logo
The $150 Million Bet That Could Rewrite Black Canada's Future

The $150 Million Bet That Could Rewrite Black Canada's Future

Yahoo08-06-2025
What if the solution to systemic racism isn't about waiting for a seat at the table—but building your own table and refusing to ask permission?
That's exactly what 150 Black professionals decided in 2020 when they launched something unprecedented: a charity that doesn't just ask for change—it finances it.
Trust us, you've never seen a Black charity like this before.
Part investment engine, part resistance strategy, the Black Opportunity Fund (BOF) is a community-led Canadian charity with one mission: building sustainable wealth in Black communities.
And here's where it gets interesting.
At a time when Diversity, Equity and Inclusion (DEI) programs are being quietly shelved and anti-Black sentiment is growing louder, BOF is doing the opposite: it's doubling down.
Their latest move? Launching BOF Capital—a first-of-its-kind investment arm designed to inject equity (the kind that buys homes and scales businesses) back into Black communities.
The numbers are bold: a $100 million growth fund for Black entrepreneurs, and a $50 million housing fund to close the racial wealth gap through homeownership.
I caught up with Craig Wellington, BOF's CEO, for an interview, and he's no stranger to challenging systems. At 19, fresh from Jamaica, he sued Ontario's largest shopping mall for racial harassment—and won, changing provincial law. That early victory taught him that sometimes, not knowing the odds is what makes you bold enough to win.
Craig Wellington, CEO of Black Opportunity Fund
BB: What drove you to move forward with this bold investment when others are retreating?
This has always been part of BOF's plan—setting up an investment entity focused on creating wealth in Black communities. We're not looking for band-aid solutions. We need transformative approaches that address systemic issues, not just symptoms.
During the pandemic, Black communities were hit harder than any other group. We started with emergency grants, then built a loan program for Black businesses declined by Canadian banks, then moved to capacity building. Now we're at equity investments—but we're also launching a $50 million housing fund.
Black people in Canada have the lowest homeownership rate of any racial group. Without home equity, you can't invest in businesses, education, or health—or leave wealth to future generations. That's why the racial wealth gap keeps compounding.
This is just the latest chapter in our whole-community approach to Black economic empowerment.
BB: So, thestats are really stark; Black-led businesses received less than 1% of venture funding in Canada in 2023. Can you walk us through what this funding gap actually looks like on the ground for Black entrepreneurs trying to scale their businesses?
Black entrepreneurs have always had to bootstrap because access to capital just isn't the same. We can't rely on the 'bank of mom and dad' or leverage home equity the way others can, so we start out undercapitalized.
Even when there was a post-George Floyd spike in investment, it was short-lived. Funding for Black-led businesses dropped 73% the next year, then another 50% after that. Last year saw the lowest investment in Black-founded businesses in a decade.
The reality is, outcomes for Black Canadians in business, health, and education are worse than before, because investments have only addressed symptoms—not the systemic barriers that keep us locked out. That's why we're focused on strategic, sustainable solutions that actually close the gap.
BB: With anti-DEI and 'anti-woke' backlash rising in the U.S., do you see that sentiment threatening your work here in Canada? How is it impacting BOF's mission right now?
Backlash always follows progress. Whenever there are real steps toward equity, you see pushback—like after the #MeToo movement, or now with DEI. People treat equity like it's a pie: if someone else gets more, they get less. But equity actually grows opportunity for everyone.
What's happening in the U.S. isn't new—it's just louder now. It's easier to spot who's truly committed. Companies doubling down on equity are our real partners. Those pulling back were never mission-aligned; they were just checking boxes.
At BOF Capital, we're not about box-ticking. We're offering market-rate investments that drive both returns and real social impact. For us, equity isn't a trend. It's a smart, sustainable business decision.
BB: You've structured BOF capital with the two distinct funds, one being for business investment and the other for home ownership. Why was it crucial to address both entrepreneurship and housing wealth simultaneously in your strategy?
