Founder of Shea Moisture, Richelieu Dennis, announced launch of New Voices Fund catering to women of color entrepreneurs at Essence Fest last weekend.

“About six months ago, we announced that we were launching the new voices fund,” VIBE reports he said during a press conference. “I’m proud to say that we get to officially launch the $100 million New Voices Fund for women of color entrepreneurs here at Essence Festival this weekend. Over the past six months, we have already either invested in or committed to, over $30 million in black women entrepreneurs.”

The New Voices Fund will provide female entrepreneurs with access to a global network, financial support as well as educational resources and tools to ensure that their business is lucrative and successful.

“This groundbreaking initiative, designed to level the playing field, provides women of color entrepreneurs with unprecedented access, capital, and expertise they need to excel. This highly efficient fund supports start-ups, established businesses, and community-based enterprises,” the VIBE states.

Application forms for the New Voices Fund can be found at