Candide Group Summer 2023 Newsletter

Our full team in Oakland this past May! (Top row, from left to right: Psyche Patterson, Starkey Baker, Mel Rusinek, Leslie Lindo, Neal Parikh, Olga Breyburg, Jared Mitchell, Morgan Simon, Kimberli Haywood, Jasmine Rashid, Leticia Corona Gomez. Bottom row, from left to right: Patricia McCarthy, Aner Ben-Ami, Hope Newsome, James Pippim.)


As we move into the heart of summer, the Candide Group team is balancing both big projects and intentional rest. July was Black, Indigenous, People of Color Mental Health Awareness Month, and in reflection and to honor our team, we kicked off the summer with a collective pause and a week away from work. Now, in the second half of the year, we find ourselves back to what we try to do best: moving capital, bringing amazing people onto the team, and continuing to share perspectives on impact with the field.

Team News

Please join is welcoming our incredible new team members — Karla Magana Figueroa (she/her/ella), Senior Investment Manager and Mel Rusinek (she/her), Client Services Associate!

Karla brings a decade of experience driving strategic decisions at the intersection of finance and public policy. At Candide, she is responsible for impact investing strategies across various asset classes and stages, all in service of creating a more equitable economy. Prior to Candide, Karla ran due diligence on marquee technology transactions in J.P. Morgan's Technology coverage group in the Investment Banking division. Karla also has extensive exposure to philanthropic and racial justice work, advising organizations such as Bloomberg Harvard City Leadership Initiatives and Linkedin's Global Impact Team.




Mel is driven to holistically restore the balance and equity lost to extractive practices. Drawing on her experience in environmental management, finance, administration, and public policy, she's inspired by the abundant opportunities for capital to enable transformative impact.

View our full team

Recent Investments by Candide Clients

View our list of past specific recommendations for the last 12 months. For more information about Candide, please see our Form ADV, Part 2A.



Cooperative Energy Futures*

(CEF) is a Minnesota-based, member-owned energy services cooperative that builds community wealth through energy efficiency and clean energy solutions that are accessible to everyone. 




Translator*

is a technology-enabled 360° Platform For Enterprise Diversity & Inclusion.

Obran Collective

believes that everyone should own their most precious asset: their time. Obran is the first worker-owned conglomerate. Leveraging its portfolio of small businesses, the cooperative empowers its workers through ownership and education.



CleanFiber*

turns recycled cardboard into high-quality, low-cost cellulose insulation while reducing environmental impact.

Chingona Ventures

Chingona Ventures is a pre-/seed stage venture firm based in Chicago that invests in founders uniquely positioned to create businesses in often undercapitalized growth markets. Chingona invests nationally around its financial technology, female technology, education, and food/wellness themes.



Concrete Rose Fund

invests in early-stage (pre-seed to Series A) companies across all sectors, with a focus on financial inclusion, productivity software and future of work, sustainability, precision/predictive health, and direct-to-learner Educational Tech. 




Sparkfund*

Sparkfund powers organizations by providing access to the latest energy technology.

Firebrand PBC*

Born and raised in the East Bay, Firebrand is committed to serving the community both as an employer and as a local artisan bakery. Firebrand is committed to hiring formerly incarcerated and homeless people. The investment was designed to include workers in profit sharing alongside investors, and to transfer partial ownership of the company into a Purpose Trust to ensure long-term mission preservation. 


Impact America*

IAF II is a $55M fund, raised and led by Kesha Cash, one of the most significant funds raised by an individual Black woman partner. IAF II makes early-stage investments in tech-driven businesses that create new frameworks of ownership and opportunity within marginalized communities.

Ultranauts*

provides onshore quality engineering and assurance services to F500 enterprises, hyper-growth startups, and top-tier digital consultancies. Their cognitively diverse teams, 75% of whom are on the autism spectrum, are uniquely equipped to improve data and software quality across a wide range of industries undergoing digital transformation.


Mission One

is a thematic investment group, backing startups that solve problems deemed to be “mission-critical” to meet the challenge of climate change. Our focus is to support companies capitalizing on this inflection point to secure our generation’s sustainable future.

Spruce Root

Headquartered in Juneau, Alaska, Spruce Root's mission is to improve access to capital for the historically underfunded region of Southeast Alaska. Historically rural, low-income, and Native, Spruce Root serves 23 communities, providing access to lending and specialized resources to help address the unique challenges of business in Alaska.

Port of Africatown

Port of Africatown is a 501(c)(3) community development corporation (CDFI) created to grow opportunities and trade in the Africatown region. Just three miles away from downtown Mobile, Alabama, it was founded by the 32 people brought there on the last known illegal shipment of enslaved people to the US. Maintaining much of their Ewe, Fon, and Yoruba traditions into the 1950s, Africatown is a unique place in the US that has struggled to maintain its historicity in the face of a growing Mobile.

Fresno Area Hispanic Foundation

The Fresno Area Hispanic Foundation (FAHF) is a non-profit organization and CDFI whose mission is to promote education and self-sufficiency through economic development strategies that strengthen Latinx communities. For almost 20 years FAHF has supported thousands of business owners of color to receive no-fee or low-cost bilingual services for every stage of the business cycle.

