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GRAND RAPIDS, MI — A Grand Rapids-based venture capital fund serving businesses owned by people of color announced new investments in four businesses.
The New Community Transformation Fund, co-founded in 2020 by former The Right Place president and CEO Birgit Klohs and Global Bridgebuilders founder Skot Welch, announced it’s investing in Holo Footwear, Hummus Goodness, Honeycomb Credit and Gildform.
A release announcing the investments did not provide a specific dollar amount invested in each business. However, the release noted that NCTF provides up to $1.5 million for emerging, early and mid-stage businesses in Michigan.
“These new investments greatly expand our commitment to supporting businesses owned by people of color,” Klohs said in a statement. “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.”
Here’s a look at the four businesses, as described in the release, that NCTF invested in:
Holo Footwear – “A fast-growing, Latino-owned, footwear company based in Grand Rapids. The company was co-founded by Rommel and Yuri Vega at their kitchen table in 2020. They are committed to producing sneakers that are designed with sustainability, accessibility, and affordability in mind.”
Hummus Goodness – “A Middle Eastern-owned and operated consumer food company based in Birmingham, Michigan. The business started in a church kitchen and was later co-founded by Hannah Awada (president) and Lara Lozer (executive vice president) in 2019. They are committed to only using natural ingredients so their hummus is fresher and tastier than their competitors.”
Honeycomb Credit – “An innovative loan platform company focused 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. This crowdfunding approach opens the door for customers to become investors in their favorite local businesses.” The company is based in Pittsburgh, according to its website.
Gildform – “A Detroit-based print on-demand jewelry design and manufacturing platform that helps brands create jewelry from concept to creation.”
With the new investments in effect, NCTF has invested in 10 companies.
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