New crowdfunding platform launches to support black-owned businesses

By Aisling Finn on Monday 10 August 2020

Alternative Lending

The new platform already has five live opportunities, ranging from philanthropic to commercial endeavours.

New crowdfunding platform launches to support black-owned businesses
Image source: Anita Egbune and Marian Arafiena/Rise Fund N'Go

A new crowdfunding platform designed specifically to support black-owned businesses and projects, Rise Fund N’Go, has launched today. 

Two sisters and second-generation Nigerian immigrants Anita Egbune and Marian Arafiena are the masterminds behind the new platform. 

Spurred on by the Black Lives Matter protests, the two businesswomen say they want to empower black communities across the UK through helping them secure funding for their companies and projects. 

Anita Egbune, co-founder and Rise Fund N’Go, said: “Between us, we have 35 years accumulated experience across the financial services and engineering sectors and we have experienced first-hand just how difficult it can be to succeed as a black person – let alone a black woman – in white-dominated professional spaces.” 

“The businesses that have applied so far leave no doubt that there are brilliant black businesses out there and we can’t wait to help them grow” 

According to a report from Diversity VC and RateMyInvestor, only one per cent of venture capital is invested in black businesses in the UK. 

Marian Arafiena, fellow co-founder of Rise Fund N’Go, said: “This is a moment from which there are two paths. Either the pandemic compounds issues for black communities around the world for hundreds of years to come.” 

“Or we take what the Black Lives Matter movement is teaching people and we confront these systemic issues and tackle them head-on. That is what we hope to do with Rise Fund N’Go.” 

To be eligible to crowdfund on the new platform businesses must be majority black-owned or for the benefit of black people. 

Businesses on Rise Fund N’Go’s platform can be commercial or charitable and the platform has already attracted five live projects. 

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