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Finger pressing on a new idea for investment Source: Shutterstock.

CMFG Ventures, the venture capital arm of CUNA Mutual Group, announced a new investment fund that will target early-stage start-up organizations founded by people of color and women in the fintech industry.

The Discovery Fund, announced on Wednesday, will launch with an initial commitment of $15 million over three years, according to a statement from CUNA Mutual Group. Elizabeth McCluskey, who came to CMFG Ventures from a woman-owned and led venture capital and private equity firm, Impact Engine, will manage the fund.

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Michael Ogden

Editor-in-Chief for CU Times.

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