Enterprise Center invests $250,000 in Philadelphia beverage startup led by Drexel alums
The Enterprise Center has invested a total of $500,000 in two minority-owned businesses selling their food and beverage products in the Philadelphia region.
Enterprise Center Capital Corp,, the community development financial institution of the Philadelphia-based Enterprise Center, made two $250,000 equity investments into sustainable beverage maker Hidden Gems Beverage Co. and frozen mac n’ cheese producer 8 Myles Inc.
Both businesses participated in the Enterprise Center’s US MBDA-sponsored Equity Multiplier Project aimed at helping business owners develop investment packages and prepare for legal/financial ramifications.
Ian Lawrence, the executive vice president at Enterprise Center Capital Corp., said in a statement both companies have successful business models and are ready to scale toward multimillion-dollar valuations.
“We know that lack of access to capital is a road block many minority business owners face at the most critical stage of their life cycle. Our investments will help to build the runway on which these two dynamic and intentional businesses will ramp up and ultimately fly," Lawrence said.