The new Capital Collective cohort, made up of Richmond business owners. (Photos courtesy Jacqui Photography)
A dozen local businesses are now underway in a year-long program meant to boost their capital base.
Northern Virginia-based nonprofit The Capital Collective last week announced the inaugural Richmond session of its Beyond the Million program, which aims to help small and midsized business owners grow their companies.
Programming includes things like a 12-week intensive, an investor pitch deck created for the businesses, help from industry professionals on developing financial models, covering costs of up to six months of third-party accounting and due diligence materials.
The program is fully funded by Capital One, according to Beyond the Million Executive Director Jill Donaldson. Capital Collective does not provide capital to businesses; it instead facilitates opportunities for businesses to meet with capital providers and to learn how to gain it for themselves. The program is free for participants.
Beyond the Million culminates in a “grand finale capital matchmaking event” where 10 capital providers from across the U.S. are brought in to meet with the businesses in a speed-dating-style pitch presentation for the cohort members to seek capital, Donaldson said.
The criteria for businesses to apply for the cohort included being in the greater Richmond area, being profitable with over $500,000 and less than $2 million in annual sales, and being in a non-tech related industry.
The businesses selected and announced last Wednesday are: construction company River City Enterprises; pie shop Proper Pie Co.; construction company CESA Solutions; veteran organization Beautiful Soldier Enterprises; bridal shop Blue Sage Bridal; wine wholesaler and importer Shoe Crazy Wine; equipment manufacturer HUB Pattern Corporation; mover Quality Moving Services; tire shop Git the Trucking Commercial Tires; language translation service Syncroz Language Solutions; mental health service A New Legacy Family Services; and Fredericksburg-based Signature Event Rentals.
Capital Collective co-founder Emily Halpern said that while many similar programs may be focused on startups in the technology sector, Capital Collective’s focus is on businesses more in the lifestyle sector that are small, but have potential for growth.
“We like scalable small businesses,” Halpern said. “They help really build the local economy. Less than one percent of small businesses reach $10 million in revenue; we’re trying to figure out how to solve for this. Our solution is, let’s provide all of the resources that businesses can get.”
Sixty-four businesses in the greater Richmond area applied to the program, Donaldson said. Their efforts included a series of written applications and an interview process that started earlier this year.
“When I heard about the Beyond the Million program, I knew right away that Syncroz had to participate and we’re so grateful and honored to have been selected,” said Syncroz Language founder Tricia Reagan. “While we’ve been working strategically to hit the $1 million revenue milestone, I knew we could really benefit from expert guidance and access to capital.”
Pictured from left: Emily Halpern, Tamika Tyson and Jill Donaldson.
Capital Collective was founded last year by Halpern and Tamika Tyson. They each have around 25 years of experience in the investment and transaction sectors and are also co-founders of growth equity firm TGC Impact. TGC has invested in businesses across sectors, from infrastructure to energy transition to transportation. According to the TGC website, its typical portfolio company has greater than $2 million in annual revenue.
Halpern said she and Tyson founded Capital Collective to help businesses that they might not have been able to help in past funds.
The nonprofit’s test-run beta program took place last year in Birmingham, Alabama. Each of the 12 Birmingham-local businesses that participated received a capital offer by the end, Donaldson said. That program, called Beyond the Middle, targeted businesses with up to $10 million in annual revenue.
When it came to choosing a new city for the nonprofit’s inaugural Beyond the Million class, the focus on a mid-sized, southeastern city brought the search to Richmond, Halpern said.
“Tamika and I wanted to start this focused on the southern U.S., one of the most under-capitalized and fastest-growing regions,” Halpern said.
Cities for future Capital Collective programs will be announced later this year, Donaldson said.
Donaldson also has a past as a Richmond-based entrepreneur. She founded her baking business LillyBean in 2016, and grew the business for almost a decade before selling earlier this year. Donaldson remains on in Richmond as executive director of the program.
She said she felt the Beyond the Million program was valuable as she knew what it was like to be a part of that “missing middle” of businesses, referring to the challenge for small and midsized businesses to get capital.
“I grew my business to where we were selling in all 50 states, and I reached this point of the ‘capital cliff’,” Donaldson said. “For me, the right decision ended up being selling my business, but if the Capital Collective existed I would have definitely applied…. I’m excited for these businesses, because I was in their shoes.”
The new cohort began programming last Wednesday at Chamber RVA, the same day it was announced.
Capital Collective has a team of four. While the Richmond-based “Beyond the Million” program is funded by Capital One, Capital Collective has worked with a variety of funders. Its Birmingham program was funded by the JPMorgan Chase Foundation, Fortune 500 companies, regional banks and local community organizations.
