The U.S. Department of Commerce's ITA and The 22 Fund Sign First of Its Kind Agreement
Strategic Partnership to Promote Competitiveness of U.S. Industry in Conjunction with Global Diversity Export Initiatives
WASHINGTON, June 22, 2023 /PRNewswire/ -- The 22 Fund (The 22) and the U.S. Department of Commerce's International Trade Administration (ITA) recently signed a memorandum of agreement (MOA) to promote the competitiveness of U.S. industry, improve the global business environment and provide education and resources to support the export needs of women and black, indigenous and people of color (BIPOC)-owned and led firms.
"We look forward to working with the team at The 22 Fund. This is the first venture capital fund that we have officially partnered with," said ITA's Global Diversity Export Initiative Director, Terri Batch. "The signing of this MOA provides opportunities to educate the public about the resources we have to help companies expand to international markets and support activities to facilitate international trade both of which are important hurdles for women and minority-owned companies to overcome."
"With this unprecedented agreement with Commerce's ITA, we are honored and excited to launch this Strategic Partnership," says Tracy D. Gray, The 22 Fund Founder and Managing Partner. "Collaborating with ITA gives our portfolio and other climate tech companies an accelerated competitive advantage over companies who compete in the same markets here in the U.S. and globally."
Under the MOA, The 22 and ITA's U.S. Commercial Service's network of worldwide offices will collaborate on marketing, educational programs and events leveraging both entities' expertise to help make U.S. businesses—and particularly women and BIPOC-led businesses—more export savvy. Joint activities will include building awareness of exporting and ITA programs and services through outreach and participation at trade events, export seminars and trade education.
The Strategic Partnership provides a collaborative framework that supports ITA's goal of expanding U.S. exports by increasing awareness among the U.S. business community about the benefits of exporting and of the public and private sector resources available to pursue export markets. The 22's companies include Sienna Naturals, co-founded by actress Issa Rae and CEO Hannah Diop, Re-Nuble, OpConnect, Repurpose and Nature Coatings.
To learn about upcoming business education events, U.S. businesses can visit the Global Diversity Export Initiative website.
About The 22 Fund
The 22 Fund is a holistic impact investor that funds tech-based, clean/climate tech and sustainable U.S. manufacturing companies to increase international sales (exports) and create the clean, quality jobs of the future in underserved and low- and moderate-income (LMI) communities. The 22 intentionally invests in women- and BIPOC-led firms to deliver both high ROI and high social/economic impact without concession or trade-offs. For more information, visit www.the22fund.com.
About the U.S. Commercial Service
The U.S. Commercial Service is the trade promotion arm of the International Trade Administration at the U.S. Department of Commerce. Its network includes 100+ offices across the United States and in American embassies and consulates in more than 75 international markets. Whether you're looking to make your first export sale or expand to additional markets, we offer the expertise U.S. businesses need to help connect them with opportunities worldwide. Contact your local U.S. Commercial Service Office at https://www.trade.gov/commercial-services-offices-us.
Contact:
Vanessa Gray
vrgray@the22fund.com
SOURCE The 22 Fund
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