BMO and City National Bank Invest in The 22's $42 Million Fund to Drive Clean Communities and Manufacturing Jobs of the Future
The Californer/10320722

LOS ANGELES, July 22, 2025 ~ Los Angeles-based venture capital firm, The 22 Fund, has recently announced multi-million-dollar equity investments from BMO Bank N.A. and City National Bank. BMO has invested $5 million while City National has put in $3 million into The 22's recently closed approximately $42 million fund. These investments were made through each bank's Community Reinvestment Act (CRA) initiatives.

According to Carl Jenkins, Managing Director and Group Head of Community Capital Solutions at BMO, this investment aligns with the bank's purpose of "Boldly Growing the Good" in business and life. He stated that their investment in The 22 Fund is in line with their CRA strategy to close funding gaps, create good jobs, and empower communities to thrive.

Adey Tesfaye, Senior Vice President and Head of CRA at City National Bank, also expressed their excitement in backing a venture model that focuses on export-oriented businesses and delivers measurable community outcomes. She added that The 22 Fund's mission aligns with City National's CRA commitment of creating long-term economic opportunities.

The CRA was enacted to address systemic disinvestment in low- and moderate-income (LMI) communities and has traditionally focused on affordable housing and community lending. However, The 22 Fund is pioneering a new pathway by channeling CRA-driven capital into venture investments that address climate change, create high-quality jobs, foster innovation, and promote inclusive economic development in underserved areas.

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Tracy D. Gray, Founder and Managing Partner of The 22 Fund, believes that the CRA is one of the most powerful tools for creating equitable economic outcomes in the country. She stated that they are proud to be among a small but growing number of venture firms using CRA capital to support diverse founders and scale climate technology.

The 22 Fund invests in innovative U.S.-based manufacturing companies with strong export potential and scalable business models. Their goal is to generate both financial returns and tangible socioeconomic impact without compromise. Currently, all five of their portfolio companies meet these inclusive criteria.

In addition to BMO and City National Bank, The 22 Fund has also welcomed Annie E. Casey Foundation, Sierra Club Foundation, Include Ventures, and Heading for Change as LPs in 2024. These investors are leaders in impact and climate investing and are leveraging their capital to build stronger communities.

The 22 Fund's model uniquely qualifies under CRA guidelines by directly supporting the creation of clean quality jobs of the future and improvement in LMI areas. With its targeted approach to inclusive climate tech manufacturing, The 22 Fund delivers impactful, scalable outcomes that align with the original intent of the CRA.

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