CMFG Ventures, the venture capital arm of CUNA Mutual Group, has launched the CMFG Ventures Discovery Fund, which will invest in early-stage companies with diverse founding teams (people of color and women) targeting the financial technology industry, the company announced recently.

According to a release, the Discovery Fund will launch with an initial commitment of $15 million over three years. It has closed three investments to date.

“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,” CMFG Ventures President and Managing Director Brian Kaas said in a statement. “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.”

The fund will be led by Elizabeth McCluskey.