TechTown and partners launch Venture 313 fund
TechTown has joined forces with the Gilbert Family Foundation, Invest Detroit, and Detroit Development Fund to launch Venture 313, a three-year, $10 million commitment that will provide the next generation of Detroit entrepreneurs with capital, mentorship, and more.
"In the largest majority-Black city in the country, we are excited to work alongside such dedicated partners to help bridge the venture capital gap that sees only 1 percent of funds go to Black founders," says Jennifer Gilbert, co-founder of the Gilbert Family Foundation.
Through partners, Venture 313 will invest $500 to $250,000 into Detroit businesses through a mixture of grant funding and equity-like investments, depending on each business's size, situation, and need.
Read more about Venture 313 in DBusiness.