The Heritage Group (THG), a diversified US-based holding company, has launched a corporate venturing unit called HG Ventures, through which it plans to invest $50m each year.
HG Ventures will make strategic investments in early and growth-stage companies in THG’s core sectors of infrastructure, materials, energy and environmental services. It does not have a specific fund size.
THG president Amy Schumacher said: “The Heritage Group has a long history of developing innovative solutions for its customers, and HG Ventures will further catalyse this entrepreneurial culture.
“Our aspiration for the new venture arm is to bring THG’s spirit and experience, at scale, to a much broader range of early-stage companies and opportunities.”
The unit will be overseen by THG’s newly formed New Ventures Group, a division headed by Kip A. Frey, an executive vice-president hired last month from Duke University, where he was vice provost for innovation and entrepreneurship.
THG is a separate entity from Heritage Group, the healthcare-focused venture capital firm with a portfolio that includes Vivify Health, Abode Healthcare and MDLive.