A venture capital firm from North Texas is looking to raise $50 million to invest in technological solutions to combat human trafficking.
Fort Worth-based Eagle Venture Fund announced the launch of its second fund, Eagle Freedom Fund II. Eagle Venture says the fund, which Tim Tebow’s investment group backs, comes on the heels of the success of Eagle Freedom Fund I.
Human trafficking, as defined by the U.S. Department of Homeland Security, involves coercing individuals into labor, services, or commercial sex. According to Eagle Venture, Fund I has already invested in 20 high-growth companies that have helped:
- To assist in the escape of 149 trafficking victims.
- Train 6,000 doctors and nurses to better recognize trafficking victims.
- Protect over 50,000 children from becoming victims of online exploitation.
- Support the arrest of 39 traffickers.
Eagle Venture states that the businesses in its portfolio have not only achieved positive, measurable social impact, but they have also experienced “strong financial growth, evidencing that purpose and profit can go hand-in-hand.”
“The first Eagle Freedom Fund seeded the counter-trafficking industry. The second Eagle Freedom Fund will grow the counter-trafficking industry,” said Wes Lyons, General Partner, Eagle Freedom Fund II.
Former NFL quarterback and General Partner, Eagle Freedom Fund II, Tim Tebow, said the birth of his daughter helped drive his enthusiasm for the investment.
“We need bold, strategic action in the fight against trafficking,” said Tebow. “That’s what gets me excited about Eagle Freedom Fund II—the chance to reach a scale of impact that can reach millions of children. I just had a daughter, and I’m hungry to build a safer future for our children.”
In July, The Dallas Express reported that the Department of Justice announced it would compensate victims trafficked through Backpage.com. Over $200 million in seized profits was made available to the platform’s victims, the largest remission process ever for survivors of human trafficking.