Zane 2022 Annual Report

Dear Supporters:

As we embrace a new year, I would like to thank you for helping make Zane stronger than ever.

In 2022, we exceeded our goals in each of our three strategic priorities - Zane Venture Fund, Zane Access, and the Zane Community - to enhance our mission to promote inclusive investing in technology and innovation, economic development, education, and other areas that improve the quality of life for marginalized people of color. For example:

  • Zane Venture Fund invested in three early-stage tech companies through a partnership with diverse founders in the Southeast while ensuring that existing portfolio companies stayed on track and new ones came on board.

  • Zane Access guided diverse founders in need of education and preparation to secure investment capital by hosting two cohorts that enabled some of them to reach their funding targets by the end of the sessions.

  • The Zane Community strengthened relations with partners, investors, and individuals aligned with our mission and formed collaborations to help prepare the next generation of venture capitalists and entrepreneurs.

Zane accomplished this with your ongoing support for our laser-focused efforts to achieve diversity, equity, and inclusion in the investment world. Thank you for believing in Zane.

Yours in community,

Shila Nieves Burney
Founder
Zane Venture Fund and Zane Access

“If you want to go fast, go alone. If you want to go far, go together.”

~African Proverb

Zane Venture Fund

As a pre-seed fund, Zane supports our portfolio companies in achieving concrete results and helps expose them to later-stage VCs that can anchor subsequent rounds. This model allows Zane to invest modestly to start, realize early gains, and secure greater future returns for our investors.

In 2022, our portfolio companies received co-investments from several of Zane’s VC partners including Panoramic Ventures, Outlander Labs, Overline VC, Aperture Ventures, Serena Ventures, HalogenVC, Legendary Ventures, and Gaingels.

Portfolio Updates

  • LilliiRNB

    LilliiRNB is B2B SaaS Retail technology company. In 2022, founder Barbara Jones and her team made headlines by being honored as the “Minority Technology Firm of the Year” by The Minority Business Development Agency. Jones was also a featured speaker at Dreamforce, the annual Salesforce conference. As a further indication of the team’s progress in 2022, they closed a $3M seed round with Serena Ventures.

  • GoCoach

    GoCoach is a learning and development platform that spans the entire employee lifecycle. 2022 was a big year for the team, tripling their revenue, doubling their coaching clients and sessions, and achieving an incredible net retention rate of 180% and an NPS of 72! GoCoach raised $3.5M, led by Panoramic Ventures, which enabled them to add 20 new hires and expand their team of coaches internationally. There’s much more coming in early 2023 with an expansion of the product offering, unique market positioning, and another raise.

  • Ome

    Ome provides IoT solutions that simplify and improve the safety of your oven and stovetop. In 2022, Ome founder Akshita Iyer sharpened the team’s market focus and was recognized as one of the top five smart home automation solutions by StartUs. Ome closed a $3M seed round led by HalogenVC and included a strategic investment from Legendary Ventures and a follow-on investment from Zane.

  • Parrot

    Parrot provides an end-to-end eCommerce payment solution for the mid-market, which leverages SMS to simplify checkout. In 2022, they pivoted from a fintech focus to one of eCommerce simplification for companies with an ARR over $1M. In early Q3, they turned up their first customer on the new platform, forecasting to more than double their target GMV for the year.

  • Beach Box

    Beach Box provides portable, secure storage for personal belongings with GPS and geofencing technology that alarms if the box is moved. Austin and the team have continued to raise pre-seed money to support their planned product release in late December.

New to the Zane Portfolio

In 2022, Zane continued to search for promising, diverse founders and companies in the Southeast and other underserved communities.  We evaluated hundreds of candidates this year and are thrilled to welcome the following three companies to the Zane Venture Fund portfolio:

  • ConConnect

    ConConnect provides the justice-impacted community with resources and tools to enable individuals to reenter society and find employment successfully. Founded by André Peart, ConConnect has created awareness for the size of this problem/opportunity and has received significant media attention and confirmation of the need for this solution, as indicated by a substantial waiting list of providers seeking to onboard to the platform. The team had an oversubscribed raise in 2022 of $1.5M, using the funds to develop a more robust and easier-to-use offering and add additional resources for market and partner development.

  • Kirpa Auction House

    KIRPA is a digital auction house for the modern-day collector. The site showcases collections from cultural catalysts spanning music, art and sport, offering collectors the opportunity to own one-of-a-kind memorabilia. Kush Chawala (founder) and the team have already featured in the auction house some big names in hip hop, including DJ Drama, EPMD, CeeLo Green & Goodie Mob, Twista, and Dead Prez. Revenue in 2022 from three auctions has been promising, with new celebrity collections in progress for next year.

