Concrete Rose Capital is an early-stage venture firm focused on funding underrepresented founders, investing in companies serving underrepresented consumers, and partnering with founders of all backgrounds to build diverse teams.
Concrete Rose Capital was co-founded by Sean Mendy, Ian Beadle, Jason Norman, and Will Bumpus. Sean was a founder and operator at tech startups and nonprofits; most recently, he was an executive to the Boys & Girls Club and venture partner at Next Play Ventures. Ian was an investor at GrizzlyRock Capital. Jason previously ran talent development programs in the technology and energy sectors, and Will is the former chief of staff at Headspace. The fund was incubated at Sixth Street under the guidance of Alan Waxman. The team recruited an all-star group of strategic partners with diverse experiences across investing, technology, and social impact. They also assembled an impressive advisory committee that includes Waxman, Jeff Weiner, Andrew Iguodala, and Theresia Gouw.
Since January 2020, the team has made 25 investments across sectors with a focus on financial inclusion, productivity software, future of work, and sustainability. Concrete Rose is dedicated to putting capital in the hands of underrepresented founders, with 70% of their companies led by underrepresented founders and 53% by founders who are Black or Latinx. The fund adds value to their portfolio companies in two core ways: partnering on diversity, equity, and inclusive culture initiatives, and providing access to social capital by connecting founders to the Concrete Rose Network of operators, investors, and public figures. Concrete Rose also collaborates closely with strategic VC partners such as Greylock, Next Play Ventures, Mastry, Renegade Partners, and Acrew Capital.
Why we invested
We quickly came to appreciate the hustle and drive that Sean and his team bring and how their mission is a personal one. A recent study found that only 3% of venture-backed founders are Black or Latinx. That leaves$4 trillion on the table by investors who overlook underrepresented founders, per a Morgan Stanley report. Sean and the team are acutely aware of this problem and the economic opportunity it represents—and they’ve Moreover, they are dedicated to addressing this funding gap by assembled an impressive team of partners, advisors, and fellow operators and investors to address this funding gap. The fund has also pledged to give 50% of their carry to non-profit organizations through the Concrete Rose Community Foundation, a promise that resonated with us as a way to give back to the broader community and help create a virtuous cycle from venture investing.