Fund supporting women-owned businesses sent to URA Board
March 13, 2018
The board of the Urban Redevelopment Authority is poised to provide $100,000 towards funding for a $5 million fund to support women-owned businesses in the city.
Next Act Fund, LLC (“Next Act”) is an early stage women-owned business focused venture fund. Next Act’s mission is to invest in early-stage, women owned companies in Pittsburgh.
Next Act will fill a gap in Pittsburgh’s early stage business capital flow by focusing on women-led companies. Next Act is already building significant interest from local women entrepreneurs with more than 50 Pittsburgh companies preliminarily engaged for possible funding.
Next Act plans to use its initial $2.5 million fund raise to invest in up to 40 companies. The average investment will be $75,000 per company with a range of $50,000 to $100,00. The vast majority of these companies are likely to be located in the City of Pittsburgh. Additionally, the substantial majority of those investing in the funds are women making their first angel investments.
The URA is playing a significant role in support of Pittsburgh’s entrepreneurial eco-system. URA direct business investment programs such as Pittsburgh Entrepreneur Fund and URA supported investment tools and programs such as Keystone Innovation Zones, Riverfront Ventures, Alpha Lab Gear, several co-working spaces, and more critical elements of this eco-system - creating and growing hundreds of Pittsburgh businesses creating thousands of jobs across the City of Pittsburgh.
“As the URA advances its commitment to p4, Next Act provides an opportunity to strengthen their commitment in support of women entrepreneurs and to expand their impact by leveraging substantial private investment.” said Mayor William Peduto.