Coverage from Second Wave Media, published 2024-09-26.
Kalamazoo Forward Ventures, billed as Southwest Michigan’s first Black-owned investment fund, introduced its $50 million commitment to about 120 guests at Kalamazoo Country Club on Sept. 24, 2024. The for-profit fund, assembled by partners with backgrounds in real estate, finance, business management, local government and technology, will invest across three areas: venture capital for technology and high-growth startups, real estate for residential and mixed-use projects with an affordable housing emphasis, and Main Street capital for businesses such as barber shops, restaurants, retailers and manufacturers.
General partner Jamauri Bogan of Bogan Developments described the target as underrepresented founders and unique startups; Dwayne Powell Jr. of UAE Workforce Solutions said that includes minority-, women-, disabled- and LGBTQ-owned businesses. Former Mayor Bobby Hopewell stressed the fund intends to generate profits so it can recur.
Powell said the $50 million came from several limited partners and that a second round is the goal. Other partners are Eric Wimbley, Eric Cunningham, Daniel Jefferies and Von Washington Jr. Kalamazoo Mayor David Anderson tied the effort to fighting intergenerational poverty.
