Venture fund supporting entrepreneurs of color receives investment from Frey Foundation
Grand Rapids-based venture fund supporting businesses owned by people of color has received another major investment from a private foundation
The New Community Transformation Fund supports opportunities for entrepreneurs of color and West Michigan businesses owned by people of color. The Grand Rapids-based fund was created by former Right Place president and CEO Birgit Klohs and launched in January 2020.
Thursday the Frey Foundation invested $500,000 in the NCTF.
Tripp Frey is chair of the Frey Foundation board of trustees, in a news release he said, “The Frey Foundation’s investment strategy is to maximize returns to our endowment. Instruments that also help build leadership and wealth in the region’s private sector are a win-win, so partnering with the New Community Transformation Fund felt like a natural fit. We are excited to be part of this unique and much-needed focus on helping entrepreneurs of color and under-invested populations succeed and build wealth in our community.”
The $500,000 investment is the Frey Foundation’s first local Mission Related Investment. The New Community Transformation Fund has raised $10.75 million.
In late 2021, The Wege Foundation committed $1 million to the NCTF.