Best Buy to invest up to $10 million with Brown Venture Group

 // News

August 5  

Article courtesy Minneapolis/St. Paul Business Journal

Best Buy Co. Inc. will invest up to $10 million with Brown Venture Group, the Twin Cities venture capital firm that exclusively funds Black, Latino and Native American-owned technology startups.

Best Buy is making the investment to “break down the systemic barriers often faced by Black, Indigenous and people of color entrepreneurs — including access to funding,” the retailer said in a press release. Best Buy’s starting investment (the size of which Best Buy did not immediately disclose to the Business Journal) will grow to the full $10 million as Brown Venture Group closes on committed capital from other investors, Brown Venture Group co-Founder and Managing Partner Paul Campbell said.

The investment contributes handsomely to Brown Venture Group’s goal of building a $50 million inaugural fund, one of the largest venture funds in the U.S. with a diversity mandate.

Read the full article here.

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