Major corporate sponsors drop support for Denver Pride
Major corporations are walking back their support for Denver Pride as part of a national retreat from events promoting diversity, equity and inclusion.
Why it matters: This is a major pivot for once-proud corporate America and puts at risk critical services for LGBTQ+ individuals in Denver.
State of play: Denver Pride is the largest annual fundraiser for The Center on Colfax, a nonprofit that offers free mental health support and programs for transgender and gender-diverse individuals in the community.
In April, the center reported a $230,000 decrease in sponsorship for its two-day Pride event that features a festival, 5K and parade.
New sponsors are helping fill the gap, but spokesperson Ashley Schoenbauer tells us fundraising still lags previous years.
The intrigue: The center declined to name the sponsors it lost, but its website shows top-level donors decreased from 16 to 11 this year.
Nissan, Target, Verizon and Walmart are among the names that no longer appear on the sponsor website for Denver Pride, an Axios Denver review found.
Other big names decreased their level of giving, such as Starbucks, JPMorganChase and Cupcake wines.
Between the lines: The reasoning varies, Schoenbauer tells us, including shifting budget priorities and economic concerns. But the rollback of DEI initiatives is a key factor.
One top-level sponsor standing firm is Molson Coors. The beverage company received blowback in 2023 for its sponsorship at a time when other big brands were pulling back from supporting the LGBTQ community.
The big picture: 39% of corporations are limiting external Pride Month engagements this year, according to Gravity Research data.
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