MINNEAPOLIS, June 13,
2023 /PRNewswire/ -- 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.
View original
content:https://www.prnewswire.com/news-releases/huntington-national-bank-commits-3-million-to-brown-venture-group-301849787.html
SOURCE Brown Venture Group