Atlanta-based digital banking platform Greenwood has acquired Valence, a networking site and job board for Black Professionals.
Greenwood, a digital banking platform for Black and Latinx individuals and businesses, announced the deal on Wednesday. Los Angeles-based Valence is a Black professional networking site created by Upfront Ventures founder Kobie Fuller.
Greenwood explained the move provides its community of nearly one million Black professionals with access to job listings and career opportunities. Valence was founded in 2019 and is now a leading platform that connects and empowers the Black professional community through its recruitment and professional development products.
Founders Kobie Fuller, Emily Slade, and LaMer Walker launched Valence to address the lack of diversity in leadership and high-paying industries, providing a pipeline for companies to find exceptional black talent.
Over 400 corporations have partnered with Valence to source and recruit diverse talent. In 2020, to couple with Valence BONDS, their professional development program and their pipeline recruitment database, Valence launched a new initiative called the Valence Funding Network to link Black entrepreneurs with top partners at firms including Accel, Sequoia, GGV, and First Round Capital.
Since launching in 2019, Valence has raised over $ 7 million from investors that include GGV Capital, Upfront Ventures, and Maveron.
According to Greenwood, as part of the acquisition, Fuller joins the advisory board of the company. Valence will continue to be run by CEO Guy Primus who has also been named vice president of Greenwood.
Greenwood recently acquired The Gathering Spot, a private membership network for the Black community, and the Valence acquisition marks their continued mission to close the racial wealth gap, providing the Black community with the tools and education for success.
Speaking about the acquisition, Kobie Fuller said “Joining with Greenwood is a commitment to our community and accelerates our mission towards creating new paths to success for Black professionals and fuels our efforts towards closing the racial wealth gap.”
Greenwood is the digital banking platform for Black and Latino individuals and businesses. Greenwood’s mission is to support financial freedom for minorities through community building, career advancement, and financial services. Greenwood’s flagship product is a best-in-class digital banking service provided by partnering with FDIC-insured banks. Greenwood Inc, includes The Gathering Spot, a private membership network, and Valence, the career development and job recruiting platform. The combined community has over 1 million people. Greenwood’s founders include Civil Rights leader Andrew J. Young and Ryan Glover, founder of the Bounce TV Network. Greenwood has raised funding from six of the top seven banks including Citi, JPMorgan Chase, PNC, and Truist as well as other companies including Visa, Mastercard and SoftBank.
Valence’s mission is to create new paths to success for Black professionals. The Valence platform connects, showcases, and empowers the Black professional community through professional development and career opportunities, with an eye toward a future where there are generations of Black professionals who are skilled in the art of business. Valence also partners with companies to help them recruit, retain and promote Black talent.