A new venture capital firm is on the block with significant capital at its launch.
According to WWMT-3 TV, Kalamazoo Forward Ventures (KZFV), reportedly the first Black-owned investment fund in Southwest Michigan, has launched with $50 million in capital, derived from limited partners. The firm has as its purpose to arm underrepresented founders residing in Kalamazoo, MI, as well as startups.
“We came up with that fund by thinking about what we want to accomplish in the community, the ecosystem, and the funds started growing as the ideas started growing,” Eric L. Wimbley, CEO and founder of First Line Risk Management and managing partner of KZFV’s venture capital fund, explained, according to the outlet.
Jamauri A. Bogan, CEO of Bogan Developments and KZFV general partner, commented:
“It’s our job now as investors to this community and this ecosystem to now get that capital to folks who traditionally never have it.”
Also a part of the group is Bobby J. Hopewell, who was the former mayor of Kalamazoo (2007-2019). During his 12 years in office, he says he gained a deeper understanding of the community’s needs and recognizes the significance of the group’s efforts to ensure that no one is overlooked.
“People get left behind often because no one reaches out, talks to them to dig and find what great ideas are out there,” Hopewell commented to WWMT-3.
Kalamazoo Forward Ventures will work to ensure founders are supported with capital, connections, and expertise, a news release mentions.
Furthermore, the firm’s investments will be separated into three funds: Venture Capital, which will focus on high-growth startups; Forward Real Estate, an arm dedicated to residential and mixed-use projects; and the Mainstreet Fund, tailored to investing in local Southwest Michigan businesses.
“We’re just really excited to get involved in the community in these three different areas and help them make success,” Daniel S. Jefferies, founder of Newmind Group and co-managing partner of the KZFV’s main street capital fund, per WWMT-3.
