Press release
Huntington National Bank Commits $3 Million to Brown Venture Group
MINNEAPOLIS, June 13, 2023 /PRNewswire/ -- Brown Venture Group LLC, a venture capital firm formed to fund Black, Latino and Indigenous technology
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"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.\nBrown 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.\nHuntington'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.\n\"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.\"\n\"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.\"\nBrown 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. \nAbout Brown Venture Group\nLaunched in 2018, Brown Venture Group, LLC, is a venture capital firm exclusively for Black, Latino and Indigenous technology startups...