Historic District Development Corporation (HDDC)

HDDC is one of Atlanta’s oldest surviving community development corporations and the only non-profit organization specifically dedicated to preserving the availability of affordable housing in the Old Fourth Ward district. For nearly four decades, HDDC has been a catalyst for equitable urban revitalization in Atlanta.



Raven Indigenous Capital Partners

Bringing flexible patient, capital to invest with innovative, scalable, purpose-driven Indigenous social enterprises in Canada and the United States who are at an early-and-growth stage. 

Nexlegacy

Nexlegacy is a construction company that provides services to communities in the Deep South impacted by natural disasters, specializing in residential and commercial reconstruction. Many of the communities affected by climate change in the US are primarily Black and Brown neighborhoods, and it is Nexlegacy's mission to bring that representation to the reconstruction and recovery efforts in historically extracted areas.



Impact Engine

Impact Engine Ventures II is dedicated to supporting and scaling early-stage software companies that improve economic empowerment, education, environmental sustainability, and health. 



Urban Tilth

Urban Tilth inspires, hires, and trains local residents to cultivate agriculture, feed our community, and restore relationships to land to build a more sustainable food system, within a just and healthier community.

Bitwise*

Bitwise Industries created a bridge between humans from marginalized communities and stories of systemic poverty to skills and resources necessary to access opportunities in the tech industry. NOTE: As of earlier this summer, Bitwise is no longer in operation, and Candide Group has been monitoring developments closely. We encourage our community to support the talented people of Bitwise’s former workforce with employment opportunities and other resources across the US with employment opportunities and resources.

* denotes a follow-on investment

View our full portfolio

Portfolio News

Aclima’s co-founder and CEO, Davida Herzl, featured in TIME100’s Most Influential Companies 2023

By Don Steinberg


Everytable Raises $25M in Funding, Attracts Impact Investors Focused on Food as Medicine

By Christina Gilmour

Impact America Closes $112 Million Third Fund

By Roodgally Senatus

From Our Community to Yours


[Webinar] Evaluating Progress, Charting the Future: A Discussion on Impact Measurement and Management

From Gratitude Railroad

Justice and Land: How Communities Heal Through Ownership 

By Morgan Simon

What’s It Like To Be A Woman of Color Managing Her First Impact Fund? An Olamina Fund Interview with Leslie Lindo and Kim Pate

By Leticia Corona Gomez

What's Next

A Decade of Work!

In August 2013, Aner Ben-Ami and Morgan Simon came together to see how they could join forces to transform finance from a weapon of oppression to a tool for liberation — building the organization we now know as Candide Group. Now ten years later, our team has grown from two to 15 people and $0 to over $200M invested on behalf of our clients into over 100 social impact companies, funds, and organizations. We can’t wait to celebrate this milestone with you, our community.



Introducing The Afterglow Fund

The Climate Justice Fund we’ve been developing these past few years now has an official name: The Afterglow Climate Justice Fund! The fund’s title, “Afterglow,” is inspired by the book Afterglow: Climate Fiction for Future Ancestors, a compilation of short stories offering sobering yet hopeful visions of a future where those most harmed by climate change are surviving and thriving. We encourage you to check out the book and get your own copy here, and stay tuned for more announcements on the Fund very soon!


Recruiting New Olamina Fund Community Advisory Board Members

The Community Advisory Board is central to Olamina Fund's design and strategy, and we're thrilled that all current members will stay on for the next phase! We will also add three new members to round out the board and expand representation to include those who have experience in the work we will prioritize in our next phase. Stay tuned for more information about how you or someone you know could be the perfect fit when we open applications in the next few months!

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View our list of past specific recommendations for the last 12 months. For more information about Candide, please see our Form ADV, Part 2A.


Disclosure: The information contained in this document is intended for educational and information purposes only and should not be considered investment tax or legal advice or a recommendation to buy or sell any particular security. Please consult with your tax and legal advisors regarding your particular circumstances.Certain statements contained herein may constitute projections, forecasts, and other forward-looking statements, which do not reflect actual results and are based primarily upon a hypothetical set of assumptions applied to certain historical financial information. Certain information has been provided by third-party sources, and, although believed to be reliable, it has not been independently verified, and its accuracy or completeness cannot be guaranteed.Any opinions, projections, forecasts, and forward-looking statements presented herein are valid as of the date of this document and are subject to change.The investment discussed herein have been included based on the following methodology: all investments Candide Group has facilitated on behalf of our clients since the publishing of our last all-network newsletter, and investments with recent public news events. For a complete list of all investments, please click the “list of past specific recommendations for the last 12 months” link above. The views and opinions are those of the author as of the date of publication and are subject to change at any time. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Candide Group is under no obligation to update this information after the date of this publication.Past performance is not indicative of future results; no representation is being made that any investment will or is likely to achieve profits or losses like those achieved in the past, or that significant losses will be avoided. An investor should consider the investment objectives, risks, charges and expenses of any financial product carefully before investing. Investing involves various risks, including loss of principal. Charts and graphs provided herein are for illustrative purposes only. For more information about Candide, please see our Form ADV, Part 2A.