventures CEO Abdullah Snobar said in a statement. “While players in the space are pulling back, we’re doubling down because backing Black founders isn’t just the right thing to do, it’s one of the smartest bets you can make.”
Four companies emerged victorious, with a collective $375,000 in funding. The competition’s top prize went to OutreachGenius, which received $200,000 in investment commitments. The startup provides artificial intelligence (AI) agents to answer sales calls and revive cold prospects for home service businesses.
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Happly.AI, which uses AI to help users find, apply for, and qualify for grants, procurements, tax credits, and other programs, received $75,000 in investment commitments and a $50,000 grant. The startup took a first-place prize at an InnovateWest pitch competition last year.
Meanwhile, Kiwi Charge took home a $30,000 grant for its autonomous electric vehicle charging units, and Cellect Laboratories received a $20,000 grant for nanotech-powered products that screen for HPV and cervical cancer. Additionally, five young entrepreneurs shared $25,000 in youth grants.
The Black Innovation Summit is the marquee event for DMZ’s Black Innovation Programs, which were created to increase the number of Black-led startups in the tech ecosystem and break the cycle of inequity. To date, DMZ claims it has supported over 2,500 Black-identifying founders and distributed over $3 million in grants and services.
Feature image courtesy DMZ.