The new Capital Collective cohort, made up of Richmond business owners. (Photos courtesy Jacqui Photography)
A dozen local businesses are now underway in a year-long program meant to boost their capital base.
Northern Virginia-based nonprofit The Capital Collective last week announced the inaugural Richmond session of its Beyond the Million program, which aims to help small and midsized business owners grow their companies.
Programming includes things like a 12-week intensive, an investor pitch deck created for the businesses, help from industry professionals on developing financial models, covering costs of up to six months of third-party accounting and due diligence materials.
The program is fully funded by Capital One, according to Beyond the Million Executive Director Jill Donaldson. Capital Collective does not provide capital to businesses; it instead facilitates opportunities for businesses to meet with capital providers and to learn how to gain it for themselves. The program is free for participants.
Beyond the Million culminates in a “grand finale capital matchmaking event” where 10 capital providers from across the U.S. are brought in to meet with the businesses in a speed-dating-style pitch presentation for the cohort members to seek capital, Donaldson said.
The criteria for businesses to apply for the cohort included being in the greater Richmond area, being profitable with over $500,000 and less than $2 million in annual sales, and being in a non-tech related industry.
The businesses selected and announced last Wednesday are: construction company River City Enterprises; pie shop Proper Pie Co.; construction company CESA Solutions; veteran organization Beautiful Soldier Enterprises; bridal shop Blue Sage Bridal; wine wholesaler and importer Shoe Crazy Wine; equipment manufacturer HUB Pattern Corporation; mover Quality Moving Services; tire shop Git the Trucking Commercial Tires; language translation service Syncroz Language Solutions; mental health service A New Legacy Family Services; and Fredericksburg-based Signature Event Rentals.
Capital Collective co-founder Emily Halpern said that while many similar programs may be focused on startups in the technology sector, Capital Collective’s focus is on businesses more in the lifestyle sector that are small, but have potential for growth.
“We like scalable small businesses,” Halpern said. “They help really build the local economy. Less than one percent of small businesses reach $10 million in revenue; we’re trying to figure out how to solve for this. Our solution is, let’s provide all of the resources that businesses can get.”
Sixty-four businesses in the greater Richmond area applied to the program, Donaldson said. Their efforts included a series of written applications and an interview process that started earlier this year.
“When I heard about the Beyond the Million program, I knew right away that Syncroz had to participate and we’re so grateful and honored to have been selected,” said Syncroz Language founder Tricia Reagan. “While we’ve been working strategically to hit the $1 million revenue milestone, I knew we could really benefit from expert guidance and access to capital.”
Pictured from left: Emily Halpern, Tamika Tyson and Jill Donaldson.
Capital Collective was founded last year by Halpern and Tamika Tyson. They each have around 25 years of experience in the investment and transaction sectors and are also co-founders of growth equity firm TGC Impact. TGC has invested in businesses across sectors, from infrastructure to energy transition to transportation. According to the TGC website, its typical portfolio company has greater than $2 million in annual revenue.
Halpern said she and Tyson founded Capital Collective to help businesses that they might not have been able to help in past funds.
The nonprofit’s test-run beta program took place last year in Birmingham, Alabama. Each of the 12 Birmingham-local businesses that participated received a capital offer by the end, Donaldson said. That program, called Beyond the Middle, targeted businesses with up to $10 million in annual revenue.
When it came to choosing a new city for the nonprofit’s inaugural Beyond the Million class, the focus on a mid-sized, southeastern city brought the search to Richmond, Halpern said.
“Tamika and I wanted to start this focused on the southern U.S., one of the most under-capitalized and fastest-growing regions,” Halpern said.
Cities for future Capital Collective programs will be announced later this year, Donaldson said.
Donaldson also has a past as a Richmond-based entrepreneur. She founded her baking business LillyBean in 2016, and grew the business for almost a decade before selling earlier this year. Donaldson remains on in Richmond as executive director of the program.
She said she felt the Beyond the Million program was valuable as she knew what it was like to be a part of that “missing middle” of businesses, referring to the challenge for small and midsized businesses to get capital.
“I grew my business to where we were selling in all 50 states, and I reached this point of the ‘capital cliff’,” Donaldson said. “For me, the right decision ended up being selling my business, but if the Capital Collective existed I would have definitely applied…. I’m excited for these businesses, because I was in their shoes.”
The new cohort began programming last Wednesday at Chamber RVA, the same day it was announced.
Capital Collective has a team of four. While the Richmond-based “Beyond the Million” program is funded by Capital One, Capital Collective has worked with a variety of funders. Its Birmingham program was funded by the JPMorgan Chase Foundation, Fortune 500 companies, regional banks and local community organizations.
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