MaC Venture Capital is a Black owned venture capital firm that invests in technology startups across a broad range of business sectors, including fintech, e-commerce and marketplaces, interactive media, connectivity, enterprise SaaS, space and aerospace, logistics, and more.
Today, the Los Angeles and Palo Alto based company announced it has raised its inaugural $110 million seed-stage fund. This is the largest investment received by a majority Black owned fund. They plan to use the funds to invest in 40 seed-stage companies across the globe, targeting $1 million for each initial investment.
“Although we are investing at a founder’s earliest stage, with a minimum viable product and early traction, we ground ourselves in seeking big opportunities — companies that have the potential to scale quickly, change an industry, and bring something net-new to society. We look for ambitious founders who want to build billion-dollar category leaders,” said Adrian Fenty, managing general partner.
“We evaluate investments based on the merits and potential of their ideas, not just resumes, to find value in founders where others might not. This brings us differentiated deal flow and the ability to look around corners to identify white space in areas that are often overlooked. Not only do we have the opportunity to really change the way capital is allocated by investing in more Black and Brown founders, we can also power companies that are closing the opportunity gap for large groups of people and create more diversity across a wide range of verticals,” said Marlon Nichols, managing general partner.
“With MaC Venture Capital, our mission is to invest in visionary founders who are building the future we want to see. And a big part of that is thinking about culture and how it’s shifting, changing behaviors, and eventually guiding new social norms. Our cultural investment lens stays ahead of that, leveraging research to identify how consumers and companies will spend their time and money in the future and looking for investment opportunities that will ultimately participate in those shifts,” said Michael Palank, general partner.
“I don’t think there’s another fund that looks anything like us,” said Charles D. King, general partner. “We represent a very diverse range of perspectives, skill sets, and networks, bridging Silicon Valley, Hollywood, Los Angeles, and Washington, D.C., and we leverage that to support our founders. And we have the ability to broker mission-critical introductions that can cement a company’s trajectory, whether in technology, business, politics, entertainment, or finance.”
The firm intends to make 40 investments with this new fund, with an average investment of $1 million. The fund’s limited partners include Foot Locker, Inc., Goldman Sachs, Greenspring Associates, Bank of America, Howard University, MacArthur Foundation, the University of Michigan, State of Michigan Retirement System, and Mitch and Freada Kapor, among others.
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