June 30, 2023 — We are pleased to present the latest investor report for the Ujima Fund. To date the Ujima Fund has deployed $1.3 million to BIPOC-owned, socially impactful businesses in Boston's working-class communities of color, representing a significant milestone in our mission to foster economic democracy and return wealth to our communities. These investments encompass a diverse range of companies, including Cero Cooperative, Dorchester Food Cooperative, Jazz Urbane Cafe, Kush Groove Clothing, LLC, Comfort Kitchen, Cupcake Therapy, and The Pearl South Bay.

As we enter our eighth investment cycle, we are pleased to announce the expansion of the Ujima Good Business Alliance with the addition of nine new members in the first half of the year. This growth reflects the increasing recognition of Ujima's impact and the commitment of individuals and organizations to our cause.

At our inaugural Ujima Fund Town Hall, we announced our intention to develop new partnerships with peers to leverage additional investment opportunities. To facilitate this, we plan to allocate $1 million to $1.5 million into a dedicated subfund for co-investment initiatives. By forging partnerships with like-minded organizations, we aim to pool resources, expertise, and networks, allowing us to support a broader range of businesses collectively. It is important to note that these potential co-investment businesses will undergo the same rigorous Community Standards screening and due diligence process as the 200+ companies already identified by community members, ensuring alignment with our mission and values. In April, we announced Mill Cities Community Investments as our first co-investment partner, the first Black-led CDFI in Massachusetts.

On June 7, 2023, the Ujima Fund’s first Business & Investor Relations Gathering brought together community-centered entrepreneurs, businesses from the Ujima Fund portfolio, and members of the Ujima Good Business Alliance, providing an opportunity for investors to connect with like-minded individuals who share a passion for community wealth creation. Hosted by the Boston Ujima Project and the Center for Economic Democracy, this event facilitated connections between socially-responsible investors and BIPOC-owned businesses, positively impacting our communities.

In this edition of the Boston Ujima Project's Summer 2023 Investor Update, we spotlight Ujima's Investment Committee, who are integral to the Ujima Fund’s due diligence process. We present news about our portfolio companies and UGBA members and interviews with Live Like a Local Tours Boston, The Pearl, and Kidogo Productions. Our updated Ujima Fund Pipeline Status and Financial Dashboard pages are available now. ■

— Cierra M. Peters, Director of Communications, Culture, and Enfranchisement, Boston Ujima Project

On June 7, Ujima announced that we successfully reached quorom on the Cupcake Therapy investment ballot. Read the ballot results breakdown here. Members voted to invest $210,000 in the health conscious cupcakery.

When asked why they voted for Cupcake Therapy, one member stated, "The owner of Cupcake Therapy has been a diligent and hardworking entrepreneur. I believe in her elbow grease, ethic and product. I am personally aware, as a customer, of her need to expand her operation.”

On June 7, Ujima announced that we successfully reached quorom on The Pearl investment ballot. Read the ballot results breakdown here. Members voted to invest $200,000 in the bar and seafood eatery.

When asked why they voted for restaurant, one member stated, "The Pearl has excellent food, atmosphere, and customer service. Any investment to expand their operations and/or do 'next level' food services is worth investing in."

The Pearl was recently named Best Brunch in Boston by Thrillist, a popular website focused on food and travel.

Read Ujima’s interview with The Pearl co-founder Mika Winder here.

On June 7, forty individual accredited investors gathered to learn about updates and opportunities to invest in Jazz Urbane Cafe. Email us if you would like Jazz Urbane Cafe to share information about their investment opportunity here.

In April, Kush Groove opened a new Cambridge-based location to much fanfare. This location joins two additional planned stores in Brockton and Boston, MA; opening in Summer and Fall 2023, respectively. Revisit Kush Groove’s episode on our UGBA-focused podcast, Yours Mine & Ours.

Learn more about DSNI here. Read Ujima’s announcement of their acceptance here.

Dudley Street Neighborhood Initiative (DSNI) was named a Business We Love in 2019.

Learn more about Bay State Banner here. Read Ujima’s announcement of their acceptance here.

Check out their feature in WGBH’s Basic Black.
Bay State Banner was ratified as a Business We Love in 2022.

In June 2023, Commonwealth Kitchen (CWK) and Gourmet Caterers, one of the area's biggest and best known caterers, announced that the latter has committed to purchasing at least $100,000 worth of products from CommonWealth Kitchen. Read more here.

Additionally, CWK has announced their autumnal food show. Click here to learn more, or join as a sponsor.