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INKIND HOSPITALITY ANNOUNCES $250 MILLION COMMITMENT TO SUPPORT MINORITY-OWNED AND UNDERREPRESENTED RESTAURANT OPERATORSAt its inaugural Equity Eats Summit, the innovative restaurant fintech startup launched a fund to provide purposeful capital to grow and empower restaurants owned and operated by members of some of the industry's most disenfranchised communities AUSTIN, Texas, March 22, 2023 /PRNewswire/ -- inKind—the innovative restaurant fintech startup with more than 700 restaurants in its expanding national network—held its inaugural Equity Eats Summit last week at its headquarters in Austin, TX, during which they announced their $250 million commitment to fund underrepresented independent restaurant operators by 2025. This commitment will help to ensure that under-resourced restaurants, which traditionally face significant hurdles to obtain the funding necessary to start or expand their businesses, receive access to much-needed capital. This fund will help level the playing field in an industry in which adequate resources are essential in order to be competitive. "We created this funding platform to advance systemic change," said inKind CEO Johann Moonesinghe. "While inKind has a proven track record of supporting underserved restaurant operators, there is more we can do to create pathways to financial sustainability, especially around property ownership." In addition to providing vital funding, inKind is also establishing a complementary programmatic component: the Restaurant Operators Alliance. Instead of a funding-only model, inKind recognizes the need to galvanize capital with resources like training, marketing support, and mentorship. Moonesinghe continues, "We are committed to mobilizing resources and welcoming partners in our mission. The Alliance will establish a support structure including access to technological resources, group food purchasing, and a repository of shared business learnings—all key elements that boost the probability of sustained success for these restaurants." The Equity Eats Summit, which served as the launch pad for this major announcement, was hosted by inKind CEO Johann Moonesinghe, inKind CMO Joann Jen, and inKind CRO Matt Saeta. Among those in attendance were:
"Real progress requires diversity of thought and healthy discourse. By creating this forum and bringing different industry voices together, we were able to instigate breakthrough conversations about equity across the food value chain and gather valuable insights needed to address systemic issues and deploy capital responsibly," said event organizer and inKind CMO Joann Jen. Executive Chef of Hav & Mar Restaurant, Fariyal Abdullahi, echoed, "When we talk about equity in the restaurant industry, it is important to think about how that translates to the mission and heart of our businesses. For me, that is embodied in our commitment at Hav & Mar to operate with a close-to-zero-waste kitchen and working with and supporting black and brown purveyors that are part of our community." The depth of content covered across the summit will serve as a foundation for inKind's purpose-driven capital allocation and inspiration for industry-wide change. Abdullahi continued, "Not only supporting, but providing funding to restaurants and operators that are elevating and giving back to their communities is vital to the success of ecosystems that actively work to champion sustainability, and racial/gender equity." To apply to inKind's ESG fund, restaurants and chefs may visit the following link: https://www.inkind.com/inkind-esg-commitment About inKind inKind PR Contact: [email protected] View original content to download multimedia:https://www.prnewswire.com/news-releases/inkind-hospitality-announces-250-million-commitment-to-support-minority-owned-and-underrepresented-restaurant-operators-301778848.html SOURCE inKind Hospitality |