Phirst Market Ventures: Impact-First Capital for Women of Color Entrepreneurs
Investment Thesis
Phirst Market Ventures (PMV) operates on a fundamentally mission-driven thesis: investing in women of color entrepreneurs transforms families, communities, and the economy. The fund recognizes that less than 1% of venture capital goes to Black women founders, despite overwhelming evidence that diverse management teams outperform homogeneous ones. PMV addresses this systemic gap by providing not just capital, but an integrated support ecosystem.
The fund's core belief is that diverse founders with big ambitions should be the first institutional capital in, rather than the last resort. Rather than waiting for proof of product-market fit (which requires capital to achieve), PMV invests in pre-seed and seed-stage companies with founders who have deep ambition, solid team structures, and solutions addressing multi-billion-dollar markets.
Blended Nonprofit-for-Profit Model
What distinguishes PMV is its unique structure: a blended nonprofit-for-profit fund that converts catalytic grants into discounted SAFE notes and patient equity. This hybrid approach allows the fund to:
- Accept non-dilutive grant funding that reduces founder dilution
- Deploy patient capital with longer time horizons than traditional VC
- Build in founder mentorship and support as a core service
- Focus on sustainable, wealth-building outcomes rather than just exits
This model directly addresses the challenges articulated by Tanya Morris, PMV's General Partner: Black and Brown founders often lack generational wealth, struggle with traditional lending, and cannot access the "runway" that privileged founders take for granted.
Stage and Check Size
Investment Stage: Post-revenue to pre-seed and seed Typical Check Size: $10K-$250K Fund Status: Actively deploying (invested in 12+ companies as of research date)
PMV explicitly embraces the earliest stages, positioning itself as "not afraid of seed or even pre-seed." The fund's small check sizes reflect its role as catalytic lead investor rather than mega-round lead, paired with grant funding and mentorship.
Geographic Focus
Primary Region: Mid-Atlantic (Washington DC to NYC, excluding NY) Concentrated Focus: Greater Philadelphia and surrounding counties (Bucks, Chester, Delaware, Montgomery) Philosophy: Strategic geographic concentration to have outsized impact on overlooked regional ecosystems
The fund's deliberate exclusion of New York reflects a conviction that capital concentration in major metros perpetuates regional inequality. By focusing on Philadelphia and the Mid-Atlantic, PMV amplifies its impact on local economies and creates pathways for underestimated founders who might never consider coastal tech hubs.
Investment Process: Unbiased and Transparent
PMV's operating approach is distinctive for its commitment to founder fairness:
- Apply: Founders submit via Airtable (removing gatekeeping)
- 100% Review Guarantee: Every application is reviewed by the PMV team (no auto-rejects)
- First Meeting: 30-minute meeting, no pitching required (building relationship, not theater)
- Deal Assessment: Partnership-based framework with input from advisors; clear decision by partners
- Guaranteed Clarity: Founders receive unambiguous decisions (yes/no) with clear feedback
This process directly counters the opacity and bias that traditionally disadvantages founders from underrepresented backgrounds.
Portfolio and Recent Activity
PMV's portfolio spans diverse sectors including:
Technology/Data:
- Empact Data (Monique Curry-Mims) - Strategic insight tools for philanthropic and social ecosystems
- Tribaja (Shannon Morales) - Platform connecting equitable employers to diverse tech talent
- Bright Ventures (Lenore Champagne Beirne) - Executive coaching and innovation platform
Health & Beauty:
- Biolatice (Amelia Zellander) - Cornea tissue restoration medical products
- Honey Blowout - Hair care products
- Sledge Scarves (Ashley Brown) - Protective hair accessories
Consumer & Fashion:
- Grant Blvd (Dr. Kimberly McGlown) - Sustainable, fair-wage fashion manufacturing
- Ashay (Ashley Cimone & Moya Annece) - Travel-inspired handbags and wallets
Education & Community:
- Trapezium Math (Angela McIver) - Technology-free math education programs
- Philly Experiences (Chrissy Watts) - Community-focused educational experiences
Other:
- Elari (Kenny Oyefara) - Plant-based food products
The portfolio demonstrates PMV's industry agnosticism paired with a conviction about founder quality and team strength. Rather than rigid sector focus, the fund backs missions-driven founders where the team can add strategic value.
