Best Buy Fiscal Year 2022 ESG Report | 53 Diversity, Equity & Inclusion . Supplier diversity. At Best Buy, we believe that supplier diversity increases competition, promotes innovation, serves customer needs and aligns with our business strategy. It is our policy to promote and provide opportunities to diverse suppliers while ensuring that we receive the highest quality products and services at the greatest value. In June 2021, we promised that we would do better at working with diverse suppliers throughout our company. We committed to spending at least $1.2 billion with BIPOC and diverse businesses by 2025 so we can help increase representation in our company and the communities we serve. Partnerships like these help us in our efforts to create a stronger, more vibrant community of diverse innovators in the tech industry. Brown Venture Group (BVG): We’ve also committed to investing up to $10 million with Brown Venture Group, a Minneapolis-based venture capital firm that focuses exclusively on Black, Latinx and Indigenous emerging technology startups. Best Buy launched a partnership with BVG in FY22 to co-create solutions that will lead to greater economic flourishing for contributors of color. BVG will also partner with us to launch an entrepreneurship program at Best Buy Teen Tech Centers to help develop young entrepreneurs through education, mentorship, networking and funding access. RangeMe: In December 2021, we launched a new partnership with RangeMe, an online sourcing platform that connects us with more than 200,000 potential brands and their products, to expand our network of diverse-owned and operated suppliers. RangeMe is helping us discover and connect with a wide variety of brands to bring new products to our customers online and in stores. In FY22, Best Buy’s procurement team launched a new online submission form that provides our suppliers a user-friendly way to submit their supplier diversity information. This form is another step in the validation process to ensure the data is relevant and accurate to our supplier diversity spend request. Suppliers are asked to provide their spend data via this form twice each fiscal year. We also have created an internal database of diverse vendors to enable our sourcing team to better focus on Tier 1 growth with diverse companies that contract with and are paid directly by Best Buy. To qualify as Tier 1, a company’s ownership must be held by a minimum of 51% individuals who identify as Black, LatinX, Asian, Indigenous, LGBTQIA+, woman, veteran or disabled.