GRAND RAPIDS – 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 Novi-based ITC Holdings Corp., the nation’s largest independent electricity transmission company. With the investment, NCTF has raised $11.75m since its inception in 2020.
The investment by ITC, a subsidy of Fortis, Inc., a leader in the North American regulated electric and gas utility industry, aligns with the company’s corporate values and objectives.
“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,” said Simon Whitelocke, Vice President, ITC Holdings Corp. and President, ITC Michigan. “By partnering with the Fund, we hope to attract and retain businesses to West Michigan.”
“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 NCTF. “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.”
“Having ITC join us is a testament to the company’s commitment to supporting diverse opportunities that benefit the communities we serve,” said Ollie Howie, managing director of NCTF. “It’s a blessing to have so many partners join our effort and work together to lift up underserved entrepreneurs.”
ITC joins other well-known investors with NCTF.The fund was seeded initially by Bank of America and Consumers Energy Foundation, as both organizations recognized the need for this type of fund in West Michigan and took pioneering steps to help it launch.
NCTF invests between $500,000 to $1.5 million scalable early to mid-stage businesses and transitioning succession 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 require founders and portfolio companies have an economic impact to West Michigan. To date, NCTF has invested in four companies.
Learn more about New Community Transformation Fund at www.newcommunityfund.com.
