MINNEAPOLIS, June 13, 2023 — Brown Venture Group LLC, a venture capital firm formed to fund Black, Latino and Indigenous technology entrepreneurs, announced today that The Huntington National Bank (Huntington) made a $3 million commitment to its inaugural fund.
Brown Venture Group, which is 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.
Huntington’s commitment to Brown Venture Group was led by its Corporate Ventures team, which is focused on developing and executing partnerships, investments and new ventures that accelerate the momentum of Huntington’s business segments. Huntington has a long history of supporting small businesses and is the nation’s largest originator by volume of Small Business Administration (SBA) 7(a) loans for the fifth consecutive year.
“We are excited to partner with Huntington as they support underfunded and undervalued minority entrepreneurs,” said Brown Venture Group Co-Founder and Managing Partner Dr. Paul Campbell. “We look forward to unlocking the upside opportunity for a group of under-resourced innovators and founders who are still getting less than 1% of venture capital dollars three years after the racial reckoning that started right here in Minneapolis.”
“A key part of our purpose at Huntington is helping businesses thrive, so we are honored to partner with Brown Venture Group and support its mission to help minority tech entrepreneurs bring their vision to life,” added Darrel German, Minnesota regional president for Huntington. “All of our collective efforts are about building more vibrant, diverse and successful communities for all.”
Brown Venture Group has invested in 26 technology startups in various industries including clean energy, fintech, health tech and software across the country. In addition, the venture capital fund has forged important inclusive collaborations with NASA, the United States Patent and Trademark Office (a partnership driven by the Pro Bono Advisory Council) and tribal governments nationwide.
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.
About Huntington
Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $189 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle–market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,000 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.
SOURCE Brown Venture Group
