Washington (CNN) A new political group called the Black Economic Alliance publicly launched Monday with $3.5 million raised for this year's midterm elections and plans to back 10 to 15 candidates.

The group, which seeks to marshal black business leaders behind an economics-focused political push, announced four initial endorsements of Democratic candidates: Stacey Abrams for Georgia governor, Ben Jealous for Maryland governor, Richard Cordray for Ohio governor and Virginia Sen. Tim Kaine in his re-election bid.

Tony Coles, a biotech executive who is the co-chairman of the group, said in addition to the $3.5 million at launch, the group has "conversations ongoing with significant donors and grassroots organizers for additional fundraising in the coming weeks" and plans to spend "additional millions of dollars" on the midterms.

The group's executive director, Akunna Cook, told reporters on a conference call that the group will back candidates in states and districts with at least a 10% black population, and where the elections are likely to be competitive. Cook said the group will both contribute to candidates and back get-out-the-vote efforts.

She said the group's goal is to endorse candidates in 10 to 15 races in this year's midterm elections, with 10 to 12 endorsements in congressional races coming after Labor Day.

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