REI Co-op has announced the launch of Path Ahead Ventures, a $30 million initiative that will invest in founders of color to help them start and scale businesses in the outdoor industry.

In addition to providing capital investment opportunities, including grants and direct investment, the initiative will support founders through virtual courses, access to partners, experts, and peers within in the industry and beyond; connections to the broader co-op community — including members, employees, and industry partners — to test products and services, learn the industry, and grow their businesses; and access to resources for production, distribution, publicity, and networking.

According to the company, the outdoor industry is a $459.8 billion sector, yet only about 1 percent of retail brands are owned or led by people of color. REI is committed to adding at least two hundred new brands that are owned or led by people of color to its assortment by 2030, generating $1 billion in cumulative sales and representing more than 15 percent of brands sold at REI. The co-op will meet this goal by creating pathways for newer and smaller brands to access and navigate its buying process while helping grow representation of diverse entrepreneurs in the industry.

"Path Ahead Ventures is an opportunity to collaborate with founders of color to create an outdoor industry where economic opportunity, success, and influence reflect the true diversity of people who love, protect and share life outside," said REI senior vice president of corporate development and investment Susan Viscon. "Partnering with founders to grow their businesses faster will also provide the opportunity for their innovations, perspectives and ideas to influence the broader industry."