Best Buy invests $ 10 million in venture capital fund for people of color

Best buy

BBY
invests $ 10 million in a Twin-Cities-based fund with a mission to support entrepreneurs of color. They have traditionally not been able to receive venture capital, according to the Star Tribune in Minneapolis, Minn.

Best Buy’s commitment is by far the most important for the Brown Venture Group, which says it is 75% toward the goal of raising $ 50 million.

Managing Partner and Co-Founder Chris Brooks said, “We have amazing founders and entrepreneurs all over the metro area (Twin Cities) and across the country. We just need the capital to get their ideas off the ground. So, Best Buy’s investment is a critical part of making this happen. “

Brown Venture Group was created by Chris Brooks and Paul Campbell in 2018 to fill a void in the venture capital world in which a gap in the provision of pre-seed financing to start-ups. They focus on Blacks, Latinos, and Native Americans seeking funding for innovative ideas.

Additionally, realizing that many entrepreneurs of color do not have the financial resources to raise a so-called fundraising round for friends and family, the Brown Venture Group aims to help fill the void by providing funding. start-ups.

For Best Buy, this investment is the latest initiative in the field of racial equality. The company pledged in 2020 to hire 1,000 new tech people who would be women and people of color. In June of this year, the company pledged to spend $ 1.2 billion with businesses owned by people of color by 2025. The $ 10 million investment in Brown Venture Group s ‘adds to this commitment.

Best Buy CEO Corie Barry said, “We (at Best Buy) are committed to taking meaningful action to address the challenges facing entrepreneurs in BIPOC (a black, indigenous and colored movement). Through partnerships like this, we believe we can begin to do so by helping build a stronger and more vibrant community of diverse innovators in the tech industry, some of whom we hope will become of Best Buy partners in the future ”.

I salute the management of Best Buy for recognizing the urgent need to support young entrepreneurs of color. Other retailers have signed on to the 15% pledge and are not adding clothing designed by black designers. It is an enemy view of growth.


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