Needham Bank is pleased to announce it has committed to invest $2 million in a venture capital fund overseen by the Massachusetts-based firm Reinventure Capital (Reinventure).
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Led by pioneer impact investor Edward Dugger III, the fund invests exclusively in US-based companies that are led and controlled by BIPOC (Black, Indigenous, and people of color) and/or female founders, and that are breakeven and poised to grow profitably. The fund’s investment objective is to construct a portfolio of innovative businesses with a high level of measurable and positive social and economic impact.
“At Needham Bank, we’re committed to fulfilling the Community Reinvestment Act and supporting our ongoing goal of helping previously under-served communities,” said Joseph Campanelli, Chairman, President and Chief Executive Officer. “Reinventure is diligently expanding the investment opportunities offered to BIPOC and women founders, and I’m glad Needham Bank is able to be a part of such a meaningful racial and social justice program.”
Needham Bank submitted the first $1 million to Reinventure in June and is planning to complete the remaining commitment in 2023 to support investments in the fund.
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Reinventure President Ed Dugger commented, “While many financial institutions continue to disregard the abundance of evidence pointing to the financial and social advantages of investing in overlooked BIPOC and female founders, Needham Bank is among a rarefied few who are leading the way by making inclusion a priority. Reinventure Capital is proud to work with Needham Bank to back underestimated founders who are building the future.”
Reinventure has invested in six businesses so far through the fund, including New York-based Canela Media, which operates the first free streaming service for US Hispanics; Portland, Oregon-based OpConnect, which provides electric vehicle charging services for fleets and multiunit developments; Dallas-based Zirtue, which simplifies peer-to-peer lending and borrowing; New York-based Adventr, which enables professionals and amateurs alike to make data-rich interactive video; Detroit-based Livegistics, which provides real-time digital chain of custody for the construction, demolition, hauling, and landfill sectors; Brattleboro, Vermont-based Home Outside, which is utilizing AI/AR to put award-winning landscape design in the hands of DIY homeowners.
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