Washington D.C.’s Mayor Muriel Bowser announced $1.8 million in funding to support 17 local businesses through the Inclusive Innovation Equity Impact Fund, marking the third round of investments aimed at expanding opportunities for underrepresented entrepreneurs.
The initiative, developed with 1863 Ventures, focuses on providing resources to founders facing traditional growth barriers in the business landscape.
“Through investments like the Inclusive Innovation Equity Impact Fund, we are helping more D.C. founders of color and women founders start and grow their businesses here in the Capital of Innovation,” Bowser said.
The funding announcement coincides with D.C. Startup and Tech Week, an annual conference bringing together business owners, investors and entrepreneurs. D.C. Startup and Tech Week director Rachel Koretsky emphasized the conference’s role in positioning the region as a hub for innovation. “D.C. Startup and Tech Week is vital to foster a thriving startup community as we bring together thousands of founders, investors and innovators during this week and throughout the year to strengthen the region’s role to be a premier hub for groundbreaking tech, innovation and entrepreneurship,” Koretsky said.
The fund provides low-interest loans, revenue-based financing and equity investments targeting high-growth sectors like technology and consumer products. Recipients represent diverse industries including artificial intelligence, healthcare, fashion and food service.
Among the 17 funded businesses, several stand out for their innovative approaches:
– AskHumans developed an AI-driven platform analyzing customer feedback and sentiment trends
– Clear Eye Test created the first digital optical prescription system with 24/7 virtual testing
– IndyGeneUS AI, a Black-owned and veteran-operated company, advances precision medicine through AI and DNA research focused on individuals of African descent
– Go Together Inc. designed a K12 transportation platform helping parents and schools coordinate safe, cost-effective student transport
– RASA established an Indian fast-casual restaurant concept serving healthful meals throughout the DMV area
Other recipients include:
– Binkey: A service enabling FSA and HSA payment processing
– Chad O’L PR and Events: Creative brand marketing and event planning
– Cookie Wear Fashions: Custom clothing inspired by retro designs
– ET OLIVA: LGBT-owned Mediterranean food and beverage company
– Mocktail Club: Premium non-alcoholic cocktail producer
– Myles Comfort Food and Beverages: Health-conscious mac and cheese alternatives
– Oh Mazing Food and Beverages: Allergy-friendly granola snacks
– Omega 3: Brain health-focused granola bars and cereals
– Path AI: AI-powered educational platform for test prep and career development
The investment strategy reflects the District’s commitment to fostering an inclusive entrepreneurial ecosystem. By providing capital access to diverse founders, the fund aims to strengthen the local economy while addressing historical funding disparities in the business community.
The Inclusive Innovation Equity Impact Fund represents a key component of Washington’s broader economic development strategy, positioning the nation’s capital as a leading center for innovation while ensuring opportunities remain accessible to entrepreneurs from all backgrounds.
For funded companies, the initiative provides more than capital – it offers validation and support within D.C.’s growing startup ecosystem. As these businesses scale, they’re expected to create jobs, drive innovation and contribute to the District’s reputation as an emerging technology hub.
Through targeted investment in diverse founders and innovative solutions, the fund demonstrates how public-private partnerships can help reshape the entrepreneurial landscape to better reflect and serve the entire community.
