Tech retail giant Best Buy pledges $ 10 million to Minneapolis-based company Brown business groupinaugural fund of. Brown Venture Group was created in 2018 to support BIPOC technology entrepreneurs. Brown Venture aims to build a $ 50 million fund to support entrepreneurs of color who have not had access to venture capital funding to start their businesses.
In June, Best Buy pledged to invest âat leastâ $ 1.2 billion in BIPOC and various companies by 2025.
âWe are committed to taking meaningful action to address the challenges faced by entrepreneurs at BIPOC,â said Corie Barry, CEO of Best Buy, in a statement. âThrough partnerships like this, we believe we can begin to do this by helping to create a stronger and more vibrant community of diverse innovators in the tech industry, some of whom we hope will will become Best Buy partners in the future. “
The partnership goes beyond investment. Best Buy and Brown Venture Group will work together to create a stronger network of diverse suppliers for the big box retailer. They will also join forces to launch an Entrepreneurial Partnering Program at Best Buy Teen Tech Centers to develop young entrepreneurs.
âThis hometown partnership is particularly meaningful and Best Buy is to be commended for its commitment to co-creating solutions that will lead to greater economic fulfillment for contributors of color,â said Paul Campbell, Co-Founder and Managing Partner of Brown Venture Group, in a statement.
As the startup climate in Minnesota has warmed, several new investment funds have emerged in recent years, including Groove Capital, Bread & Butter Ventures, Traction Capital, and others.
âBest Buy’s belief that technology changes lives is aligned with Brown Venture Group‘s premise that focusing on tech entrepreneurs will not only create greater economic flourishing in communities of color, but will also unleash a capacity to develop. ‘previously unrealized innovation in the market,’ said Chris Brooks, co-founder and managing partner of Brown Venture Group, in a statement.