More than half of fund's total investments are in minority-owned and women-owned companies
New York – Citi announced today its next round of investments through the Citi Impact Fund, a $200 million fund launched in 2020 to invest in companies that are addressing some of the biggest societal challenges. The new companies included in this round are Greenwood, MoCaFi, Moving Analytics, OhmConnect and Sweeten.
Since January 2020, the Citi Impact Fund has invested in 16 companies focused on a range of issues including workforce development, financial capability, physical and social infrastructure, sustainability and access to capital and economic opportunity. More than half of the Fund's total investments are in minority-owned and women-owned companies, including four earlier-stage seed investments in businesses led or owned by women and minorities.
"Over the last 18 months, the hurdles facing our communities have only become more acute and more urgent—from an increase in economic inequality, to a lack of access to healthcare, to a rise in waste generation and workforce instability," said Ed Skyler, Head of Global Public Affairs at Citi. "The companies we have invested in through the Citi Impact Fund are implementing innovative solutions to help tackle these pressing environmental, social and economic challenges. Equity investing is a powerful tool, and we are proud to be able to use Citi's balance sheet to make our communities stronger."
"Our mission is to help homeowners 'renovate fearlessly' through a digital platform that makes home renovation simpler, while also increasing access for women and minorities in construction," said Jean Brownhill, Founder & CEO at Sweeten, a digital platform that matches residential and commercial construction projects with vetted general contractors. "We're happy to have Citi on board, not only as an investor, but also as a partner and collaborator on key marketing programs and new technologies that will help drive equity in our industry."
"Citigroup has maintained an impressive history of supporting inclusion initiatives in the Black community since my earlier days working there," said Wole Coaxum, Founder, and CEO of MoCaFi. "More than 20 years later, it's encouraging to witness that their commitment to economic inclusion and justice remain strong in meaningful ways. Whether it's programmatic or technical support for these enterprises, Citigroup remains dedicated to one of the most important causes of this generation, and we are thrilled to be a part of their proud tradition."
The Citi Impact Fund is a component of Global Public Affairs' Community Investing and Development team, which aims to enhance positive social impact and financial innovations that benefit underserved communities around the world. Through equity investing, lending and grant making, Citi and the Citi Foundation are working in new ways to effect positive and meaningful change in the communities around the world including Action for Racial Equity, which committed more than $1 billion in strategic initiatives to help close the racial wealth gap and increase economic mobility in the U.S. Additionally, Citi has committed $1 trillion to sustainable finance by 2030, which includes $500 billion to support activities in support of the SDGs outside of environmental finance – including education, affordable housing, health care, economic inclusion, community finance, international development finance, racial and ethnic diversity and gender equality.
To learn more about the Citi Impact Fund, visit https://www.citigroup.com/global/our-impact/strengthening-community/citi-impact-fund. For more information on how Citi is enabling progress and sustainable growth in communities around the globe, view Citi's Environmental, Social and Governance (ESG) Report at https://www.citigroup.com/citi/about/citizenship/.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
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