Jessica Norwood and RUNWAY unveil $50 million fund to empower Black businesses

Jessica Norwood, founder and CEO of financial innovation firm RUNWAY, recently announced the launch of ‘ROOTED,’ a groundbreaking US$50 million fund designed to support Black business ecosystems.

This initiative represents RUNWAY’s inaugural integrated capital investment fund, which will direct US$50 million to businesses, cooperatives, and grassroots organizations that are cultivating wealth within Black communities across various regions in the United States.

The launch of the ROOTED Fund underscores a critical issue: if the racial wealth gap is not addressed, the median wealth of Black Americans is projected to fall to zero by 2053, while the median wealth of white households is anticipated to rise to US$137,000.

Norwood stated, “The racial wealth gap has persisted for too long, fueled by systemic injustices rooted in our nation’s history of enslavement and discriminatory policies. The RUNWAY ROOTED Fund is more than an investment opportunity; it is a beacon of hope and a call for transformative change. This is our path forward.”