The Promise Venture announced the launch of its Search Fund platform, a vehicle designed to partner with Black and other diverse entrepreneurs acquiring quality businesses in the lower middle market.
According to the Cambridge, Massachusetts-based company, The Promise Venture’s founding team ”“ Reggie Carter, Thomas Askew, Segun Olowofela and Michael Gilligan ”“ brought together their operating and investment backgrounds to ensure equitable access to capital for entrepreneurs who have traditionally faced obstacles in securing start-up and operational funding.
The Promise Venture is currently in the market building its team, its pipeline of search entrepreneurs and raising investment capital. The firm’s investment strategy targets businesses with established value propositions, consistent operating performance and strong growth potential primarily in the health care, business services and technology-enabled business sectors.
“We can be a catalyst for creating a seat at the table, that’s when value can be shared, and change is really made,” said Reggie Carter. “Our efforts will result in greater access to entrepreneurship through acquisition, serve as a solution for business owners addressing succession planning, and foster wealth creation for employees. Imagine improving the lives of hundreds of entrepreneurs, their families, and employees ”“ that’s the American Dream!”
Photo: The Promise Venture’s founding team (from left) consists of Reggie Carter, Thomas Askew, Segun Olowofela and Michael Gilligan.
