Majority Black-run MaC Venture Capital raises $110M seed fund

p 1 majority black run vc firm raises dollar110 million seed fund

Charles D. King, common companion of MaC Venture Capital, doesn’t suppose there’s one other fund that appears like this one.

That’s as a result of the enterprise capital agency is majority Black-owned. And it simply introduced the elevating of its inaugural $110 million seed-stage fund.

Along with King, the L.A.- and Silicon Valley-based MaC Venture Capital counts amongst its founding companions enterprise capitalist Marlon Nichols; former Washington, D.C., mayor Adrian Fenty; and Michael Palank, a former William Morris Company expertise agent and operator, adviser, and investor.

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Collectively they’ve already invested in 25 firms, together with FinessePureStream, and Sote. And previously, MaC’s companions individually invested in additional than 135 firms, together with Gimlet Media and Walker and Co.

In an announcement, the founders mentioned they use a “cultural funding framework, utilizing enterprise and client development analysis to establish firms which are leveraging shifts in tradition and conduct.” MaC Venture Capital’s portfolio is world and represents quite a lot of industries, similar to fintech, e-commerce, enterprise SaaS, aerospace, logistics, and others.

“We consider investments primarily based on the deserves and potential of their concepts, not simply resumes, to seek out worth in founders the place others may not,” mentioned Marlon Nichols, managing common companion, in an announcement. “Not solely do we’ve got the chance to essentially change the way in which capital is allotted by investing in additional Black and Brown founders, however we are able to additionally energy firms which are closing the chance hole for giant teams of individuals and create extra variety throughout a variety of verticals.”

Most up-to-date knowledge signifies that Black founders lead only 1% of VC-backed startups and 80% of VC funds don’t have any Black buyers. “We hunt down founders seeking to clear up issues for the 99%,” the founders wrote in a weblog submit.