  • Simpliworks

    Simpliworks helps brands launch highly-effective advertising campaigns on Amazon with just 1-click. The first fully automatic solution on the market – uses automation and AI to offer advertising solutions to its customers. Simpliworks helps brands advertise for the exact search terms that a customer would use on Amazon. They’ve grown YoY revenue by 244% in 2022 and are seeing solid MoM MRR growth, and continue to expand their sales and distribution capabilities.

Zane Access

Zane Access, the education arm of Zane Venture Fund, is a non-profit organization that prepares diverse founders to raise outside capital. Our programming includes essential education, mentoring, networking, and the opportunity to build relationships that will serve them going forward.

Since its inception, Zane Access has graduated 67 founders across four cohorts who have raised over $13M and are generating $10M in revenue.

And as proud as we are of our success in helping these founders take flight, we’re equally as proud of the quality of the programming we’re able to offer through the generosity and volunteer support of our speakers, mentors, and financial sponsors. Below is a picture of Tope Awotona, CEO of Calendly, sharing why he supports Zane Access with Atlanta Mayor Andre Dickens and Ryan Wilson, CEO of The Gathering Spot.

In 2022, Invest Atlanta and Silicon Valley Bank provided each participating founder with a scholarship to attend the program, and Shopify made grants of $5000 available to four cohort founders. DoorDash also pitched in, providing gift cards for all participating founders.

Zane Access 2022 Cohorts

In 2022, Zane Access graduated two cohorts (Cohort 3 & 4) of founders from our Capital Readiness program.  Cohort 3 was a larger group and used the longer timeline of the original two cohorts, whereas Cohort 4 piloted a dramatically accelerated program with a much smaller group.

Cohort 3 Founders

Cohort 4 Founders

Zane Access Additional Cohort Updates

  • GoCoach founder Kristy McCann Flynn raised $3.5M in a seed round and was recognized as a finalist in two major competitions, EdTech Week and Venture Atlanta. Across-the-board growth in customers, coaches, revenue, and employees has this team poised to make some exciting moves in early 2023. Stay tuned!

    Villie founder Kimberly Jolasun has raised over $750k and, through the platform, has helped over 5000 expected moms to raise $1.5M to support their situational needs.

  • Forefront founder Jordyn Weaver launched an influencer program that connects micro-influencers with paid (affiliate) partnerships with black-owned brands. Forefront has attracted over 800 Black brands and micro-influencers to join the community. They’ve secured partnerships with brands such as Black Girl Vitamins, The Cut Buddy (featured on Shark Tank), and Vaila Shoes to help them secure partnerships that increase their online visibility and sales.

  • Swella provides its customers with a luxurious, convenient, and stress-free hair braiding experience. Founder Brooke Hill was recently a Black Ambition Finalist, winning $100k, and Swella has also won $50k at this year’s AfroTech.

Zane Access Success Story

The King and I: A Royal Success

When they applied to join Zane's first cohort, Zane Access knew Cora and Stefan Miller had struck gold with Young King Hair Care.

To prepare the Atlanta couple for the launch of the products they created for African American boys, Zane brought experts to the cohort who helped them analyze business costs, formulate a credible business model, identify target audiences, and determine how much capital they needed to break into the Black hair care industry, one of the most lucrative in the retail market.

Armed with excellent products, $3 million in revenue, knowledge, mentors, and advice from Zane, Young King Hair Care has exploded throughout America in just three years. The savvy couple partnered with Marvel’s Black Panther “Wakanda Forever” movie for product endorsements, successfully obtained buy-in from Shark Tank investors to grow their business, and made guest appearances on Good Morning America and Oprah. They were also featured at the Essence Music Festival and in Black Enterprise.

The Miller’s hair care line is fit for a king, and Zane is proud to be part of their story.

Scholars in Residence

Building generational wealth to improve the quality of life for diverse, marginalized people is the foundation of Zane’s mission. One way we do that is by reaching out to emerging investors through Zane’s Scholars-in-Residence (SIR) initiative. SIR is a 12-week internship for college students throughout the US that gives them real-world experience working with a venture fund or accelerator. 

Zane’s 2022 scholars conducted research, analyzed deal flow, and studied internal operations for our Zane Venture Fund cohorts and Zane Access.

Scholarships for interns for their valuable work were made possible by Zane partner Brad Feld, co-founder of TechStars and Managing Partner at the Foundry Group.

The Class of 2022

  • Kevin Chen, Emory University ’26, instrumental in making financial projections

  • Bennum Demul, Xavier University ’19, updated the application process for vetting cohort companies.

  • Nneoma Emeka, Georgia State University ’23, helped with research and media/public relations outreach.

