Mercantile Bank, BoABank of America and Spectrum Health have all backed the diversity-focused fund, which is targeting a $25m final close.
US-based non-profit economic development organisation The Right Place has raised capital from investors including healthcare provider Spectrum Health System, Mercantile Bank and Bank of America for a diversity-focused venture capital fund, MiBiz reported yesterday.
Bank of America and consumer rights advocate Consumers Energy Foundation each provided $200,000 to launch New Community Transformation Fund in January this year. Spectrum Health unit Spectrum Health Ventures and Mercantile Bank have since added $1m each.
New Community Transformation will invest in businesses with owners…
