MINNEAPOLIS, Aug. 5, 2021 /PRNewswire/ -- Brown Venture
Group LLC, a venture capital firm formed to fund Black, Latino and
Indigenous technology entrepreneurs, announced today that Best
Buy (NYSE: BBY) has committed up to $10M to its inaugural fund.
Brown Venture Group, a majority Black-led organization, was
founded in 2018 with the goal of raising $50
million to invest in entrepreneurs of color who in the past
have not had access to venture capital and have experienced
economic barriers to contribution.
The commitment by Best Buy builds on its recent announcement
that it will spend at least $1.2
billion with BIPOC and diverse businesses by 2025 with a
focus on leaders in the tech industry.
"The partnership with Best Buy, represents an important shift in
our business community from doing things for
communities of Color to investing and executing with
communities of Color in longer-term collaborative business
relationships," said Brown Venture Group Co-Founder and Managing
Partner, Dr. Paul Campbell. "This
hometown partnership is especially meaningful and Best Buy is to be
commended for its commitment to co-creating solutions that will
lead to greater economic flourishing for contributors of
color."
In addition to the monetary investment, Best Buy and Brown
Venture Group will also work together to create a stronger
community of diverse suppliers as well as launch an entrepreneurial
partnership program at Best Buy Teen Tech Centers to help develop
young entrepreneurs through education, mentoring, networking and
funding access.
"We're committed to taking meaningful action to address the
challenges faced by BIPOC entrepreneurs," Best Buy CEO Corie Barry said. "Through partnerships like
this, we believe we can begin to do this by helping to build a
stronger, more vibrant community of diverse innovators in the tech
industry, some of whom we hope will become partners of Best Buy in
the future."
Disparities = Missed Opportunities = Unprecedented
Potential
A 2020 Citigroup report estimates that if racial inequity gaps
were closed today, the equivalent add to the U.S. economy over the
next five years could be $5 trillion
of additional GDP.
"Best Buy's belief that technology changes lives is in sync with
Brown Venture Group's premise that focusing on technology
entrepreneurs not only will create greater economic flourishing in
communities of color, it will also unlock previously unrealized
innovative capacity in the marketplace," said Brown Venture Group
Co-Founder and Managing Partner, Dr. Chris
Brooks.
Brown Venture Group plans to invest in technology startups in
various industries including clean energy and retail across the
country as well as leverage the abundant startup talent that exists
within the region and state of Minnesota.
About Brown Venture Group
Launched in 2018, Brown
Venture Group, LLC, is a venture capital firm exclusively for
Black, Latino 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.
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SOURCE Brown Venture Group LLC