If we're serious about real economic empowerment for Black communities, we can't just focus on entrepreneurship—we have to tackle the root causes of the capital gap, and that starts with homeownership.
I mentioned earlier that Black Canadians have the lowest homeownership rate in the country. That's not by accident. Systemic barriers have kept us from building equity for generations—look at Africville, or the fact that the Black-white homeownership gap in the U.S. hasn't budged since 1968.
Without home equity, Black entrepreneurs can't access the capital others use to start or grow businesses. That's why we're creating pathways to build wealth through business ownership and homeownership, attacking the problem from both sides.
BB: The Ourboro Opportunity Fund focuses on a shared equity down-payment assistance model to increase Black homeownership. Can you explain how shared equity works and why this approach is powerful for closing the racial wealth gap?
Shared equity is about breaking down the biggest barrier to homeownership: the down payment. Many Black Canadians can afford to carry a mortgage, because often their rent payments are just as high or higher than what a mortgage would be. The problem is, they can't get over that initial hurdle of the big down payment.
Our program steps in to co-invest with them, helping cover the down payment so they can buy their first home.
We share in the home's equity, and when the homeowner sells, refinances, or buys us out, our share goes back into the fund to help the next family. It's a cycle—building wealth for Black families now, and for generations to come.
BB: With 145,000 Black-owned businesses across Canada, how will BOF Capital identify and prioritize which ventures to support? What criteria will determine which entrepreneurs receive backing from the Growth Fund?
We're focused on growth-stage Black-led businesses—ventures that have proven themselves, have steady revenue, and need capital to scale. About 75% of our Growth Fund will go directly to these businesses. The remaining 25% will support earlier-stage companies through investments in Black-led venture capital funds.
Our goal is impact: by prioritizing businesses ready to grow, we can help them reach the next level and create real economic change. At the same time, our partnerships with Black-led VCs and the support ecosystem from BOF charity means we're building a pipeline—helping entrepreneurs move from grants and capacity building to early-stage funding, and eventually to growth investment.
BB: Beyond capital, you're also promising mentorship and market access. What does that comprehensive support system look like? And how does it differ from traditional venture funding approaches?
For us, it's about true wraparound support. BOF Capital doesn't just invest money—we open doors. That means connecting entrepreneurs to valuable networks, offering business and strategy advice, and helping them access new markets and investors. Money alone isn't enough; real growth comes from mentorship, guidance, and market access. That's what sets us apart from traditional venture funding—we're partners in every sense, not just cheque writers.
BB: BOF is described as an initiative by and for the Black diaspora. How important was it to ensure that BOF capital remained community-controlled, rather than seeking funding from traditional institutional investors who might have different priorities?
From day one, BOF has insisted on Black leadership and excellence at every level—our board, our team, our investment committee. Too often, Black organizations are told to lower the bar. We're doing the opposite: setting new standards and proving what's possible when we lead ourselves. There's no precedent for a Black-led charity launching an investment vehicle like this in Canada—or even the U.S. or U.K. We're building this ship, sailing it, and steering it as a community. That's how we ensure real, sustainable change.
BB: How will you measure whether this initiative has truly created the generational change or the sustainable change that you're aiming for in Black communities?
Success for BOF Capital is about real, measurable impact. We'll track how many Black families achieve homeownership and build equity, and how many businesses scale and create jobs thanks to our investment. We'll measure returns that flow back into BOF the charity, fueling work in education, health, justice, and more. If we see families building generational wealth, businesses thriving, and a pipeline of new funds growing this movement, we'll know we're driving sustainable, long-term change. That's the legacy we're aiming for.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Intel's chip contracting plan in spotlight on earnings day
Intel's chip contracting plan in spotlight on earnings day

