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New Community Transformation Fund says it has deployed $3.3M and seeks matching capital to unlock $9.8M state commitment
Summary
Cofounders of the New Community Transformation Fund told the committee the fund has invested $3.3 million across dozen portfolio companies and said a $9.8 million commitment from the Michigan Strategic Fund for Fund 2 is conditional on NCTF raising matching capital.
Representatives of the New Community Transformation Fund (NCTF) updated the committee on investments deployed to date and on fundraising for a second fund that carries a conditional state commitment.
Scott Welch, cofounder, and Abid/Abed (managing director) described NCTF's focus on providing larger, later‑stage capital for underrepresented founders. The managing director reported that over the last 12 months the fund reviewed roughly 1,200 opportunities and has deployed $3,300,000 across 12 portfolio companies, with an…
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