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Capital Best Buy

Best Buy Announces Investments With Brown Venture Group

What to know about the new DEI commitment from Best Buy:

  • Best Buy announced an investment of up to $10 million with Brown Venture Group, a VC firm that focuses on Black, Latinx, and Indigenous tech startups in emerging technologies
    • The company says the investment is expected to be one of the largest funds in the United States with a diversity mandate
    • Investment will being this fall
  • In a release, Best Buy said the goal of the investment is to, “…help break down the systemic barriers often faced by Black, Indigenous and people of color (BIPOC) entrepreneurs — including lack of access to funding — and empower the next generation within the tech industry.”
  • The investment is step toward the retail giant’s commitment to spending at least $1.2 billion with BIPOC and diverse businesses by 2025

The Quote: Corie Barry, CEO of Best Buy

“We’re committed to taking meaningful action to address the challenges faced by BIPOC entrepreneurs. Through partnerships like this, we believe we can begin to do this by helping to build a stronger, more vibrant community of diverse innovators in the tech industry, some of whom we hope will become partners of Best Buy in the future.”

Alex Skjong
Alex oversees the content produced for BETA, Twin Cities Startup Week, and When he’s not writing or editing, there’s a good chance he’s enjoying a refreshing brew and explaining the merits of heavy metal (of which there are many).