The Social Justice Fund (SJF) has announced the launch of BK-XL, a Brooklyn-based early-stage startup accelerator for Black, Indigenous, and people of color (BIPOC) founders.

Led by founder Clara Wu Tsai, who also is co-owner of the Brooklyn Nets, New York Liberty, and Barclays Center, SJF will work with Visible Hands to operate BK-XL, the largest accelerator for BIPOC founders as defined by potential investment size per company. Twelve startups founded by BIPOC leaders will be selected for BK-XL’s inaugural 2023 cohort and each will receive up to $500,000, including an initial investment of $125,000 (in return for 7 percent equity) and an additional investment of $375,000 via an uncapped SAFE (simple agreement for future equity). In addition, selected founders will participate in a 10-week immersion program in Brooklyn, during which they’ll have access to office space as well as ongoing mentorship and support from investors and operators at Blue Pool Capital, Visible Hands, BSE Global, the Brooklyn Nets, Barclays Center, and other partnering organizations.

“Our intention is to identify the most innovative BIPOC founders and provide them with the funding and network support they need to build scalable and sustainable businesses,” said Wu Tsai. “With BK-XL, we’re bringing the best and brightest BIPOC talent to Brooklyn and giving them the same level of investment and access to resources that others have enjoyed for decades.” 

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