Eighteen founders of color have graduated from Embark, the three-month virtual accelerator program from REI Co-op‘s Path Ahead Ventures.
Each participating company, according to REI, receives a $10,000 equity-free grant to start their business, and the founders are connected to “a community of peers and mentors to support their continued growth in the industry.”
Embark is part of Path Ahead Ventures, the retailer’s multiyear effort that launched in October 2021 to help founders of color who are starting and scaling their businesses with a goal of helping them build their businesses faster. With Path Ahead Ventures, REI has committed $30 million to partner with founders of color. REI said these 18 founders marks the second cohort to complete the Embark program.
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“Entrepreneurs need specific skill sets, industry knowledge, and professional connections to drive business growth. Historically, however, access to these resources has been limited based on demographic, geographic, or socioeconomic factors,” Founded Outdoors director of programming Enhao Li said in a statement. “The Embark program is designed from the ground up to support our founders’ needs as visionaries, business owners and members of a growing and diversifying outdoor community.”
This year’s cohort includes several gear and apparel companies, such as climber-owned apparel brand Antigrav, natural fiber technical athletic apparel label Sportland, African-print beach and camping gear brand Muvaland Beach, and more. It also includes digital, community and experiences companies (BLK Beetles wellness community, Boheme Retreats inclusive and diverse camping spaces, and more) and consumer packaged goods and food brands (cold therapy wearables Eztia, spicy Indian backpacking meals Panj Rivers Provisions and more).
What’s more, REI said that Path Ahead Ventures will announce in June the companies participating in its Navigate program, which is designed for founders with existing brands in the industry. Also, REI said Path Ahead Ventures provides direct equity investment and dedicated support for founders through its investment fund.
