Brown Venture Group LLC, a Black-owned venture capital firm formed to fund Black, Latinx and Indigenous technology entrepreneurs, announced that it will receive an investment of up to $1.5 million from the Bush Foundation.
“We are excited to welcome the Bush Foundation into our diverse and impressive list of Limited Partners in Brown Venture Group Fund One,” said Chris Brooks, Cofounder and Managing Partner of Brown Venture Group.”This commitment signifies that our mission to support Black, Latinx and Indigenous entrepreneurs resonates across a broad spectrum of companies and organizations. We look forward to welcoming additional foundations into the fold.”
The Bush Foundation seeks to have the most possible impact with its resources – and that includes how it invests its own assets. In addition to grantmaking, the Foundation is committed to investing for impact to ensure that people of all backgrounds and identities have access to capital in Minnesota, North Dakota, South Dakota and the 23 Native nations that share that geography.
“Brown Venture Group is helping to widen the door for investment in Black, Indigenous and Latinx entrepreneurs, who are typically excluded from these opportunities,” said Christopher Romano, COO, Bush Foundation. “We believe in their strategy and purpose, and we are thankful to partner with them in this way.”
In 2020, The Brown Venture Group kicked off its inaugural fund and made its first investment in 2021. Over the past year, they made strategic investments in 21 minority-owned companies. In addition, Brown Venture recently launched a partnership with multiple tribal governments around the country. They’re currently expanding that effort to include tribes in the State of Minnesota. Their goal is to help give more opportunities to Native American entrepreneurs.
“It’s been gratifying to grow the ecosystem of support and to really dig in and break down barriers,” Brooks said. “We believe that there is unlimited genius and economic opportunity in communities of color. To have the necessary resources and relationships to capture that value as we invest in these communities is exciting.”
About Brown Venture Group
Launched in 2018, Brown Venture Group, LLC, is a venture capital firm exclusively for Black, Latinx and Indigenous technology startups. Brown Venture Group is writing a new playbook for both those interested in launching a minority-owned technology startup and those interested in investing in new technologies. For more information go to brownventuregroup.com.
About the Bush Foundation
The Bush Foundation invests in great ideas and the people who power them. They invest in Minnesota, North Dakota, South Dakota and the 23 Native nations that share the same geography. In 1953, The Bush Foundation was established by 3M Executive Archibald Bush and his wife Edyth. The Foundation supports organizations and people who think bigger and think differently about what is possible in their communities. The Foundation works to inspire and support creative problem-solving — within and across sectors — to make the region better for everyone. Read more about the Foundation’s impact investing statement here.
Interested in getting funding for your company? Check out our September 2022 Money Resources.