Yahoo

time22 minutes ago

  • Yahoo

Intel's chip contracting plan in spotlight on earnings day

By Arsheeya Bajwa (Reuters) -Faced with slumping quarterly sales and a burgeoning loss, Intel shareholders will want to know new CEO Lip Bu-Tan's plans for the chipmaker's nascent contract manufacturing business. Intel is set to report its sixth consecutive net loss on Thursday, while revenue is expected to drop for a fifth straight quarter, according to estimates from LSEG data. The storied chipmaker, once synonymous with America's chipmaking heft, has lagged due to years of strategic missteps. Rival Nvidia has leaped ahead in the booming artificial intelligence chip industry, while rival AMD has been gaining share in Intel's mainstay personal computer and server semiconductor markets. CEO Tan has been focusing on a next-generation chipmaking process called 14A to win big external customers, shifting away from 18A, a technology that his predecessor Pat Gelsinger had spent billions of dollars to develop. Such a move could lead to a big writedown, an expense that would surely displease investors even as Intel has signaled that the new technology will help it be more competitive against Taiwan's TSMC, the world's biggest chipmaking factory. Longer-term commentary on the company's plans for the 14A technology "will hold more weight this earnings call than anything else", Stifel analysts wrote ahead of the earnings. Intel is expected to report a net loss of about $1.25 billion for the April-June quarter, while its sales are expected to drop more than 7% to $11.92 billion. Last year was Intel's first unprofitable year since 1986. Writedowns could amount to hundreds of millions, if not billions, of dollars, according to analysts, and might impact the timeline for the foundry to break even. Intel's finance boss David Zinsner said in May he expected the unit to break even in 2027 and that would require external customers to generate low- to mid-single-digit billions in revenue. Intel's foundry unit is expected to generate $4.49 billion in sales in the second quarter, though a majority of this would come from chips Intel produces for itself, analysts said. STREAMLINING Since taking over as CEO in March, Tan has focused on shedding non-core assets. In April, Intel agreed to sell a 51% stake in its Altera programmable chip business for $4.46 billion. The company has also considered divesting its network and edge businesses as well. Intel's stock has risen 16% so far this year, compared with a 13.23% rise in the broader chip index. Investors will watch if Tan sells more assets, further flattens out the management structure, or expands the global layoffs the company announced last year. Intel, as with other chipmakers, is facing customers who are dragging their feet on their spending, due to uncertainty from U.S. President Donald Trump's trade war. Revenue at Intel's personal computer unit is expected to dip some 2% to $7.25 billion in the second quarter after customers pulled forward orders to the first three months of the year due to the threat of tariffs. Analog chipmaker Texas Instrument flagged similar troubles on Tuesday, sending its shares down 11% after hours. Chip-equipment maker ASML and TSMC have also warned tariff-related uncertainty has muddied the outlook for them. Revenue in Intel's data center unit, however, is expected to jump about 20% to $3.66 billion, signaling improving demand for traditional server chips after several quarters of poor sales. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Trending tickers: Krispy Kreme, Texas Instruments, Toyota, Tencent and SAP
Trending tickers: Krispy Kreme, Texas Instruments, Toyota, Tencent and SAP

