In Q2 2025, ICA Fund proudly deployed over $400K in capital across two dynamic companies, reflecting the growing diversity of our founder-friendly investment offerings. These strategic investments, a term loan to support a merger and acquisition, and a working capital loan to unlock purchase orders, demonstrate how ICA is meeting businesses where they are with tailored capital solutions. Over the past year, ICA has expanded beyond our core impact equity product to include Redeemable Equity, Working Capital Loans, and now, for the first time, capital to support an M&A transaction, all in service of accelerating growth for mission-aligned founders.

ICA provided a term loan to long-time portfolio company Courtsmith, an Oakland-based, athletic apparel brand, to support the strategic acquisition of a local manufacturing operation. This vertical integration will strengthen Courtsmith’s supply chain, reduce costs, and create local jobs—making it a critical move for long-term sustainability. ICA’s relationship with founder Courtney Smith began in 2017 through our Growth Strategies program, and since then, Courtsmith has grown significantly with ICA’s continued investment and support. This milestone marks the first time ICA has approved capital for an M&A transaction, a proud moment that expands our impact capital toolkit.

The second Q2 investment was a short-term working capital loan to MIZO, a San Jose-based company disrupting the ready-to-drink alcohol space with nostalgic, non-carbonated spiked juice pouches. Following recent growth and strong demand, MIZO needed financing to fulfill a large uptick in purchase orders. This deal marks a potential first in ICA’s portfolio, a company moving from Seed Capital to working capital financing to future growth investment. Founded by Holly Paul and Chris Tran, MIZO exemplifies the kind of bold, culturally resonant, and high-potential business ICA aims to support through every stage of growth.

These investments reflect ICA’s continued commitment to building community wealth through flexible capital and long-term relationships with visionary founders. Both Courtsmith and MIZO are not only past program participants and portfolio companies, but also active members of the ICA community, demonstrating what’s possible when businesses are supported with the right capital at the right time. As ICA grows its capital offerings, we remain focused on our mission: to accelerate great businesses that catalyze local value and create lasting impact in our communities.