ITC Holdings Corp. invested $500,000 in the Grand Rapids-based New Community Transformation Fund, a venture capital firm that focuses on minority-owned companies.
The investment by the Novi-based electric transmission company brings the amount the New Community Transformation has raised since forming in 2020 to $11.75 million.
“We are delighted that ITC has expressed its longtime commitment to diversity and change in West Michigan with this investment,” said Birgit Klohs, executive chair and co-founder of the New Community Transformation. “The fund continues to gain traction so having ITC join us will help us reach our goal of improving our community by investing in the best diverse led companies.”
The New Community Transformation invests $500,000 to $1.5 million in mid-stage businesses owned and operated by people or color or companies transitioning to new owners that are involved in financial technology, health care, advanced manufacturing and information technology.
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The venture capital fund most recently received $500,000 in March from the Frey Foundation in Grand Rapids.
“Our investment in the New Community Transformation Fund builds on ITC’s efforts to support business diversity and spur economic growth in the communities we serve,” Simon Whitelocke, vice president at ITC Holdings and president for ITC Michigan. “By partnering with the Fund, we hope to attract and retain businesses to West Michigan.”
To date, the New Community Transformation Fund has invested in four companies, the latest of which involved a $500,000 investment in Grain Technologies Inc., an Oakland, Calif.-based fintech that planned to moved its headquarters to Grand Rapids.
Other investments went to Zil Money Corp., a Texas fintech that moved to Grand Rapids, and Grand Rapids-based BAMF Health Inc., which launched advanced cancer treatment a year ago.
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