Meghan Markle now a startup investor, pumps money into woman-owned coffee brand

Abu Mubarik Dec 18, 2020 at 12:30pm

December 18, 2020 at 12:30 pm | The Black Agenda, Women

Abu Mubarik

Abu Mubarik

December 18, 2020 at 12:30 pm | The Black Agenda, Women

Meghan is investing in a small business owned by a woman. Image: PA

Meghan Markle, the Duchess of Sussex, is now a startup investor. The African-American woman is investing in a small business owned by a woman, in line with her advocacy for gender equality. The business, called Clevr Blends, is a startup that makes instant oat-milk lattes and it is located in Montecito, California, according to Fortune.

In a statement explaining her investment decision, the duchess said: “This investment is in support of a passionate female entrepreneur who prioritizes building community alongside her business. “I’m proud to invest in Hannah’s commitment to sourcing ethical ingredients and creating a product that I personally love and has a holistic approach to wellness. I believe in her and I believe in her company.”

Meghan’s latest move comes following reports that female funded companies received only 2.7 percent of venture capital funding in 2019. Although the scale of the investment remains undisclosed, Meghan reportedly reached out to the company after trying its oat-milk latte product.

In a statement, the cofounder and CEO of the company, Hannah Mendoza, expressed her gratitude for the investment and support of the Duchess of Sussex. “Entrepreneurs need funding, but they also need advisers who care deeply about what they are building. I’m grateful to have found both in the Duchess of Sussex,” said Mendoza in a statement. “Her passion for what we’re creating is palpable, and I couldn’t imagine a more aligned partnership. We’re excited for the road ahead.”

Clevr Blends, until now, was self-funded and has six staff. It hopes to use the investment to expand its business. Currently, it sells four different kinds of instant lattes, milk frother and travel mug.

It appears Meghan is not the only star brand awed by Clevr Blends products. Oprah Winfrey is wishing that she had noticed the product earlier to include it in her Favourite Things list.

In an Instagram post, she wrote: “On the first day of Christmas my neighbor ‘M’ sent to me…a basket of deliciousness! (Yes that M?). My new drink of choice for the morning and night. Wish I had @clevrblends sooner cause I would’ve added it to my Favorite Things list. #HappyHolidays.”

Oprah’s Favorite Things list this year focuses on Black-owned businesses and the persons behind them. The list contains 72 gift recommendations across various categories such as fashion, beauty, food, home, electronics and kids’ toys. Of the 72, 50 are Black-owned businesses.

Also, the prices vary from affordable buys to luxurious splurges. Furthermore, the list includes relatively unknown brands to big-name brands. It features Rihanna’s Savage X Fenty cozy jumpsuit and Ayesha Curry’s cookware.

Most viewed

Conversations

Must Read