Ten successful Aboriginal business owners, including five from WA, have come together to form an angel investing network with backing from the US government and Minderoo Foundation.
Ten successful Aboriginal business owners, including five from Western Australia, have come together to form an angel investing network with backing from the US government and Minderoo Foundation.
The Blak Angels Investment Network is designed to increase Indigenous participation in investment, promoting economic development and empowerment.
It will have a particular focus on facilitating investment into First Nations startups.
The participants include prominent Indigenous business figures Amanda Healy, Jahna Cedar, Kent Matla, Gordon Cole and Jaynaya Winmar.
The project is also designed to expand people-to-people connections between the US and Australia and boost two-way investment.
To that end, the Blak Angels will lead a delegation to the US later this year to meet with Native, Latin and African American investors and other leaders in the US investment ecosystem.
In return, 10 American investors will travel to Australia early next year to meet with the Blak Angels and other Indigenous business leaders and organisations.
The network has attracted nearly $500,000 in seed capital from Andrew and Nicola Forrest’s Minderoo Foundation and the US State Department.
US Ambassador to Australia Caroline Kennedy, who met with Minderoo in Perth in February, has backed the program.
“The Blak Angels Investment Network is a tangible demonstration of the US and Australia working together to create economic opportunities for underrepresented communities,” Ms Kennedy said in a statement.
“Through these exchanges, investors will gain knowledge, experience, and the people-to-people ties that underpin successful businesses, all of which will expand First Nations investor ecosystems in both our countries.”
Minderoo’s Head of Indigenous Entrepreneurship, Les Delaforce, said he was hoping to attract 100 First Nations investors to the Blak Angels program over five years.
Mr Delaforce said he was inspired by the experience of New York-based Harlem Capital, which has grown rapidly over five years, raising $US174 million and investing in 51 businesses owned by African American and Latin American entrepreneurs.
He learned about Harlem Capital after being one of 15 people globally selected to participate in the US government’s International Visitors Leadership Program in 2022.
“I saw the need to think bigger and look internationally,” Mr Delaforce said.
The Blak Angels project builds upon Minderoo’s Dream Venture program, which has provided professional development for 120 Indigenous entrepreneurs across Australia since 2019.
Dream Venture also provides up to $20,000 in seed capital to 10 finalists in each program.
A 2021 finalist was Queensland-based Alisha Geary, who has established three businesses in the fashion, skincare and fintech sectors.
Ms Geary has proceeded to become one of the Blak Angels.
Joining her will be Amanda Healy, who is a co-founder and chief executive of WA’s largest Indigenous business: mechanical services contractor Warrikal.
She has also supported social enterprise Kirrikin, a clothing and accessories business that shares profits with Indigenous artists.
Kent Matla accumulated more than 20 years’ experience in corporate advisory work in China before returning to Perth in 2018 to establish Triangle Equity Partners.
Consultant and company director Jahna Cedar was named 40under40 First Amongst Equals in 2017.
The Perth contingent also includes Gordon Cole, who chairs the Noongar Chamber of Commerce and Industry.
Another participant with a strong Perth connection is Noongar Balladong woman Jaynaya Winmar, who is founder of Melbourne businesses Blakbone Sistahood and First People Property Group.
