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.
Recommended For You
"At CMFG Ventures, we're well aware of the barriers to entry that exist for people of color and women entrepreneurs in gaining access to venture capital. Through the launch of our Discovery Fund, we believe we can build a more diverse portfolio of companies to support now and invest in further as they grow," Brian Kaas, president and managing director of CMFG Ventures and SVP of corporate development at CUNA Mutual Group, said.
He added, "We also see a great opportunity to provide resources to help these young companies develop by getting in front of credit unions and credit union customers. Credit unions are mission-based, serving middle market communities that are too often overlooked by other financial services providers."
According to a statement from the Madison, Wis.-based CUNA Mutual Group, the Discovery Fund has finalized three investments to date, with a steady pipeline expected for the rest of 2021 and beyond. Investments closed to date include:
- Home Lending Pal, an AI-powered mortgage advisor and blockchain-based marketplace built to address mortgage inefficiencies and biases.
- Line, a platform through which consumers can access up to $1,000 for essentials or emergencies with no interest or income restrictions.
- Pulsate, a marketing communications platform that enables financial institutions to send personalized messages to members, driving engagement, sales and loyalty.
Over the past five years, CMFG Ventures has made more than $200 million worth of investments in 28 companies, primarily focused on Series A and B rounds of funding, according to a statement from CUNA Mutual Group.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
