Through 2019, ICA has funded five businesses which have grown in value by $76.3MM since ICA made our initial investments. Together, these Investment portfolio companies have raised more than $30MM in outside capital, raising $16.5MM in 2019 alone.
2019 was a year of cultivating growth and stewarding our investments. ICA’s companies largely continued to meet their profitability and social impact goals, though one of our original investment companies, Prather Ranch Meat Company, closed its doors after more than 15 years in business. Several of our small businesses reached new heights in funding and media attention, opening new locations, expanding product lines, and expanding benefits offered to workers.
Companies in the ICA portfolio are led by management teams that are composed of a majority of people of color. They showed that good jobs are good business, growing average wages by close to 9% from 2018. These companies also grew revenues by 22%. The strength ICA’s portfolio companies nurtured in 2019 have helped them be resilient in facing the challenges of 2020.