NEEDHAM, Mass., August 17, 2022 /PRNewswire/ — Needham Bank is pleased to announce that it has made a commitment to invest $2 million in a venture capital fund supervised by the Massachusettsbased at Reinventure Capital (Reinventure).
Led by a pioneering impact investor Edward Dugger III, the fund invests exclusively in U.S.-based businesses that are BIPOC (Black, Indigenous, and People of Color) led and controlled and/or female founders, and that are break even and poised to grow profitably . The investment objective of the fund is to build a portfolio of innovative companies with a high level of measurable and positive social and economic impact.
“At Needham Bank, we are committed to upholding the Community Reinvestment Act and supporting our ongoing goal of helping previously underserved communities,” said Joseph Campanelli, Chairman of the Board, President and Chief Executive Officer. “Reinventure is diligently expanding the investment opportunities available to BIPOC and women founders, and I am pleased Needham Bank is able to be part of such a meaningful racial and social justice agenda.”
Needham Bank submitted first $1 million to Reinventure in June and plans to complete the remaining commitment in 2023 to support investments in the fund.
President of Reinvent Ed Dugger commented: “While many financial institutions continue to ignore the abundance of evidence pointing to the financial and social benefits of investing in overlooked BIPOCs and founders, Needham Bank is one of the few people leading the way in making inclusion a priority. Reinventure Capital is proud to work with Needham Bank to support unknown founders who are building the future.”
Reinventure has invested in six companies so far through the fund, including New York– based in Canela Media, which operates the first free streaming service for American Hispanics; Portland, Oregonbased at OpConnect, which provides electric vehicle charging services for fleets and multi-unit developments; dallas-based on Zirtue, which simplifies peer-to-peer lending and borrowing; New York– based on Adventr, which allows professionals and amateurs alike to create data-rich interactive videos; Detroit– based on Livegistics, which provides a real-time digital chain of custody for the construction, demolition, transport and landfill sectors; Brattleboro, Vermontbased on Home Outside, which uses AI/AR to put award-winning landscape design into the hands of DIY homeowners.
About Reinventure Capital:
Reinventure Capital advances the Third Reconstruction by investing in a more perfect multicultural, equitable and prosperous union. Reinventure invests exclusively in US-based companies led and controlled by BIPOC and/or founders that are breakeven and poised to grow profitably. Our high impact + high return investing strategy and process has been proven to deliver non-concessional financial returns as well as an intentional, measurable, and meaningful impact on racial/social justice. For more information, see reinventurecapital.com.
About Needham Bank:
Needham Bank offers a range of state-of-the-art products and services that businesses and consumers use to manage their financial needs. We have the financial expertise typically found in much larger institutions and the local knowledge and commitment you can only find in a community bank. Known as the “Builders’ Bank”, Needham Bank helping individuals, businesses, and nonprofits build their future since 1892. For more information, please visit https://NeedhamBank.com. Needham Bank is a member of the FDIC and the DIF.
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