PenFed Foundation announces winner and top finalists for Military Entrepreneurs of Color Ignition Challenge powered by Purefy
Outpatch claims top spot and Dope Coffee Company, Abacrop, Youth Enrichments named top three finalists
TYSONS, VA (December 9, 2021) — The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, today proudly announced Outpatch as the winner of the PenFed Foundation Ignition Challenge Powered by Purefy for military entrepreneurs of color. Dope Coffee Company, Abacrop and Youth Enrichments were the top three finalists in the challenge.
The PenFed Foundation Ignition Challenge is a competition in which military entrepreneurs with a new business or an idea for a business can identify their business impact and goals, compete for votes, and winners receive both funding and mentorship.
“PenFed Foundation is proud to support military and minority founder-owned and operated businesses through the PenFed Foundation Ignition Challenge Powered by Purefy,” said PenFed Foundation Senior Director of Veteran Entrepreneurs Seda Goff. “Veterans face challenges building professional networks and accessing capital, and these challenges are compounded for veterans of color. PenFed Foundation is committed to supporting veteran entrepreneurs of color and recognize the vitally important role they play in communites and the economy.”
Each of the finalists had the opportunity to pitch a panel consisting of PenFed Foundation and Purefy leadership. The winner of the pitch competition, Outpatch, received a $25,000 grant. Dope Coffee Company received a $15,000 grant, Abacrop a $5,000 grant and Young Enrichments a $2,5000 grant. In addition to funding, Foundation staff is providing coaching and support to the four companies to help each fine-tune their businesses and further position them for future success.
Outpatch was founded by U.S. Army veterans and makes it easier for conscious travelers to give back to the communities they visit by purchasing destination-themed patches. The patches feature local artists and the proceeds go to community non-profits.
Dope Coffee Company was co-founded by a U.S. Marine Corps veteran and is a premium coffee brand combining great coffee with Hip-Hop culture into unique products and cultural experiences. Dope Coffee exists to break down barriers and build community.
Abacrop was co-founded by a U.S. Army veteran and is a digital solution for small farmers to have all the operation data management they need in one place. The software provides the farmer a simple and quick way to gather information in all the areas of the farm to include out in the field.
Youth Enrichments was founded by a U.S. Army veteran and is a self-esteem based e-learning platform and gaming app that leverages technology, data and entertainment to prevent violent youth behavior, teen pregnancy and suicide.
In addition to funding and mentorship, Foundation staff is providing national promotion to the four finalists. To learn more or to apply to future Ignition Challenges, visit veip.penfedfoundation.org/ignition-challenge/.
About PenFed Foundation
Founded in 2001, The PenFed Foundation is a national nonprofit organization that supports veterans in their transition from service to success. Affiliated with PenFed Credit Union, the Foundation has provided more than $50 million in financial support to veterans, active-duty service members and military families. The credit union funds the Foundation's personnel and most operational costs, allowing 99% of incoming donations to go directly to our programs. To learn more, please visit www.penfedfoundation.org.
About Purefy Inc.
Based in Washington D.C. and Richmond VA, Purefy is a digital financial platform that has helped more than 205,000 borrowers navigate the often difficult task of obtaining and refinancing student loans. Purefy partners with leading financial institutions to present a wide selection of loan options and a path to lower borrowing rates, without lender bias. Purefy has built an award-winning team of student loan advisors to guide customers to financial freedom. To compare loan options or become a lending partner, visit Purefy.com.