Yahoo

time22 minutes ago

  • Yahoo

Trending tickers: Krispy Kreme, Texas Instruments, Toyota, Tencent and SAP

Krispy Kreme (DNUT) Doughnut chain Krispy Kreme (DNUT) appeared to be the latest addition to a new batch of meme stocks in the latest resurgence of the trend this week. Shares jumped nearly 27% on Tuesday and were up close to another 27% in pre-market trading on Wednesday morning, with it mentioned in threads on the subreddit wallstreetbets, which became popular in the meme stock craze of 2021. Department store Kohl's (KSS) was another entrant into this new class of meme stocks, also appearing in the subreddit threads on Tuesday. Shares in the beleaguered US retailer rocketed nearly 38% on Tuesday but hovered just below the flatline in pre-market trading on Wednesday morning. Read more: Stocks surge as Trump strikes trade deals with Japan, the Philippines and Indonesia This latest iteration of the meme stock craze began with online real estate service Opendoor Technologies (OPEN), with retail investors piling into the stock over the past week. Opendoor rocketed 188% last week after activist investor Eric Jackson said he could see the company hitting $82 (£60.56) per share, posting his bull thesis for an Opendoor turnaround on X on 14 July. However, shares turned negative on Tuesday, closing the session more than 10% in the red. Texas Instruments (TXN) Shares in Texas Instruments (TXN) were down 11.5% in pre-market trading on Wednesday, after the chipmaker's third quarter guidance appeared to disappoint against expectations. The company posted a 16% rise in second quarter revenue to $4.45bn, in results released on Tuesday, and earnings per share (EPS) of $1.41 was also 16% higher than the same period last year. For the third quarter, Texas Instruments said it expected revenue to be in the range of $4.45bn to $4.8bn and EPS of $1.36 and $1.60. According to Bloomberg, the average analyst estimate for revenue for $4.57bn, though some forecasts reached $4.8bn. Stocks: Create your watchlist and portfolio In prepared remarks for the company's earnings call, CEO Haviv Ilan said: "We continue to see two distinct dynamics at play. First, tariffs and geopolitics are disrupting and reshaping global supply chains. As we work closely with our customers, we are leveraging our global manufacturing capabilities to support their needs. We have flexibility and are prepared to navigate as things evolve." "Second, the semiconductor cycle is playing out," he added. "Cyclical recovery is continuing, while customer inventories remain at low levels. In times like this, it is important to have capacity and inventory, and we are well positioned." Toyota Motor Corp (7203.T) Shares in Tokyo-listed Toyota (7203.T) surged more than 14% on Wednesday, after it was announced that Japan had reached a trade deal with the US. The deal sees a 15% tariff imposed on Japan's exports to the US, which is lower than the 25% levy that US president Donald Trump had threatened in a letter earlier this month. It was later confirmed that this 15% tariff rate also applied to Japan's cars, which is below the 25% universal rate applied by the US on foreign-made cars. Read more: Stocks that are trending today Announcing the deal on Truth Social, Trump said: "We just completed a massive Deal with Japan, perhaps the largest Deal ever made. Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits." "This Deal will create Hundreds of Thousands of Jobs — There has never been anything like it. Perhaps most importantly, Japan will open their Country to Trade including Cars and Trucks, Rice and certain other Agricultural Products, and other things," he said. Tencent ( Hong Kong-listed stocks also rose on Wednesday amid an easing of trade tensions between the US and China. The Hang Seng index (^HSI) rose 1.6% on Wednesday, with key risers including tech firms Tencent ( and Baidu ( which gained 4% and 6% respectively. US Treasury secretary Scott Bessent announced on Tuesday that that a third round of trade talks with China is now scheduled and will commence next week in Sweden. The goal is to delay an August deadline that has threatened to increase tariffs between the world's two largest economies. The confirmation of a meeting — following talks in Geneva and then London earlier this year — comes ahead of an Aug. 12 deadline when a pause on tariffs between China and the US is scheduled to expire. SAP ( In Europe, shares in SAP ( fell more than 3% on Wednesday, after the German software company reported mixed second quarter results. In results released late on Tuesday, SAP posted total revenue of €9.03bn (£7.82bn) for the second quarter, which was up 9% and operating profit of €2.57bn was up 32% year-on-year. Read more: Which Mag 7 stocks will be the top performers this earnings season? Ben Barringer, head of technology research at Quilter Cheviot, said: "All in all, SAP's results are a bit plain vanilla as the company continues to underscore its credentials as an established AI leader. Revenues beat expectations with the transition to cloud services continuing to drive things forward." "The only slight disappointment with these results is that there was no raise to the guidance, especially given the beating of expectations this quarter," he said. "The company has a history of conservatism, but given it is looking to appeal more and more to a US investor base, this approach may need to loosen over time. Barringer added: "Clearly there is still some tariff uncertainty overhanging, but SAP has shown it has the products and the engagement from customers to come through this and remain one of the leaders in AI integration for customers." Read more: UK's rising debt cost puts Reeves and tax rises in spotlight London IPO fundraising slumps in blow to UK Bank of England governor warns Labour against watering down financial rulesError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Lucid Air EVs Unlock Tesla Supercharger Access and Updates for 2026 Model Year
Lucid Air EVs Unlock Tesla Supercharger Access and Updates for 2026 Model Year

