August 3, 2023 — WEPOWER Capital, launched in 2021, has welcomed its first three portfolio companies in the greater St. Louis metro region:
- Bold Xchange, an e-commerce platform founded by Danielle Deavens and Doug Spencer that curates a collection of products by Black-owned brands
- RooterMan by J3 Enterprises, a full-service sewer and drain cleaning franchise owned and operated by Reginald Jennings, originally from East St. Louis
- Cheryl’s Herbs, a wholesale-retail-eCommerce enterprise based in Maplewood, MO led by Tiffany Jones
About WEPOWER
WEPOWER envisions a future where systems are accountable to powerful communities that have been historically oppressed, and nurture our freedom, well-being, dreams, and joy. WEPOWER trains, activates, and supports Black and Latinx folks to design equitable policies, organize to transform education and economic systems, and build thriving businesses that create wealth for our communities. In their first three years, WEPOWER activated 300 community leaders, won a historic ballot measure that guarantees public funding annually for early childhood, supported 30+ businesses with access to capital, coaching, and connections. To learn more, contact Yoni or Amina at fund@wepowerstl.org.
About WEPOWER Capital
WEPOWER Capital provides Black and Latinx business owners with “capital+” (i.e. financial capital paired with social and intellectual capital, in the form of connections and business coaching), with a mission to build community wealth and power. WEPOWER Capital primarily uses revenue-based investing, where entrepreneurs repay a fixed percentage of their revenue until a pre-agreed total has been paid back. This model is more flexible than traditional loans, sharing risk with entrepreneurs and tying the investors success to the company’s growth, without substantially reducing their ownership or control over their company. WEPOWER Capital will put all net returns (i.e. what remains after repaying external investors) towards two purposes: (a) reinvesting back into the fund to make similar investments in Black and Latinx-owned companies and (b) financing community controlled funds to resource shared political and economic priorities. Mission Driven Finance is a founding partner of WEPOWER Capital, along with Living Cities.
