THE ANNENBERG FOUNDATION'S "PLEDGE LA" AND LOS ANGELES MAYOR KAREN BASS PARTNER TO SUPPORT L.A.'S NEXT GENERATION OF VENTURE CAPITAL, TECH AND CIVIC LEADERS

Mayor Joins Inaugural PledgeLA Catalyst Awards to Recognize Leaders Increasing Access to Capital in L.A.'s VC and Tech Ecosystem

LOS ANGELES, Dec. 18, 2024 /PRNewswire/ -- The Annenberg Foundation and Los Angeles Mayor Karen Bass today presented the first Catalyst Awards given by PledgeLA, the regional initiative that works to increase access to capital for L.A.-based startups and investors from underrepresented backgrounds. Mayor Bass, PledgeLA principals and more than 300 tech founders, VC investors and community leaders gathered at the El Rey Theatre to recognize 11 Angelenos for their impact and efforts to strengthen Los Angeles's local economy and entrepreneur community.

"Recognizing L.A.'s boundless entrepreneurial talent -- and the power of this creative region to move the needle on representation -- we established PledgeLA to build a thriving ecosystem reflective and accessible to all of Los Angeles. Access to capital is central to that effort, and the community leaders here tonight are committed to expanding it," said Cinny Kennard, Executive Director of the Annenberg Foundation. "The accomplishments of our awardees are but a glimpse of what's possible here, and we are excited to build on this effort."

Karen Bass, the 43rd Mayor of Los Angeles, said: "Opening Los Angeles for business means working to increase investment and opportunity for Angelenos who have too often been left out. PledgeLA and the Annenberg Foundation are vital partners in realizing L.A.'s next generation of venture capital, tech and civic leaders. My Office of Business and Economic Development is building on this vision with partners like PledgeLA as we continue to support startups, investors, entrepreneurs and small business owners so they can thrive here in L.A. Congratulations to the first Catalyst Awards honorees – your commitment to increasing access to capital and expanding representation in our local economy has the power to drive lasting impact in our city."

Mayor Bass and Executive Director Kennard led discussions Wednesday evening on developing a resilient tech ecosystem in L.A. and on deepening public-private collaboration between the city and investors in the innovation economy.

Among the inaugural Catalyst awardees were Kwanza Jones and José E. Feliciano, whose Kwanza Jones & José E. Feliciano Initiative invests in and partners with nonprofits and for-profits focused on education, entrepreneurship, equity, and empowerment. Since founding their initiative in 2014, the partners in life, business, and impact have personally committed over $200 million to these efforts, including $20 million to Princeton, $1 million to HBCU Bennett College, and $500,000 to Puerto Rico for Hurricane Maria relief. Jones and Feliciano received the Limited Partner Catalyst Award, in recognition of their significant investments in underrepresented fund managers.

"We co-founded the Kwanza Jones & José E. Feliciano Initiative to boost humanity and power possibilities through education, equity, entrepreneurship and empowerment. We believe that one of the key catalysts for unlocking human potential is access to capital and economic opportunities. That's why we are committed to investing in organizations and individuals who are breaking barriers, opening doors, and building bridges of opportunity.

"Investing intentionally but not exclusively in underrepresented founders and fund managers is about more than just financial returns—it's about catalyzing a community of innovation and collaboration. Diversity fuels excellence, and when diverse perspectives are included, outcomes are optimized and more impactful.

"This recognition from PledgeLA affirms our mission: breaking barriers, unlocking potential, and driving change. Together, we can reimagine what's possible—for LA and beyond," said Kwanza Jones and José E. Feliciano, Co-Founders of Kwanza Jones & José E. Feliciano Initiative (Jones•Feliciano).

Also honored Wednesday were Slauson & Co, a $100 million venture capital firm rooted in economic inclusion led by Austin Clements and Ajay Relan, who were honored with the Portfolio Catalyst award. Slauson & Co's original $75 million Fund I backed 38 companies, most of which are led by people of color and at least half of which are led by women. Slauson & Co. directs all its investment to underrepresented founders.

Dana Settle, one of the first female fund leaders in the industry, was recognized with the Pathbreaker Catalyst award for her work to create paths to capital and opportunity. Settle serves as co-founder and managing partner at Greycroft, one of the largest VC funds in the United States ($2 billion Assets Under Management) and is a founding member of the female mentorship collective All Raise.

