Concord has launched a $10 million impact investment initiative that will dedicate capital to “projects, businesses and organizations in the music and theater industries that serve or are led by members of underrepresented and marginalized communities,” the company announced Wednesday (Sept. 30).
To kick off the initiative, Concord has partnered with the global investment and innovation platform Techstars and its music accelerator program, which has committed to a benchmark of 50% diverse CEOs and founders, including people of color, women, LGBTQ+, people with disabilities, historically marginalized communities, indigenous people and military veterans for its 2021 class and all of its music accelerator programs going forward.
Under the new agreement, Concord — which has been investing in Techstars annually since 2018 — will contribute an additional seed investment of $30,000 into each company included in Techstars’ music accelerator program next year that meets Concord’s impact initiative criteria. In addition, Concord will guarantee an ancillary investment to the first round of outside fundraising of up to $100,000 for each of the companies “that match Concord’s strategic goals and priorities.” All of these amounts will be doled out in addition to Concord’s preexisting investment in the Techstars program.
In a statement announcing the partnership, Concord CEO Scott Pascucci said, “The intent of this initiative is to do what we do best – provide access and support – and to invest incrementally in communities which historically have not had that access and support. In pursuit of this, we will be applying the same investment discipline and focus that have enabled our company to grow into the world’s best and biggest independent music and theater company in less than a decade. We could not think of a better partner with whom to start this venture than Techstars Music and its thriving music accelerator program.”
Techstars Music managing director Bob Moczydlowsky added, “Concord’s initiative will allow Techstars Music to provide even more access and support to entrepreneurs from or serving underserved communities, in complement to Techstars’ recent public commitment to having 1,000 diverse startup CEOs participate in our accelerators by 2026. Our accelerator will run entirely virtually in 2021 — so the 10 companies we will select for investment will no longer be required to relocate to Los Angeles or travel to pitch their business. Combine this accessibility with our member’s deep commitment to diversity and social justice, and we expect 2021 to be the most inclusive year of Techstars Music yet”.