Overview:
Movimento Black Money (MBM) aims to transform the economic reality of the Black community in Brazil through entrepreneurship, education, and financial services.
NESsT welcomed MBM into its portfolio to initially support Mercado Black Money, an online marketplace for Black-owned businesses, sustaining its growth with capital and business mentorship.
Google for Startups announced Movimento Black Money as one of the 12 new Brazilian startups that will receive equity-free funding through its Black Founders Fund.
NESsT is thrilled to welcome Movimento Black Money into its portfolio.
Led by entrepreneurs Nina Silva and Alan Soares, Movimento Black Money (MBM) is an innovation hub that enhances economic empowerment for Black communities using digital tools that foster business development, education, and entrepreneurship. MBM offers services and financial instruments that connect Black businesses to capital and place Black professionals into quality employment opportunities, emboldening Black people to become more active participants in the economy,
Nina Silva, Co-Founder and CEO of MBM
“Black people are the micro-entrepreneurial majority [in Brazil], but we have not solved the problem of unemployment among the Black population - 67% are unemployed in the country, and less than 30% of these enterprises have more than two employees. ” says Nina Silva, Co-Founder and CEO of MBM
To support Black entrepreneurs to grow their businesses, MBM has equipped more than 1,000 Black entrepreneurs with business training since its founding in 2020. One of its products is Mercado Black Money, a digital marketplace that connects online shoppers to over 1,500 Black-owned businesses.
As part of the NESsT Portfolio, MBM will access technical, business mentorship, and financing to expand its team, enhance its technological infrastructure, and advance its growth strategy.
“We are happy to welcome MBM into our portfolio and support the growth of black businesses through Mercado Black Money. During the due diligence and selection process, the passion, entrepreneurial spirit and commitment to the cause demonstrated by Nina and Alan, were all very evident. So was their perseverance in working to make their company sustainable and scalable. Under their leadership, with no doubt the business will thrive!” - Renata Truzzi, NESsT Brazil Director
In September 2021, Google for Startups announced Movimento Black Money as one of the 12 new Brazilian startups that will receive equity-free funding through its Black Founders Fund, an initiative that aims to close the funding gap for Black people. The recipient 12 startups are selected based on their potential for growth and innovation, use of technology, and impact on the lives of Brazilians. In addition to funding, MBM will also receive ads credits and the opportunity to tap into Google’s network of mentors and resources.
"All those selected are excellent entrepreneurs and have a leading position in the field of technology, which will contribute to the evolution of Afro-entrepreneurship in Brazil," comments André Barrence, Director of Google for Startups for Latin America.
“ We are targeting places where we talk about capital, money and power — so that we can talk about humanity, freedom and autonomy, which drive our society. If I don’t talk to whoever has the ball [the power], I will never make my people, one day, the “owner of the ball””
About NESsT:
NESsT invests in social enterprises that create quality jobs for underserved communities while sustaining the planet. NESsT raises philanthropic and impact investing capital to support the poorest communities facing isolation, discrimination, and lack of jobs skills or education. Since its launch, the organization has trained over 21,000 entrepreneurs, supported over 1200 social enterprises and invested in close to 200 that have created over 70,000 quality jobs benefitting 700,000 underserved individuals in emerging market countries.