Founding Team and Advisory Board
Tanya T. Morris, General Partner
- Founder and President of Mom Your Business (social impact organization for Black/Brown female founders)
- Serial entrepreneur and investor with Backstage Capital experience
- Mission-driven leader focused on wealth equity and systemic change
Diane Cornman-Levy, Co-Founder/Partner
- Chief Disruptor at Women's Way (regional nonprofit advancing women and gender equity)
- 30+ years of nonprofit leadership, coalition building, and fundraising
- Raised $30M+ to address health, education, and economic inequities
Jason Ray, Co-Founder
- Founder and CEO of Zenith Wealth Partners
- Advisory Board member with investment expertise
Advisory Board:
- Garry Johnson III (Bison Venture Partners) - Strategic investment guidance
- Lucas Ving (Zenith Wealth Partners) - Wealth and financial expertise
Decision Process and Founder Experience
Solo GP vs. Partnership: Partnership-based decision making with advisor input Timeline: Clear, unambiguous decisions (no prolonged optionality) Warm Intros: Not strictly required; applications evaluated on merit Involvement: Mentorship and strategic support (not board-heavy) Co-Investment: Flexible; fund focuses on catalyst role rather than follow-on reserves
Investment Criteria and Founder Preferences
PMV's explicit criteria center on:
- Founder Composition: At least one Black or Brown female founder or C-suite executive
- Team Strength: Well-rounded teams with complementary skills (solopreneurs challenged unless exceptional)
- Market Ambition: Solutions targeting $1B+ market opportunities
- Early Traction: Post-revenue preferred but not required; pre-seed founders welcomed
- Regional Presence: Based in Mid-Atlantic; preference for Philadelphia-area companies
The fund explicitly embraces founder diversity and team strength as leading indicators of success, rejecting traditional VC patterns that favor pedigree and network proximity.
Notable Institutional Relationships
- Mom Your Business - Tanya Morris's parallel organization providing complementary support
- Zenith Wealth Partners - Advisory support and capital insights
- Women's Way - Community connections and nonprofit partnerships
- CDFI Partners - Access to non-dilutive grant capital for portfolio companies
- Bison Venture Partners - Strategic guidance and potential co-investment
Lead vs. Follow
Lead Tendency: Does not typically lead full rounds; positions as catalyst/co-investor Participation: Leads with smaller checks ($10K-$250K) in pre-seed/seed Co-Investment: Flexible and collaborative; works well with complementary investors
Sector and Model Preferences
Sectors: Industry agnostic; focus on where team can add value
- CPG/D2C (consumer packaged goods, direct-to-consumer) prominent in portfolio
- Ecommerce and marketplace models
- Healthcare technology and biotech
- Education and workforce development
- Sustainability and fair-wage manufacturing
Business Models: Flexible; emphasizes founder fit and market opportunity over rigid model preferences
Technology Preferences
No explicit tech-stack focus; portfolio includes software, hardware, biotech, and service businesses. Fund's value-add centers on go-to-market, team building, and capital strategy rather than deep technical mentorship.
Notable Ecosystem Positioning
PMV is part of a growing female-founder-focused ecosystem including:
- Backstage Capital network
- Women's Way coalition
- Zenith Wealth Partners
- Mom Your Business community
- Foundery PHL (Tanya Morris's 2025 initiative connecting underrepresented founders to resources)
Exit and Follow-On Strategy
Fund maintains follow-on reserves and demonstrates commitment to portfolio company success through multiple funding rounds, as evidenced by companies that have raised subsequent rounds.
Key Differentiators
- 100% Application Review - No auto-rejection; transparency and fairness baked in
- Blended Capital Model - Grants + SAFE notes + patient equity reduces founder dilution
- Mission Alignment - Investing in founders historically excluded from capital, not just high-growth potential
- Regional Concentration - Strategic focus on under-capitalized geographies (Philadelphia/Mid-Atlantic)
- Integrated Support - Mentorship, connections, and operational guidance beyond capital
- Founder-Centered Process - No pitching required for first meetings; relationship-first approach
- Diverse Leadership - Fund leadership reflects the diversity of founders it backs