CNET

time24 minutes ago

  • CNET

Lucid Air EVs Unlock Tesla Supercharger Access and Updates for 2026 Model Year

Table of Contents Lucid Air EVs Unlock Tesla Supercharger Access and Updates for 2026 Model Year The Lucid Air electric sedan, often named one of the fiercest competitors to Tesla's Model S, is finally gaining charging network parity. The California-based luxury EV manufacturer is unlocking access to the Tesla Supercharger network of over 23,500 DC fast-charging stations later this month for all of its Lucid Air sedans. The news comes bundled with a host of quality of life upgrades to the Air EV for the 2026 model year aimed at increasing range, comfort and convenience. The Lucid Air was a formidable electric luxury sedan when it first debuted in 2020, and it's only gotten more impressive over the years. In its Air Pure configuration, it's the most energy-efficient EV that you can buy in the US today, cruising for up to 5 miles per kilowatt-hour used. Higher trim levels are slightly less efficient (though not by much), but boast massive batteries that can power the luxurious cruiser for up to 512 miles between charges. The biggest news of today is that all Lucid Air sedan models are getting access to the Tesla Supercharger network of over 23,500 North American Charging System DC fast-charging stations starting on July 31, 2025. (Lucid first announced its adoption of the NACS standard in 2023.) However, unlike the recently debuted Lucid Gravity electric SUV, which uses a standard NACS connector, the Air debuted with and still connects via the Combined Charging System port and will require an adapter. You can preorder an OEM-approved NACS to CCS1 Charging Adapter on Lucid's website for $220. Lucid states that the adapter is rated to handle up to 500 kW charging, though for now the Air will only draw 50 kW when connected to approved Superchargers -- good enough to add around 200 miles of ranger per hour plugged in. Air motorists will be able to search for compatible Tesla Supercharger stations via the Lucid App and pay for sessions with a credit card saved to the Lucid Wallet payment system. Lucid Motors The new 2026 Lucid Air Touring configuration will also see a 6% range boost, climbing to 431 miles of range per charge when equipped with the 19-inch wheels. The rest of the Air configurations will retain the same class-leading range as the 2025 model year, topping out at 512 miles per charge for the Grand Touring spec. Additionally, all 2026 Lucid Air sedans now come standard with with the 40-amp Lucid Mobile Charging Cable Kit, capable of charging at 40 amps (40 miles of range per hour) via a 240-volt NEMA 14-50 home connection or, in a pinch, 12-amps (4 miles per hour) at any standard 120-volt home NEMA 5-15 AC outlet. Read more: Check Out the Best Home EV Chargers for 2025 With the 2026 model year also comes a smattering of upgrades and changes aimed at comfort and style. A new air conditioner compressor has been inherited from the Gravity electric SUV which Lucid claims boosts cooling capacity while further quieting the Air's already near-silent cabin. Pure, Touring, and Grand Touring buyers will also gain access to a new 19-inch "Aeronaut" wheel design when configuring their ride, available in bright Platinum or dark Stealth colorways. Inside, the automaker says that it has "streamlined" configuring the base Pure model's cabin, adjusting available interior options and offering optional 20-way heated and ventilated power seats with massage function. Those 20-way seats are also now standard equipment for Grand Touring models. Lucid Motors The 2026 Lucid Air sedan is also more expensive, starting at $70,900 (before options, taxes, title and destination fees) for the base Pure spec or $79,900 for the Touring trim level -- an increase of $1,000 each. At $114,900 to start, the Grand Touring model's price has climbed by $4,000. Thankfully, the insane 1,234 horsepower Lucid Air Sapphire's price has not increased, still topping the lineup at $249,000. Thank goodness for small favors.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store