Hola! Welcome to the first edition of the SomosVC newsletter for 2024. As always, we're excited to share with you the latest updates, events, and happenings within our vibrant community.
In this issue:
SomosVC makes it to the big screen in Times Square
Webinar on 2/20: Demystifying SSBCI for Emerging Managers
Accelerators for Emerging Managers
So many community wins…scroll for the roll call 📜
SomosVC Community Directory
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SomosVC makes it to the big screen in Times Square
This January, SomosVC was recognized by the NASDAQ Entrepreneurial Center as a partner in the IIE.VC program for our commitment to enhancing access to capital for Latino/a-led emerging fund managers. Our team was delighted to hit the big screen and make some waves. ✊If you’re interested in learning more about this initiative, don’t miss this event on February 20th. More details below.
Featuring: Rachel ten Brink (General Partner, Red Bike Capital), Mariela Salas (SomosVC, Executive Director), Mitzi Benavides (SomosVC, Director of Program Operations), Ileana Gonzalez (SomosVC, IIE.VC Program Manager), and Alan Day (SomosVC, VP)
Adriana Saman was promoted to Managing Director at Clocktower Technology Ventures
Act One Ventures raised $73mm for their Fund III, Congratulations, Alejandro Guerrero!
Susana Espinosa de los Reyes joined Dux Capital as is third partner; Dux Capital achieved first close on its second fund with Bank of America as an anchor funder.
Samuel Garcia, one of our SomosVC board members, was recognized on the 2023 Forbes 30 under 30 list. Congratulations Sam!
We love to share and amplify community wins. Share the latest with us here!
Are you an Emerging Manager? This is for you.
Webinar: Demystifying SSBCI for Emerging Fund Managers
SomosVC will be hosting a webinar with Managing Partner, Eli Velasquez, from Investors of Color, on Tuesday, Feb 20th. We will delve into the world of State Small Business Credit Initiative (SSBCI) funds. Join to learn more about SSBCI, how it works, and tips for a successful application. The discussion will wrap with a Q&A. Register to join and submit any questions you have.
Accelerators: IIE.VC is supporting accelerator programs designed for emerging managers.
About IIE.VC: IIE.VC is a philanthropic initiative that supports opportunities for emerging venture capital fund managers (GPs) to leverage SSBCI and related resources to build strong funds. In pursuit of impact, IIE.VC, in strategic partnership, is launching two accelerators for GPs on their first to third funds engaged in either evaluating the use of or implementing SSBCI funds.
Accelerator 1 of 2: GPx 5 Cohort - Plexo Foundation
This accelerator is for GPs who are interested in learning more about SSBCI opportunities, and evaluating fit for their firm, and funding round. Also includes GPs who are preparing or have submitted applications, inclusive of GPs who are negotiating term sheets. Strong preference for GPs with track record, and thesis aligned to GP team professional experiences, resource networks, and dealflow.
The accelerator will launch up to 15 GPs in building strategies for SSBCI funds in 12 weekly workshops, and office hours with the team at Plexo Capital, and their network of subject matter experts. Content amplifies Plexo’s GPx Modules to pair high-quality asynchronous training, live sessions, and office hours on fund formation, fund raising, and fund management, all accompanied by SSBCI-specific topics including cost-benefit analysis of leveraging SSBCI funds, application processes, fund structure, compliance, and LP and co-investment strategies. Learn more here and apply via the Interest Application. The deadline is Friday, February 16th.
Accelerator 2 of 2: Recast Capital
This accelerator is for GPs who applied for SSBCI in NY, VA, CA, OH, PA and are negotiating state terms sheets (or preparing to negotiate), or already closed a state investment. The Accelerator will launch 10 GPs in leveraging their SSBCI funds in 8 weekly workshops, and office hours with seasoned investors and LPs, and even state program officials for SSBCI. Content builds on Recast’s Enablement Program, covering firm and fund building strategies, adding state-specific guidance on both loan and equity structures, and related compliance, including for match funding and downstream raises. Apply via state referrals, or for GP fitting the above criteria, please contact caroline@recastcapital.com.
2024 VC Include Fellowship for Impact Fund I Managers
The VC IncludeFellowship Application will open to historically underrepresented first-time fund managers that are based in the United States, raising between $10 million and $100 million that are passionate about social and environmental impact. Learn more here. Applications open on Friday, February 16th.
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