Steelcase Foundation commits 500K to minority-focused venture capital fund
Steelcase Foundation is committing $500,000 toward Grand Rapids New Community Transformation Fund. NCTF supports opportunities for entrepreneurs of color and West Michigan businesses owned by people of color. It has now raised $11.85 million since the venture fund was created in 2020 by former Right Place president and CEO Birgit Klohs.
Last month, Novi-based ITC Holding Corporation, the nation’s largest independent electricity transmission company, also made a $500,000 investment.
Grand Rapids-based Steelcase Foundation has invested $50 million over the past decade through 400 grants to 177 nonprofits.
Daniel Williams is Steelcase Foundation President. He said, “We work with partners who share our commitment since true impact comes from collaboration and a belief that things can be better.”
NCTF has invested between $500,000 to $1.5 million in four West Michigan businesses. It seeks BIPOC mid-stage and legacy companies specializing in advanced manufacturing, financial technology, healthcare, and information technology.