In addition, awards for "Most Inspiring Entrepreneur," "Ecosystem Builder," and "Most Inspiring Emerging Manager" were given to L.A.-based tech investors, entrepreneurs and nonprofit leaders for their impact on the local community, workforce development and creating access to capital. Winners and all nominees appear below.

Annual Data on L.A. Venture Capital Shows Continued Opportunity Gap; Research Expanded to New York City

In addition to the 2024 awards, PledgeLA released its annual report on diversity in L.A. venture capital. Data analyzed by UCLA's Luskin School of Public Affairs show that among 75 venture capital firms in Los Angeles who are part of PledgeLA there remains a gap in investment in underrepresented minority (URM) founders. Among the findings for 2023, Black and Latina women remain the least represented groups across the PledgeLA portfolio, making up only 1% and 2% of 2023 companies, respectively. However, in terms of median deal size for startups, the gap between women-only teams and all-men teams shrank considerably, to $700,000 less versus $3.8 million less in 2022.

The 2024 Venture Capital Portfolio Diversity Report can be read here.

The Annenberg Foundation this year commissioned the same UCLA researchers to also code and analyze data for the Venture Access Alliance (VAA), an initiative of the New York City Economic Development Corporation (NYCEDC). This effort includes collecting demographic data for 2023 on 72 venture capital (VC) firms within the VAA membership and their 323 portfolio companies, led by over 540 founders. VAA's report and diversity findings can be found here.

PledgeLA: Catalyzing and Recognizing Change
Established in 2018 in partnership with the City of Los Angeles and Mayor Eric Garcetti, PledgeLA was the first and is the only local effort to annually monitor diversity and equity in accessing capital in L.A. It both supports and holds accountable an industry vital to all Angelenos through:

• Placing underrepresented promising college graduates in Venture Capital Fellowships (70 since 2019)
• Researching and reporting anonymized representational data and demographics in the annual Venture Capital Portfolio Diversity report produced by UCLA's Luskin School of Public Affairs to help track LA's progress and challenges. In many cases, these data have never been collected.
• Convening partners and thought leaders at L.A. Tech Week and facilitating mentorships for college students with L.A. tech leaders

Previously, PledgeLA helped incentivize investment in Black and Latinx entrepreneurs through a Founders Fund (est. 2021) that helped founders who had demonstrated traction increase recurring revenue, find follow-on capital, and build community with their peers.

Additional 2024 PledgeLA Catalyst Award Winners
Most Inspiring Entrepreneurs
ChargerHelp! - co-founded by Evette Ellis and Kameale Terry, ChargerHelp! ensures EV charging stations stay operational, helps manage charging infrastructure and provides maintenance through an EV service workforce that it trains and deploys. Ellis and Terry are originally from Compton and South Central Los Angeles, respectively.

Cherub - co-founded by Angeline Vuong and Jaclyn Johnson, a serial entrepreneur, Cherub facilitates fundraising from angel investors for women-led companies using an online membership model. The platform has raised $3M for startups focused on consumer packaged goods, AI companies, hotel projects, apps and more.

Most Inspiring Emerging Manager - Noramay Cadena is managing partner at Supply Change Capital, which invests at the intersection of food, culture, and technology to modernize the food system. She was recognized as a rising investor from an underrepresented background for outsized impact on the local tech ecosystem. Among many board memberships, she is on the board of the Latino Community Foundation and Care Enterprises, Inc., which is focused on creating economic opportunities for people in poverty and women.

Ecosystem Builder - Amiah Sheppard has led investments and accelerated dozens of underrepresented founders internationally, as well as helped invest and support 100 other underrepresented founders across the U.S. She was recognized for "going above and beyond to make connections and increase access for underrepresented founders.

Nominees
Entrepreneurs — Montré Moore and Angel Lenise Pyles, AMP Beauty; Tony Gonzalez, Mundial Media; Rebecca Caputo and Val Emanuel, Rif Care; Selena Watkins, Socanomics

Emerging Managers — Madeline Darcy, Managing Partner at Kaya Ventures; Brandon Hoffman, General Partner at Sunset Ventures; Kimberley Nixon, Managing Partner at Open Venture Capital; Tracy Gray, Managing Partner at The 22 Fund

Ecosystem Builders — Espree Devora, Founder at WeAreLATech; Raychel Espiritu, Program Director at Walking Softer; Derek Smith, CEO & Founder at Plug In Ventures; Sophie Nazerian, Vice President, Innovation Economy, Startup Banking at JPM Startup Banking

SOURCE The Annenberg Foundation