a seat at the table

Organization launches Houston chapter to drive investment and social capital for women of color

Black Girl Ventures has launched in Houston. Photo courtesy of Black Girl Ventures

Everyone knows the statistics. Female-founded startups receive around 2 percent of the venture capital funding, according to some reports, and when you break that down into women of color receiving funding, it's even less.

A Washington D.C.-based organization is looking to give these women seats at the table with the launch of Black Girl Ventures in Houston. BGV is based in The Cannon locally, and is looking to partner with other Houston organizations to grow its presence.

"Black Girl Ventures is here — not just in Houston but across the country and the globe — to be able to help create social and financial capital for black and brown women," says Sharita M. Humphrey, a Houston financial adviser and team lead for BGV in town.

The organization launched its local chapters — including Houston, Miami, Durham, Philadelphia, and Birmingham —right around the same time this spring to create a huge splash across the country. The organization, which is made up of 31 employees and leaders across the country, focuses on events and programing for female founders of color to prepare them for financial growth — including the networks and know how needed for that process.

"Being an African-American women founder I did see that there was a need for more social and financial capital," Humphrey says. "We have access — especially living here in Texas — to financial capital, but we don't understand how important that social capital is to be able to obtain that financial capital."

The cornerstone event for Houston's BGV is set to be in August. It's a pitch event with a live crowdfunding campaign. The event, which uses SheRaise online to fundraise, has been done for a few years coinciding with SXSW — this year's was done digitally. Now, with the launch of the five markets, each of the new chapters will get to fo their on versions locally.

The event requires the eight companies that will pitch to: be revenue earning, have a black or brown female founder, and be based in the Houston area. The first, second, and third place startups will win prizes, and each of the startups will be able to raise money online through SheRaise. Companies can apply online for the event.

Humphrey says she has big plans for her BGV chapter, including raising $1 million for her Houston members — something she is determined to make happen with the right amount of social capital help and financial coaching.

"When they get to the table with venture capitalists, they'll be ready," she says.

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Building Houston

 
 

ClassPass is expanding into Houston with over 20 new jobs and a local office. Image courtesy of ClassPass

When a global technology company focused on fitness and wellness was looking for a city to open their fourth office in the United States, the team wanted a community that was active and full of young professionals. They landed on Houston.

Membership-based fitness and wellness company ClassPass is opening a local office in Houston and is planning on hiring over 20 professionals across departments — from analytics, customer experience, design, and engineering, to marketing, partnerships and product.

Rachel Moncton, vice president of global marketing for ClassPass, has already relocated to Houston to lead the new office.

"Houston is a friendly, community-focused city with a rich talent pool. We are thrilled to contribute to the Houston economy by creating new opportunities for professionals with varying skill sets, and hope to build a local team with a broad range of experiences and backgrounds," says Moncton says in a news release.

Headquartered in New York City, ClassPass's membership and mobile application connects members to fitness and wellness appointments at over 30,000 studios and 11,500 wellness venues. In Houston, ClassPass has over 900 partners.

Currently, the company has 400 employees worldwide with offices in Missoula, Montana, and San Francisco. ClassPass's new hires will work remotely at first, and the organization is hoping to open a physical office later this year.

"It's great to see another Bay Area company expanding to Houston like Nuro, Bill.com, and Homebase," says Harvin Moore, president of Houston Exponential. "ClassPass is already using the HTX Talent jobs board to build its Houston team and we hope to work more with them as they build their presence here."

The app has 900 fitness and wellness partners in Houston already. Image courtesy of ClassPass

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