MADISON, Wis.–CMFG Ventures, the venture capital arm of CUNA Mutual Group, has released a report that provides details on the impact of its Discovery Fund, which was created to invest in early-stage companies with diverse founding teams building solutions for financial inclusion.
“The Discovery Fund builds on the established track record of CMFG Ventures, which has made over $300 million worth of investments in 40 companies over the past six years,” the company said. “Launched in 2021, the Fund has invested $6.75 million in 17 companies and is on track to invest $15 million in its first three years. Those investments support companies led by women, BIPOC (Black, Indigenous, and people of color) or LGBTQ (lesbian, gay, bisexual, transgender, and queer) founders to help reduce the inequity in venture capital.”
In releasing the report, CMFG Ventures said that venture capital-backed startups remain significantly male (89.3%) and white (71.6%), and that despite the increase in venture capital funding over the past few years, women and people of color continue to be at a disadvantage.
The company added, however, the Discovery Fund is “closing the equity gap and empowering underrepresented founders,” noting that of its investments to-date, 36% were companies founded by women (compared to 2% in the industry), and 57% were BIPOC founders (compared to 2% in the industry).
The ‘Mission’
“Our mission is to find companies that are making products and services that are actually improving the lives and financial health of everyday Americans, particularly low and moderate-income consumers and those who have been underserved by the traditional financial system,” said Elizabeth McCluskey, director of the Discovery Fund.
CMFG Ventures noted the report also includes case studies from companies in the Discovery Fund’s portfolio.
The full report can be found here.
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