  • Christian Giadolor, Stanford University ’22, updated the cohort curriculum and identified opportunities and partnerships for Zane.

Zane in the Community: Stronger Together

At Zane, we know we are only as successful as the partnerships we form and the collaborations we make to build a community of diverse investors.

In 2022, Zane strengthened bonds with community partners and accelerators such as Invest Atlanta, TechStars, and TiE Atlanta. We also hosted events to connect our cohorts to founders they need to know in various industries.

Zane Venture Fund received an investment from the Consumer Technology Association as part of its $10 million commitment to invest in diverse funds and form partnerships with underrepresented groups.

Partnerships

  • Zane moved to the head of the class by forming a strategic partnership in 2022 with GSU’s Entrepreneurship and Innovation Institute and StartUp GSU to help students seeking advice about early-stage founders.

  • Zane Access partnered with Invest Atlanta business consultants. Through this partnership, Zane Access will reach more diverse entrepreneurs and founders in Atlanta with our education programs. 

  • To continue making a lasting impact on our community, Zane Access announced a new partnership with Bank of America as the bank provides critical support to organizations like ours is just one of the ways Bank of America is helping improve the quality of life and creating positive change.

  • Zane Access has been granted a new three-year partnership from W.K. Kellogg Foundation to support the Capital Readiness Program. The support allows Zane Access to continue to build on the success of educating entrepreneurs on the technical and soft skills of becoming capital ready.

Events

  • Zane was invited to be part of a delegation of Georgia business leaders and entrepreneurs who traveled with Atlanta Mayor Andre Dickens and Lt. Gov. Geoff Duncan to California to promote Georgia as a business-friendly state with a thriving technology industry and robust metropolis.

  • Zane also partnered with True Ventures of Silicon Valley to host dinners for Atlanta women and entrepreneurs and with Black Ambition in Miami, Upfront Ventures in Martha’s Vineyard, and BLCK VC in Washington, D.C., to provide similar opportunities for African Americans.

  • Zane Access’s Innovation Day, co-hosted by Georgia State University (GSU), graduated Zane’s first Capital Readiness Program cohort participants IRL. The event featured keynote speaker Jay Bailey, CEO of the Russell Innovation Center for Entrepreneurs, and Cade Joiner, member of the GSU Board of Regents.

  • The Innovation Day also featured a Hackathon for GSU’s Main Street Fund companies and Zane Access cohorts, all of whom received $500 grants from Zane access for participating.

  • Zane founder Shila Nieves Burney was a speaker at a business forum held at Stanford University Graduate School of Business for students interested in becoming entrepreneurs or investors. She also spoke at Winston Salem State, Emory University, and Georgia State University, further cultivating relationships with the university entrepreneurial community.

  • To further build relationships with both LPs and GPs, Shila participated on a panel at the Forge Family Office Summit, attended the Bridge Conference in San Fransisco, Culture Shifting Weekend in NYC. She also participated in two GP education programs: Recast and Catalyze Community.

  • Cohort 4 members were invited to an intimate dinner with Melissa Pegus, managing director of TechStars. They asked questions and obtained advice in a relaxed setting while enjoying a five-course meal.

Zane Ventures is backed by a diverse group of partners in finance, development, nonprofit, technology, corporate, philanthropy, and education. 

Zane In the News

  • Congratulations to Shila Burney for being named one of  2022’s top 101 Black Titans in Tech by BAM Communications.

  • Burney was also featured in The Atlanta Journal-Constitution (Jan. 10, 2022) for making an impact in the venture capital space.

Team Expansion

Zane’s Angel Expands His Wings

Sig Mosley, the founder of Mosley Ventures and the Godfather of angel investing in young tech startups, has been a guiding light for Zane Venture Fund since becoming a partner in 2020. His reputation as the best of the best for leading a $5.7 billion acquisition of Tradex by Ariba - the most significant venture deal in history in the Southeast - has helped open doors for Zane. With a portfolio of more than 145 startups and 105 liquidity events, investors often ask founders and pitch investors if Sig said “Yes” before making decisions.

Sig said “Yes!” when Zane founder Shila Nieves Burney asked him to spread his wings and join Zane’s Board of Directors in 2023. The expanded leadership role will help him be even more of a blessing to our startup community with his wealth of knowledge and investment expertise.

New to Team Zane

As Zane continues to grow, so does our team working behind the scenes to ensure our programming, cohorts, events, mentors, and investors help build Zane Venture Fund, Zane Access, and the Zane Community. 

  • Michael Burney

    Program Coordinator

  • Sasha Grinblat

    Internal Operations

Get Involved

We are always looking for executives, investors, and community leaders who want to participate in building the next generation of disruptive entrepreneurs. Here are ways to get involved: