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Best Buy commits $10 million to fund focused on Black, Latino and indigenous Founders

Retail giant Best Buy has committed $10 million to a venture fund focused on technology-based start-ups led by Black, Latino and indigenous Founders.

The announcement aligns two Minneapolis-based entities. Brown Venture Group, a majority Black-led organization, was founded in 2018 with the goal of raising $50 million to invest in entrepreneurs of color who in the past have not had access to venture capital and have experienced economic barriers to contribution.

According to this news release, Best Buy and Brown Venture Group will also work together to create a stronger community of diverse suppliers as well as launch an entrepreneurial partnership program at Best Buy Teen Tech Centers to help develop young entrepreneurs through education, mentoring, networking and funding access.

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