Venture capital fund announces four new investments

Jul 17

New Community Transformation Fund (NCTF), a Grand Rapids-based venture capital fund that invests in companies owned and operated by business leaders of color, has completed four new investments, bringing the organization’s total investment portfolio to ten companies.

The latest investments include:

Holo Footwear: Based in Grand Rapids, the company was co-founded by Rommel and Yuri Vega at their kitchen table in 2020. The company produces sneakers that are designed with sustainability, accessibility, and affordability in mind.
Hummus Goodness: A Birmingham, Michigan-based business that started in a church kitchen and was later co-founded by Hannah Awada and Lara Lozer in 2019. They are committed to only using natural ingredients.
Honeycomb Credit: Based on Pittsburgh, this loan platform company focuses on helping underserved business owners. The firm uses its website and digital app to provide an easy and transparent way for small businesses to access capital.
Gildform: A Detroit-based print-on-demand jewelry design and manufacturing platform that helps brands create jewelry from concept to creation.

“These new investments greatly expand our commitment to supporting businesses owned by people of color,” said Birgit Klohs, Co-founder and Executive Chair, NCTF. “Starting a business is incredibly challenging, but doing it without the necessary capital is almost impossible. We’re pleased to invest in these companies and are grateful for the continued involvement of our stakeholders.”

New Community Transformation Fund was established in 2020. It invests up to $1.5 million in emerging, early and mid-stage businesses that are owned and operated by people of color or transitioning to new owners of color.

“The affiliation with MCN has opened the door to a number of investment opportunities here in West Michigan and across the state,” said Skot Welch, NCTF Co-founder and Managing Partner. “By combining our resources we’re able to more efficiently vet prospective investments, assess a company’s growth trajectory, and determine if the investment meets our objectives. These new investments prove the affiliation with MCN is working well for all parties.”

Since being established, NCTF has secured nearly $12 million in capital commitments from numerous individuals and organizations that operate in West Michigan including: John Kennedy, Bank of America, the City of Grand Rapids, Consumers Energy Foundation, Frey Foundation, Gentex Corp., the Meijer Foundation, Horizon Bank, ITC Holdings Corp., Mercantile Bank, Rockford Construction Co., Corewell Health Ventures, Steelcase Foundation, Wege Foundation, Aaron Jonker, Brooks Capital Management, 42 North Partners, and Wolverine Gas & Oil Co.

“We’re incredibly excited to support the continued growth of these remarkable companies,” said Abid Ali, Managing Director, NCTF. “Each of them reflects the innovation, resilience, and leadership that align with the values and performance standards NCTF is built upon. Their journeys are a testament to what’s possible when diverse entrepreneurs are given the opportunity to thrive.”

West Michigan Newspop Digital Partners