Citi today announced its next round of investments through the Citi Impact Fund, a $ 200 million fund launched last year to invest in companies that are tackling some of society’s biggest challenges, including developing the workforce. -working, financial capacities, physical and social infrastructure, sustainability and access to capital and economic opportunities.
New companies in this cycle include Daylight, Flume, Jetty, Lacuna, Pathstream, Recycle Track Systems, and Stackshare. To date, this brings the total number of Impact Fund investments to 23 companies, more than half of which are founded by women and / or minorities. The Citi Impact Fund’s Black Entrepreneur Investment Initiative – a $ 50 million capital commitment from Citi to close the wealth gap by creating equitable access to venture capital funding for black founders – has achieved nine seed capital investments in technology companies run by black founders. .
“The Citi Impact Fund portfolio continues to grow as we continue to find inspiring companies that embrace solutions to the physical, financial and social infrastructure challenges facing our communities,” said Ed Skyler, Global Public Affairs Officer at Citi. “Whether it’s addressing the lack of internet access or reducing the burden of medical care, these companies are rethinking what’s possible, and we’re proud to deploy our track record to support true ‘double bottom’ businesses. “.
“Home broadband in the United States lags far behind in terms of competitive options and fiber penetration compared to many other countries, and the events of the past 18 months have really highlighted how this is disproportionately affecting low-income communities across the United States in urban and rural areas, ”said Prashanth Vijay, co-founder and CEO of Flume Internet. “Flume is working to bridge this digital divide by delivering premium fiber optic services to neglected locations in major cities. We are excited to work with Citi, which has been a critical partner in this vision and allows us to not only deploy, but also educate residents on the benefits and most productive ways of using their fiber connection.
“Our mission is to help the millions of working adults in the United States who seek to make the transition to economically stable and fulfilling careers, but who have found themselves at a standstill by providing a fast, flexible and guided educational experience.” offering a direct path to higher skills. roles, ”said Eleanor Cooper, Co-Founder and CEO of Pathstream. “People come to us to enter employer doors, and employers come to us as a solution to attract, retain and develop their frontline workforce by providing digital skills and promising career paths to historically high and dead-end jobs. We are delighted to have Citi on board, both because of their history of supporting innovative education and their partnership in advancing equity issues more broadly.
Daylight is a New York, NY based company and the first and only digital banking platform in the United States designed specifically for the LGBT + community by the LGBT + community. Led by LGBT + entrepreneurs and co-founders Rob Curtis (CEO), Billie Simmons (COO) and Paul Barnes Hoggett (CTO), Daylight offers a holistic set of financial products, tools and advice to help the LGBT + community simplify banking operations. Daylight’s flagship products and services were designed to improve financial equality and inclusion of the roughly 30 million Americans who identify as LGBT +, a large untapped market.
Flume Internet is a minority-founded Internet service provider that provides low-cost high-speed Internet access by leasing unused networks to cities and utilities. Headquartered in New York, NY, Flume builds and installs cutting-edge optical technology designed to access these unused fiber assets to provide in-home broadband options to urban and suburban communities at low or no cost. Flume provides high-speed access to customers as well as premium WiFi management through tiered subscription options ranging from $ 35 to $ 50. The company will expand its service to other cities on the east coast in 2022 and is working to accelerate fiber-to-the-home deployments across the United States.
Jetty is a New York, NY-based financial services company with a mission to make renting a home more affordable and flexible for everyone in a way that benefits both homeowners and tenants. Using a Jetty Deposit substitute as well as a flexible rent payment product (Jetty Rent) can increase lease conversions, reduce bad debt, and streamline operations. For the tenant, Jetty products reduce barriers to renting, saving residents thousands of dollars and providing flexible rent payment structures.
Lacuna Technologies is a software company based in Palo Alto, Calif., And it creates and manages open source digital tools that enable cities and municipalities to create, communicate and enforce dynamic transportation policies. The streets are teeming with new forms of mobility: delivery services, carpooling vehicles and even drones. Lacuna’s solutions, based on open source technology, give cities a complete and reliable picture of the evolution of their roads and airways so that they can create evidence-based policies to solve the problems of congestion, traffic. pollution, access and safety, etc. Lacuna is leading the way for commercial operators to equitably integrate their modern technologies into cities in a way that works for everyone in the long run.
Pathstream helps working adults transition into high-demand digital skills careers by providing top-notch online training and work placements. Based in San Francisco, Pathstream develops programs in areas such as data analysis and project management in direct partnership with labor technology companies that define the industry. Pathstream’s programs are increasingly used by Fortune 100 employers as a competitive advantage to recruit, retain and develop their frontline workforce.
Recycle Track Systems (RTS) is an environmentally-focused, technology-driven waste and recycling management service provider for commercial, public and private entities. Founded in New York, RTS uses a proprietary software platform and tracking system, leveraging a network of partner carriers, to track materials as they travel to recycling or composting facilities and provide businesses with reports showing the amount of material diverted from landfills, recycled, and composted. The objective of RTS is to treat waste as a commodity and to keep these materials in the virtuous cycle of waste generation at their final destinations, thus contributing to the circular economy.
StackShare is a San Francisco-based enterprise software as a service (SaaS) company that provides technology stack collaboration to developers. StackShare has a community of over one million developers and over 40,000 companies who have shared the technology stacks they use. StackShare uses a freemium model, providing developers with free access to the platform as well as an enterprise subscription level for businesses, which helps businesses automatically map, document and discuss all of the technology stacks used in their internal engineering teams through deep Git integration. It provides companies with real-time visibility into their technology stack inventory, technical data for engineering planning and coordination, and tools to foster internal collaboration, allowing engineering teams to save costs. hundreds of hours of engineering, reduce their potential attack surface and coordinate more easily with governance. and compliance teams.
The Citi Impact Fund is a component of Global Public Affairs’ investment and community development team, which aims to enhance positive social impact and financial innovations that benefit underserved communities around the world. Through equity investment, loans and grantmaking, Citi and the Citi Foundation are working in new ways to bring about positive and meaningful change in communities around the world, including Action for Racial Equity, which engaged over $ 1 billion in strategic initiatives to help close the racial wealth gap and increase economic mobility in the United States In addition, Citi has committed $ 1 trillion to sustainable finance by 2030, including $ 500 billion to support activities in support of the SDGs outside of environmental finance, including education, affordable housing, healthcare, inclusion, community finance, international development finance, racial and ethnic diversity and gender equality.