The Black Farmer Fund (BFF) just reached a major milestone.
BFF, a community-led investment fund for Black-owned agricultural and food businesses, has announced the successfully raise of $11M per a new release shared with ESSENCE. The feat is a part of a larger goal to raise $20M for its BFF Fund 2.0.
“We are humbled by the support from investors aligned with our commitment to racial and economic justice,” said Olivia Watkins, Co-Founder of Black Farmer Fund in a statement. “With $11 million secured, we are well on our way to achieving our $20 million goal, this significant milestone reaffirms our belief that when we empower Black communities, we foster a stronger, more inclusive food system that benefits us all.”
The fund provides Northeast-based Black-owned food and agri-businesses with grants, and operational support to bolster aid in scaling and stability. BFF was founded in response to racist policies and systems that block Black farmers from receiving the funding and technical support they need to grow.
“Our “for-us-by-us” approach goes against traditional lending practices by providing patient, non-extractive capital and putting the decisions around who receives funding in the hands of experienced Black farmers and food systems entrepreneurs across the Northeast. The support from investors who share our vision for a more equitable and sustainable food ecosystem has been overwhelming. As we continue our journey to reach our $20M fundraising target, we are grateful for the commitment of partners who recognize the importance of our mission,” a statement shared with ESSENCE reads.
Among those who supported the capital raise is Chordata Capital and the Kataly Foundation.