For Immediate Release
Media hotline: 410-470-7433
BALTIMORE (Feb. 9, 2023) — The BGE, Exelon, and Exelon Foundation-funded Racial Equity Capital Fund (RECF), led by RockCreek, has invested $1 million in Sweeten, a Black, woman-owned software company known for bringing trust, transparency, and data-driven decision making to the construction industry. The investment—the first deployment of capital for the fund, which launched in 2021—supports Sweeten's platform that aggregates all data related to certified minority and women-owned companies, then connects those companies with projects in their service expertise.
The RECF's investment is part of a larger round by Sweeten to scale the firm's Baltimore-based enterprise platform that matches developers/prime contractors with certified minority and women-owned business enterprises (MWBE) for major construction projects with minority participation goals.
"We have a responsibility—beyond
BGE's own purchasing of goods and services—to support ambitious work that creates sustainable opportunities for historically underrepresented diverse suppliers," said
Carim Khouzami, president and CEO of BGE. "The demonstrated benefits of Sweeten's platform and its vision for growth align with our values, and we applaud the Racial Equity Capital Fund's decision to make its first investment in a company committed to helping other firms enhance supplier diversity efforts. This investment will have a multiplier effect on one of the most important economic development initiatives that directly reflects the needs of our central-Maryland communities."
As part of Exelon's ongoing, extensive efforts to promote equity and economic opportunity in the diverse communities served by the company's six utilities, the
RECF is making investments through debt and equity financing for minority-owned businesses throughout Exelon's service areas over the next three years. RECF will strengthen communities and help minority businesses grow by providing affordable capital to businesses that have traditionally struggled to access and secure funding due to systemic barriers. Exelon's six utilities—Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco—and the Exelon Foundation contributed to the $36 million fund, and funding is done at Exelon's own expense.
RockCreek, a global investment firm that has invested more than $8.4 billion in diverse firms, leads the RECF and makes the fund's investment decisions. RockCreek is also focused on growing the capability of the capital fund through partnerships with minority-owned lending institutions, community banks, and chambers of commerce to source originations and provide additional investment and lending opportunities.
"The Racial Equity Capital Fund's investments help companies grow, create jobs, and strengthen communities, which are key goals of investments across RockCreek's portfolio,"
RockCreek CEO Afsaneh Beschloss said. "We're excited to invest in a company like Sweeten with a groundbreaking platform that's changing the way the construction industry hires labor and giving more opportunities to minority- and women-owned businesses. Sweeten will help transform the construction industry and strengthen Baltimore and other cities in the years to come."
enterprise platform provides greater exposure to minority and women-owned businesses seeking contract opportunities. By combining industry expertise, sophisticated algorithms, and a robust database of certification records, the platform brings transparency, innovation, and inclusiveness to MWBE participation in major construction projects.
"Sweeten's mission is to bring trust, transparency, and diversity to the construction industry," said
Jean Brownhill, CEO and founder of Sweeten. "We are honored to receive funding from the Racial Equity Capital Fund. It is important to us that our investors share our vision of bringing equity through job creation and ownership to our community, and with RockCreek, Exelon, and BGE we have found that alignment."
Sweeten is the first company to receive an investment from the RECF, and the Fund has other investments and several potential deals in its pipeline across Exelon's service areas.
New RECF applications are accepted on a rolling basis. Interested businesses may
apply online and/or contact RockCreek at
RECFInquiries@therockcreekgroup.com for more information.
About BGEBGE is Maryland's largest natural gas and electric utility, providing safe and reliable energy delivery to more than 1.3 million electric customers and 700,000 natural gas customers in central Maryland. The company was founded in 1816 as the nation's first gas utility and remains headquartered in Baltimore City to this day. BGE is a subsidiary of
Exelon Corporation (Nasdaq: EXC), the nation's leading energy utility company. Engage with the latest BGE stories on
bgenow.com and connect with BGE on
About ExelonExelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest energy delivery company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to powering a cleaner and brighter future for our customers and communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter
About RockCreekOne of the largest woman and diverse-owned global investment firms, RockCreek applies data-driven technology to invest sustainably and inclusively. Founded in 2003 by CEO Afsaneh Beschloss, former Treasurer and Chief Investment Officer of the World Bank, RockCreek has more than $16 billion in assets. RockCreek has invested more than $8.4 billion in diverse firms, including over $990 million in Black owned firms, over $2.8 billion in women-owned firms, and $6.3 billion in sustainable investments including climate, health, education, job creation and affordable housing since its inception. Follow RockCreek on Twitter
@RockCreekGroup and on