Access to capital is one of the most common challenges for new entrepreneurs and small business owners, and something that we are intimately familiar with at Builders + Backers. In fact, part of our Idea Accelerator includes up to $5,000 of non-dilutive funding to help our builders take their business ideas to the next level because we know most early-stage entrepreneurs do not have easy access to this type of capital. Removing these barriers is pivotal to seeing diverse entrepreneurial success, which is why we were excited to invest in Fundid – a company that empowers business owners on their growth journeys by simplifying business finance and access to capital.
Stefanie Sample, founder and CEO of Fundid, is a successful business owner with multiple exits and as her businesses grew, she found herself networking in groups that were structured for and made up primarily of men – ultimately showing her new barriers that she experienced because she is a woman. Sample first started a nonprofit to help women business owners and quickly noticed that the main barrier faced by women entrepreneurs was access to funding. This seemed to be even more difficult if you had a business with fewer than 10 employees and the majority of these small businesses are founded and/ or owned by women. With this understanding, Sample created Fundid and today is already working with over 16,000 businesses, the majority of which have fewer than 10 employees (80% of businesses in the US have fewer than 10 employees).
Fundid has just announced its first fundraise of $3.25 million in seed financing, and we are thrilled to be among its earliest investors, along with Artemis Fund and lead investor Nevcaut Ventures. This fundraise supports the launch of the company’s new business building card, which is critical to early-stage businesses. In addition the funds will help the company acquiring its first customers for the loans and card businesses and hiring of new employees.
At Builders + Backers, we believe the next frontier for scalable solutions looks a lot different than ventures past, and the demographic of who will start these ventures is rapidly changing. Also, we aim to remove the go-between and connect creators of things with the value they're creating. It’s clear to us that Fundid is eliminating barriers and middlemen when it comes to sourcing capital and opening those doors for all entrepreneurs and small business owners that need this support. We look forward to watching Fundid continue to grow and offer new services to those that need it most.
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