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Phirst Market Ventures: Impact-First Capital for Women of Color Entrepreneurs Investment Thesis Phirst Market Ventures (PMV) operates on a fundamentally mission-driven thesis: investing in women of color entrepreneurs transforms families, communities, and the economy . The fund recognizes that less than 1% of venture capital goes to Black women founders, despite overwhelming evidence that diverse management teams outperform homogeneous ones. PMV addresses this systemic gap by providing not just capital, but an integrated support ecosystem. The fund's core belief is that diverse founders with big ambitions should be the first institutional capital in , rather than the last resort. Rather than waiting for proof of product-market fit (which requires capital to achieve), PMV invests in pre-seed and seed-stage companies with founders who have deep ambition, solid team structures, and solutions addressing multi-billion-dollar markets. Blended Nonprofit-for-Profit Model What distinguishes PMV is its unique structure: a blended nonprofit-for-profit fund that converts catalytic grants into discounted SAFE notes and patient equity. This hybrid approach allows the fund to: Accept non-dilutive grant funding that reduces founder dilution Deploy patient capital with longer time horizons than traditional VC Build in founder mentorship and support as a core service Focus on sustainable, wealth-building outcomes rather than just exits This model directly addresses the challenges articulated by Tanya Morris, PMV's General Partner: Black and Brown founders often lack generational wealth, struggle with traditional lending, and cannot access the "runway" that privileged founders take for granted. Stage and Check Size Investment Stage: Post-revenue to pre-seed and seed Typical Check Size: $10K-$250K Fund Status: Actively deploying (invested in 12+ companies as of research date) PMV explicitly embraces the earliest stages, positioning itself as "not afraid of seed or even pre-seed." The fund's small check sizes reflect its role as catalytic lead investor rather than mega-round lead, paired with grant funding and mentorship. Geographic Focus Primary Region: Mid-Atlantic (Washington DC to NYC, excluding NY) Concentrated Focus: Greater Philadelphia and surrounding counties (Bucks, Chester, Delaware, Montgomery) Philosophy: Strategic geographic concentration to have outsized impact on overlooked regional ecosystems The fund's deliberate exclusion of New York reflects a conviction that capital concentration in major metros perpetuates regional inequality. By focusing on Philadelphia and the Mid-Atlantic, PMV amplifies its impact on local economies and creates pathways for underestimated founders who might never consider coastal tech hubs. Investment Process: Unbiased and Transparent PMV's operating approach is distinctive for its commitment to founder fairness: Apply: Founders submit via Airtable (removing gatekeeping) 100% Review Guarantee: Every application is reviewed by the PMV team (no auto-rejects) First Meeting: 30-minute meeting, no pitching required (building relationship, not theater) Deal Assessment: Partnership-based framework with input from advisors; clear decision by partners Guaranteed Clarity: Founders receive unambiguous decisions (yes/no) with clear feedback This process directly counters the opacity and bias that traditionally disadvantages founders from underrepresented backgrounds. Portfolio and Recent Activity PMV's portfolio spans diverse sectors including: Technology/Data: Empact Data (Monique Curry-Mims) - Strategic insight tools for philanthropic and social ecosystems Tribaja (Shannon Morales) - Platform connecting equitable employers to diverse tech talent Bright Ventures (Lenore Champagne Beirne) - Executive coaching and innovation platform Health & Beauty: Biolatice (Amelia Zellander) - Cornea tissue restoration medical products Honey Blowout - Hair care products Sledge Scarves (Ashley Brown) - Protective hair accessories Consumer & Fashion: Grant Blvd (Dr. Kimberly McGlown) - Sustainable, fair-wage fashion manufacturing Ashay (Ashley Cimone & Moya Annece) - Travel-inspired handbags and wallets Education & Community: Trapezium Math (Angela McIver) - Technology-free math education programs Philly Experiences (Chrissy Watts) - Community-focused educational experiences Other: Elari (Kenny Oyefara) - Plant-based food products The portfolio demonstrates PMV's industry agnosticism paired with a conviction about