GRAND RAPIDS, Mich. — New Community Transformation Fund, a Grand Rapids-based venture fund aimed at boosting businesses owned by people of color in West Michigan, announced it has received a $500,000 investment from the Steelcase Foundation. NCTF has raised $11.85 million since its inception in 2020.
The investment by the Steelcase Foundation furthers the nonprofit’s community investment strategy of creating conditions where all can “participate, grow and thrive.” In the past 10 years, the foundation has invested $50 million through more than 400 grants to 177 nonprofits.
The Steelcase Foundation believes in ‘the power of education to transform lives,’ and the Foundation’s primary focus is on ‘increasing access to quality public education and helping young people and their families achieve success–as they define it.’ They feel that this action is in line with their commitment to strategically invest with those also working to ensure families have the opportunities and resources they need and deserve.
“We work with partners who share our commitment since true impact comes from collaboration and a belief that things can be better,” said Steelcase Foundation President Daniel Williams. “To do this, we must also think about how our investment strategy is supporting the communities that we live and work in.”
“The Steelcase Foundation is one of Grand Rapids’ most cherished community supporters, so to gain their commitment for our vision is wonderful,” said Birgit Klohs, executive chair and co-founder of NCTF. “Our individual missions are jointly focused on elevating and supporting people and organizations that are driving change, so it’s very powerful to have the Foundation walk alongside us.”
NCTF invests between $500,000 to $1.5 million in scalable early to mid-stage businesses and legacy companies in the industries of advanced manufacturing, financial technology, healthcare, and information technology. This fund invests in both current and prospective West Michigan companies but requires that the portfolio companies have an economic impact on West Michigan’s BIPOC community. To date, NCTF has invested in four companies.
More information about New Community Transformation Fund is available at www.newcommunityfund.com.
