WEPOWER’s $1.5M investment fund backed it’s first startup. Bold Xchange is an e-commerce platform that curates a collection of products from Black-owned brands. Details of the investment were not disclosed.
Doug Spencer, Bold Xchange CEO
“The money is really about cashflow or working capital if you will as we scale, doubling again this year,” Bold Xchange CEO Doug Spencer told bizblip. “With growth comes infrastructure and team build.”
The pilot fund offers targeted investment in companies owned by Black and Latinx entrepreneurs ‘with a strong growth trajectory to ignite economic growth and prosperity in St. Louis’ said WEPOWER CEO Charlie Cooksey in a release. Cooksey did not immediately respond to a request for an interview.
The release, put out this morning by WEPOWER, says that Bold Xchange has worked with global companies like Home Depot, Spotify, CarMax, Centene and Advance Auto Parts, sourcing products from local companies Pure Vibes and Butter Love Skin, who are also members of the WEPOWER Accelerator Program. The St. Louis Startup launched in 2018, and landed $50,000 as part of the 2020 Arch Grants cohort.
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