founder quality and team strength. Rather than rigid sector focus, the fund backs missions-driven founders where the team can add strategic value. Founding Team and Advisory Board Tanya T. Morris, General Partner Founder and President of Mom Your Business (social impact organization for Black/Brown female founders) Serial entrepreneur and investor with Backstage Capital experience Mission-driven leader focused on wealth equity and systemic change Diane Cornman-Levy, Co-Founder/Partner Chief Disruptor at Women's Way (regional nonprofit advancing women and gender equity) 30+ years of nonprofit leadership, coalition building, and fundraising Raised $30M+ to address health, education, and economic inequities Jason Ray, Co-Founder Founder and CEO of Zenith Wealth Partners Advisory Board member with investment expertise Advisory Board: Garry Johnson III (Bison Venture Partners) - Strategic investment guidance Lucas Ving (Zenith Wealth Partners) - Wealth and financial expertise Decision Process and Founder Experience Solo GP vs. Partnership: Partnership-based decision making with advisor input Timeline: Clear, unambiguous decisions (no prolonged optionality) Warm Intros: Not strictly required; applications evaluated on merit Involvement: Mentorship and strategic support (not board-heavy) Co-Investment: Flexible; fund focuses on catalyst role rather than follow-on reserves Investment Criteria and Founder Preferences PMV's explicit criteria center on: Founder Composition: At least one Black or Brown female founder or C-suite executive Team Strength: Well-rounded teams with complementary skills (solopreneurs challenged unless exceptional) Market Ambition: Solutions targeting $1B+ market opportunities Early Traction: Post-revenue preferred but not required; pre-seed founders welcomed Regional Presence: Based in Mid-Atlantic; preference for Philadelphia-area companies The fund explicitly embraces founder diversity and team strength as leading indicators of success, rejecting traditional VC patterns that favor pedigree and network proximity. Notable Institutional Relationships Mom Your Business - Tanya Morris's parallel organization providing complementary support Zenith Wealth Partners - Advisory support and capital insights Women's Way - Community connections and nonprofit partnerships CDFI Partners - Access to non-dilutive grant capital for portfolio companies Bison Venture Partners - Strategic guidance and potential co-investment Lead vs. Follow Lead Tendency: Does not typically lead full rounds; positions as catalyst/co-investor Participation: Leads with smaller checks ($10K-$250K) in pre-seed/seed Co-Investment: Flexible and collaborative; works well with complementary investors Sector and Model Preferences Sectors: Industry agnostic; focus on where team can add value CPG/D2C (consumer packaged goods, direct-to-consumer) prominent in portfolio Ecommerce and marketplace models Healthcare technology and biotech Education and workforce development Sustainability and fair-wage manufacturing Business Models: Flexible; emphasizes founder fit and market opportunity over rigid model preferences Technology Preferences No explicit tech-stack focus; portfolio includes software, hardware, biotech, and service businesses. Fund's value-add centers on go-to-market, team building, and capital strategy rather than deep technical mentorship. Notable Ecosystem Positioning PMV is part of a growing female-founder-focused ecosystem including: Backstage Capital network Women's Way coalition Zenith Wealth Partners Mom Your Business community Foundery PHL (Tanya Morris's 2025 initiative connecting underrepresented founders to resources) Exit and Follow-On Strategy Fund maintains follow-on reserves and demonstrates commitment to portfolio company success through multiple funding rounds, as evidenced by companies that have raised subsequent rounds. Key Differentiators 100% Application Review - No auto-rejection; transparency and fairness baked in Blended Capital Model - Grants + SAFE notes + patient equity reduces founder dilution Mission Alignment - Investing in founders historically excluded from capital, not just high-growth potential Regional Concentration - Strategic focus on under-capitalized geographies (Philadelphia/Mid-Atlantic) Integrated Support - Mentorship, connections, and operational guidance beyond capital Founder-Centered Process - No pitching required for first meetings; relationship-first approach Diverse Leadership - Fund leadership reflects the diversity of founders it backs