Citi Announces New Impact Fund Investments in Seven Companies
Citi announced today its next round of investments through the Citi Impact Fund, a $200 million fund launched last year to invest in companies that are addressing some of the biggest societal challenges. The new companies included in this round are Clerkie, KETOS, MedHaul, Perch, Shift, Superpedestrian, and Vyv. They join four portfolio companies previously announced in September 2020: Fulcrum BioEnergy, ICON, PadSplit, and The Mom Project.
“In just its first year, the Citi Impact Fund has invested in 11 companies, the majority of which are founded by women, minorities – and in some cases both – that have the potential to make our cities and communities more equitable and sustainable,” said Ed Skyler, Head of Global Public Affairs at Citi. “The economic and social challenges of the COVID-19 crisis have increased the urgency for new ways of working, and we’re focused on building on these investments to identify new partners this year.”
The Citi Impact Fund, the largest of its kind created by a bank using its own capital, is focused on companies that are addressing five societal challenges:
- Workforce Development – training and connecting people to careers.
- Financial Capability – increasing access to the financial system.
- Physical & Social Infrastructure – improving an individual’s way of life through housing, healthcare and transportation.
- Sustainability – addressing issues related to energy, water and sustainable production.
- Access To Capital & Economic Opportunity – addressing disparities in access to capital and economic opportunity through investments in companies founded by women and minorities.
Investments focus on companies that have demonstrated proof of concept, built an existing customer base and exhibited the potential for scale in multiple markets. A portion of the fund is designated exclusively for earlier-stage seed investments in businesses led or owned by women and minorities. Of the 11 initial investments, the fund has invested in three Black entrepreneurs, one of whom is also female, three other female entrepreneurs and a veteran entrepreneur.
“The Citi Impact Fund is broadening access to capital for founders like me,” said Erica Plybeah, Founder and CEO of MedHaul, a ride-booking platform for non-emergency medical rides, helping often overlooked populations access quality transportation. “MedHaul is the first company receiving earlier-stage seed investment from the fund, and we’re extremely excited to partner with Citi as we scale our company to support more people in need of quality, dependable medical transportation.”