The firm's latest backing of Bounce Imaging reflects growing confidence in Western New York's startup ecosystem—and it's already planning Fund II.
Jim Aroune usually walks into rooms wearing jeans and a sportcoat. A backpack is slung over one shoulder. He’s got a distinct style, kind of like he’s queuing you up, kind of like a reporter.
Aroune, the former Rochester-based newsman, cofounded Brown & White Ventures with Chuck O’Neill in 2024.
The premise is unique in a whole bunch of ways. Brown & White was started by a group of highly engaged St. Bonaventure University alumni, and while not affiliated with the university, they have pledged 10% of their net profits as a charitable contribution back to the school.
Those profits will come from their main activity, venture capital, which means they invest in startup companies out of a dedicated fund.
They’re finishing up their first fund right now.
It won’t be their last.
And while not exclusively dedicated to Western New York, Brown & White has become a legit source of local dealflow over the past two years. Their investments include Buffalo-based KAV Helmets, wellconnected, Finta and, most recently, Bounce Imaging.
It’s been a learning experience, Aroune says. It’s been fun.
And he thinks Brown & White’s portfolio companies are changing things for the better.
Ok, what is your firm’s investment thesis?
Aroune: What we look for is not only the great business person or driven entrepreneur, but the person who wants to do well for others by creating something special. Coming out of the Franciscan tradition (at Bona), that’s an important part of our consideration.
Our investors are drawn to that mission, and also to our goal of delivering 10% of net profits as a charitable contribution back to the the university. All but nine of Brown & White’s inventors are St. Bonaventure alums, and we’re proud of this connection even though our work is independent of the university.
Finally, we are building amazing relationships through Western New York with people who are looking to create the new economy here, and our limited partners believe that is a worthwhile expression of support.
What convinced Brown & White to invest in Bounce Imaging?
Aroune: Bounce is exactly the kind of company we look for. They're solving a mission-critical problem with technology that's already been proven in the field.
This isn't a company that's still trying to figure out whether customers want its product. They're already a U.S. Special Operations Command Program of Record. They're deployed with the FBI and military units around the world. They have real customers, real revenue and a tremendous opportunity in front of them.
Just as importantly, they're building that company here in Western New York.
Defense tech is booming. Buffalo's Bounce Imaging is surging
Nearly half your portfolio is now based in Western New York. Was that always the plan?
Aroune: We've been fortunate.
Organizations like 43North and others throughout the ecosystem have introduced us to outstanding founders building meaningful companies.
As we've spent more time in the region, we've simply continued finding companies that fit exactly what we're looking for.
What have you learned about Buffalo's startup ecosystem?
Aroune: Entrepreneurial spirit is magnetic.
When great founders start building companies, they attract more than customers. They attract investors, mentors, operators and people who simply want to help.
That's what we're seeing happen here.
Western New York's economy is evolving, and people want to be part of building what's next. I personally consider myself very fortunate to be working for an organization that is working to make that change, to help people move forward with new ideas.
Fund I is nearing full deployment. What's next?
Aroune: We'll continue deploying Fund I through late 2026 and into early 2027.
At the same time, we're already beginning to think about Fund II. Next year will largely be spent developing Fund II.
Every investment has taught us something about where opportunities exist and how to support founders more effectively. Those lessons will shape what comes next.
We're excited about continuing to invest in companies that are building important technologies while helping strengthen the innovation economy here in Western New York.
