NFL player Malcolm Jenkins has expanded his venture capital fund Broad Street Ventures by adding two new investors. From the inception of Broad Street Ventures in 2020, Jenkins has been dedicated to creating a space for Black and brown women in the venture capital industry.
India Robinson and Sara “Lovestyle” Hood have joined the $10 million venture capital fund, which is fully funded by Black and brown investors. Broad Street Ventures is part of Jenkins’ Malcolm Inc.
“I’ve always been one to bet on women and put women in spots of positions of leadership,” Jenkins told AfroTech. “So, for us, we like to fly that banner in putting [Black and brown women] in front hoping that it sets an example or trend for others that are watching.”
Based in Piscataway, New Jersey, Broad Street Ventures seeks to invest in the early-stage, growth-stage, and later-stage companies operating in the software and consumer product sectors.
Broad Street Venture’s investment portfolio includes Airbnb, Epic Games, Dapper Labs, Therabody, Instacart and more.
Robinson is the chief marketing officer and co-founder of Listen Up Media, a production company she and Jenkins created to “highlight and distribute content that mandates a conversation, drives engagement, and creates social awareness around systemic issues in society,” according to its website.
“The investment opportunity with Broad Street Ventures is perfect for me both professionally and personally,” Robinson said in a release. “Professionally because I am an advocate of group economics and love working with my trusted partners … Personally, I’m focused on legacy and building generational wealth, and the choices and decisions I make now will ensure the strength of both.”
Hood is a lifestyle entrepreneur, tech investor and media personality.
“The financial wealth gap for people of color, especially for Black women, is undoubtedly high,” Hood said in a release. “As a Black female investor, I’m typically left out of deals that garner true generational wealth. Joining Broad Street Ventures gives me the opportunity to gain access to the best deals along with the ability to educate other Brown and Black investors to not only expand their basic knowledge of financial literacy but hopefully open the door for more to join.”
The lifestyle entrepreneur said she wants her story to empower women to break barriers and build generational wealth under the new collaboration.
“My hope is that a woman looks at me and says, ‘I can do that too,’ ” Hood told AfroTech. “The scariest part about going into a new venture is because we’re not a lot in the room — 1% of Black women are in venture capital. But my hope is that we hold the door open for more women and access to building generational wealth, as well as understanding financial literacy. I’ve spent a long time in fintech, CPG, and edtech and doing due diligence. We can do this. It is accessible.
Jenkins said he’s prioritized elevating Black women such as Ralonda Johnson, chief investment officer for Malcolm Inc. and the co-founder and general partner of Broad Street Ventures.
“I’ve had a lot of success in a bunch of different spaces,” Jenkins told Boardroom. “All of [my success] stands on the backs of Black women. My success is based on my team that allows me to get into these spaces. When we talk about the advancement of the Black community, the Black home or the Black family, you can’t do that without elevating the Black woman.”
Other investors include Devin and Jason McCourty, Jordan Matthews, Rodney McLeod, Jacoby Brissett and Sharrie Williams.
“We’re not here to reinvent the wheel,” Johnson told Boardroom. “A part of the reason we wanted to create this is to create generational wealth in our community and to make sure we have a way for our people to get access to some of the top deals, too. We make sure we provide an education, so our people have a level of understanding about what they’re investing in. [But] it’s equally as important to have the right people around you and people that have your back.”
Among various events, Broad Street Ventures has been hosting virtual seminars for prospective and current investors to educate them about venture capital entry, angel investing and risk capital and emerging areas. During April, the company plans to host at least two virtual seminars for prospective athletes, entertainers and industry-leading investors, Boardroom reported.