Wayfair Commits $30 Million to Social Impact Investing, Including $20 Million in LISC’s Black Economic Development Fund
April 05 2021 - 7:30AM
Business Wire
Wayfair Inc. (NYSE:W), one of the world’s largest online
destinations for the home, today announced that it has committed
$30 million to social impact investing, including a $20 million
investment in the Black Economic Development Fund (BEDF). The BEDF
invests in Black-led financial institutions, anchor institutions
and businesses to improve access to capital and expand economic
opportunity for Black communities. The BEDF was launched and is
managed by the Local Initiatives Support Corporation (LISC), one of
the nation's oldest and largest community development financial
institutions.
“Our investment in the Black Economic Development Fund is part
of our broader commitment to stand against racism in every form and
to continuously work to foster diversity, equity and inclusion both
at Wayfair and in our communities,” noted Niraj Shah, CEO,
co-founder and co-chairman, Wayfair. “We are proud to join forces
with LISC and other like-minded corporate investors in this fund to
help close the racial wealth gap by improving economic equality and
driving social mobility so that underserved businesses, families
and communities can thrive.”
“This investment from Wayfair will help us tackle the economic
underpinnings of racial injustice,” said Lisa Glover, interim
president & CEO of LISC. “By aligning their treasury strategies
with their corporate values, Wayfair is helping deliver capital to
underserved markets, strengthen the American consumer base and grow
the diversity of our economy. We are very excited to be the
stewards of their commitment to the cause of racial equity.”
Wayfair intends to devote $30 million to social impact investing
with an initial $20 million allocated to the Black Economic
Development Fund. The remaining $10 million will be reserved for
future investment to be announced at a later date.
This investment is part of Wayfair’s ongoing focus on enhancing
diversity, equity and inclusion at Wayfair and beyond. Most
recently, Niraj Shah joined hundreds of CEOs in signing the CEO
Action for Diversity & Inclusion™ pledge. Wayfair has also
partnered with organizations such as Boston While Black and The
Partnership, Inc. as well as Silicon Valley Bank (SVB) and Valence
to connect and engage with Black talent while providing resources
to its Black employees.
About Wayfair
Wayfair believes everyone should live in a home they love.
Through technology and innovation, Wayfair makes it possible for
shoppers to quickly and easily find exactly what they want from a
selection of more than 22 million items across home furnishings,
décor, home improvement, housewares and more. Committed to
delighting its customers every step of the way, Wayfair is
reinventing the way people shop for their homes – from product
discovery to final delivery.
The Wayfair family of sites includes:
● Wayfair - Everything home for every budget.
● Joss & Main - Stylish designs to discover daily.
● AllModern - The best of modern, priced for real life.
● Birch Lane - Classic home. Comfortable cost.
● Perigold - The widest-ever selection of luxury home
furnishings.
Wayfair generated $14.1 billion in net revenue for full year
2020. Headquartered in Boston, Massachusetts with operations
throughout North America and Europe, Wayfair employs more than
16,000 people.
About LISC
Together with residents and partners, LISC help forge resilient
and inclusive communities of opportunity across America – great
places to live, work, visit, do business and raise families. Since
1979, LISC has invested more than $22 billion to build or rehab
more than 419,000 affordable homes and apartments and develop 70.3
million square feet of retail, community and educational space.
LISC Fund Management, LLC, a LISC affiliate, creates and manages
mission-driven investment vehicles on behalf of investors and
funders to drive equitable growth across the US. For more
information about LISC, please visit www.lisc.org. For more
information about LISC Fund Management, LLC please visit
liscstrategicinvestments.org/fund-management.
About the Black Economic Development Fund
The Black Economic Development Fund (BEDF) is an impact
investment fund built to address economic challenges in Black
communities and to help close the racial wealth gap. The fund
targets Black-led financial institutions, businesses and anchor
institutions with the goal of growing these organizations and
strengthening their contributions to Black communities. The fund
deploys capital across a diverse set of industries, borrowers and
geographies in the US. The BEDF is managed by the LISC Strategic
Investments team and the LISC Fund Management, LLC, a LISC
affiliate.
For more information on the BEDF, please visit
https://www.liscstrategicinvestments.org/BEDF
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210405005139/en/
Media Relations: Susan Frechette PR@Wayfair.com
Investor Relations: Jane Gelfand IR@Wayfair.com
Black Economic Development Fund Media: Catherine
Carlstedt Strategicinvestments@lisc.org
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