MILWAUKEE, Wis. – Corporate Central has established a venture capital fund called Emerging Ventures it said is intended to drive long-term credit union capabilities through innovative and strategic investing.
Through Corporate Central, the Emerging Ventures capital will leverage the strength of the organization to make strategic investments in emerging financial technology companies to drive future success, the corporate said.
Gregg Tushaus, SVP/chief technology and strategy Officer at Corporate Central and president of Emergifi,will lead the overall development and management of the Emerging Ventures pipeline and will be Corporate Central’s primary interface with investment networks, investors, and portfolio companies.
“Emerging Ventures is targeting investments of $100,000 to $400,000 in seed, series A or series B rounds of companies that align with our strategies,” Tushaus said. “We are seeking a return on our investment appropriate for the risk, yet we are seeking strategic investments for the benefit of our members, not just financial investments.”
Five-Person Committee
According to Corporate Central, a committee of five progressive financial leaders will be responsible for evaluating investment opportunities, performing due diligence, and selecting investments to bring before the Corporate Central board of directors for approval. Investments and actions will comply with NCUA Regulation 704 and all future regulatory changes that may occur.
Corporate Central said that per Tushaus, the committee prefers pooling efforts and investments with other credit union industry investors by leveraging networks and groups to find opportunities.
“We will pursue innovative and emerging businesses and business leaders that will benefit from Corporate Central’s expertise in thought leadership and our nationwide credit union industry network,” said Tushaus. “We will actively engage in opportunities to develop partnerships for delivering products and services and seek out innovative financial technology businesses that align with our strategy.”
Specific Areas of Focus
Corporate Central said specific areas of interest will include the following:
- Financial Wellness: Businesses that advance credit union financial wellness or provide products and services that enhance credit union members’ financial wellness.
- Value-Added Service (via technology): Businesses that add value or enhance financial services products and services and provide credit unions a competitive advantage.
- Ecosystem. Businesses that enhance the credit union and financial services ecosystem through connectivity and integration ensuring credit unions thrive in the evolving financial services ecosystem.
Additional information can be found here.