The NESsT Racial Equity Initiative and its new portfolio enterprise, Diaspora.Black, was recently featured on Folha de S.Paulo.
From the article: Diaspora.Black, a social enterprise in the tourism and events sector, joins the NESsT Racial Equity Initiative. With support from Citi Foundation and BNY Mellon, the Racial Equity Initiative invests in enterprises committed to creating dignified employment and income opportunities for the Black population in Brazil to improve their financial inclusion. With NESsT’s investment, Diaspora.Black will offer training and funding to local Afro-entrepreneurs, fostering a community dedicated to expanding tourist routes that bring more visibility to the history and culture of Afro-Brazilians.
Read the full press coverage on Folha de S.Paulo
Diaspora.Black is a social enterprise in the tourism and events sector with a mission to support positive racially- and ethnically-diverse travel experiences for the Black community.
The enterprise aims to raise awareness for Afrotourism – a form of tourism that promotes the cultural and historical heritage of Afro-Brazilian tourism destinations.
NESsT’s investment will support Diaspora.Black to expand its network of Black service providers – which currently stands at over 400 Afro-entrepreneurs, 70% of whom are women.
By equipping the enterprise with the capital it needs, Diaspora.Black will be able to train and fund more Afro-entrepreneurs in the tourism industry who foster secure and inclusive travel experiences throughout Brazil.
The NESsT Racial Equity Initiative is a multi-year project that provides funding and business assistance to impact-driven enterprises creating income and employment opportunities for Black people, helping them to access more capital to scale their businesses. The initiative is supported by the Citi Foundation and BNY Mellon.
“Black entrepreneurs face limited access to both capital and patient capital. We prioritize investments with a racial equity lens to ensure they benefit predominantly Black communities and other excluded individuals in Brazil, including Indigenous and riverine peoples, and Quilombolas.”
Talita Peixoto, Portfolio Manager, NESsT Racial Equity Initiative