West Michigan Venture Capital Fund Invests in Birmingham, Detroit, Grand Rapids Businesses
Posted By: Monroe News on April 5, 2025. For more information, please click here to read the source article.
New Community Transformation Fund (NCTF), a Grand Rapids-based venture capital fund that invests in companies owned and operated by business leaders of color, has completed three new investments in Michigan and one in Pennsylvania, bringing the organization’s total investment portfolio to 10 companies.
The latest investments include:
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. 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.
Gildform — A Detroit-based print on-demand jewelry design and manufacturing platform that helps brands create jewelry from concept to creation.
Honeycomb Credit — A loan platform company in Pennsylvania focused on helping underserved business owners in four core markets including Detroit. 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.
“These new investments greatly expand our commitment to supporting businesses owned by people of color,” says Birgit Klohs, co-founder and executive chair of NCTF. “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.”
NCTF was established in 2020 and invests up to $1.5 million in emerging, early-, and mid-stage businesses in Michigan, that are owned and operated by people of color or transitioning to new owners of color.
In December 2024, NCTF announced a new affiliation with Michigan Capital Network (MCN), another venture capital firm in Grand Rapids. MCN Principal Abid Ali serves as the managing director for NCTF. Seven new investments have been finalized since the affiliation began, nearly tripling the number of companies now receiving some level of venture capital funding from NCTF.
“The affiliation with MCN has opened the door to a number of investment opportunities here in west Michigan and across the state,” says Skot Welch, co-founder and managing partner of NCTF. “By combining our resources we’re able to more efficiently vet prospective investments, assess a company’s growth trajectory, and determine if the investment meets our objectives. These new investments prove the affiliation with MCN is working well for all parties.”
Ali says, “We’re incredibly excited to support the continued growth of these remarkable companies. Each of them reflects the innovation, resilience, and leadership that align with the values and performance standards NCTF is built upon. Their journeys are a testament to what’s possible when diverse entrepreneurs are given the opportunity to thrive.”
Since being established, NCTF has secured nearly $12 million in capital commitments from numerous individuals and organizations that operate in west Michigan including: John Kennedy, Bank of America, the city of Grand Rapids, Consumers Energy Foundation, Frey Foundation, Gentex Corp., the Meijer Foundation, Horizon Bank, ITC Holdings Corp., Mercantile Bank, Rockford Construction Co., Corewell Health Ventures, Steelcase Foundation, Wege Foundation, Aaron Jonker, Brooks Capital Management, 42 North Partners, and Wolverine Gas & Oil Co.
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