MaC Venture Capital has closed its third fund.
According to a press release shared with AFROTECH™, the venture capital firm, launched in 2019 by former Washington, DC, Mayor Adrian Fenty and seed-stage venture capitalist Marlon Nichols, primarily invests in Black, Hispanic, or female-founded companies and has raised $150 million in its third investment fund. Returning investors in this round include Boston College, Fairview Capital, the Los Angeles Fire and Police Pension, the Michigan Department of Treasury, Stepstone, the Teachers’ Retirement System of Illinois, and the University of Michigan.
This investment brings MaC Venture Capital’s assets under management to $600 million, making it one of the largest seed-stage firms in Los Angeles, CA, and North America, per the release.
“We’re grateful that we’ve grown so quickly in recent years, emphasizing that our investment framework succeeds in finding untapped potential in dynamic founders,” Fenty said. “During a time when the fundraising market looks troubling for early-stage startups, we continue to be a strategic partner equipped to help companies with fresh and powerful missions emerge on a global scale. Our team is full of experts who continuously provide access and opportunity to founders with grit, determination and the ability to build the world’s next category leading companies, no matter where they’re from or what sector they specialize in.”
Already, the fund has been deployed with check sizes averaging between $2 million and $3 million. The fund’s goal is to continue investing in diverse founders and industries such as aerospace, enterprise software, fintech, health tech, and defense, among others.
“In today’s complex and rapidly changing world, it is critical that we remain strategic and steadfast in tapping into the sectors that build a better future for America,” Nichols explained. “This third fund keeps us committed and laser-focused on our vision to be a generalist firm run by experts across emerging sectors. Given the standout successes we’ve already seen from our first and second funds, which are top quartile to top decile performers based on TVPI and IRR figures, we are building on that momentum and providing all up-and-coming founders an equal seat at the table, while still strategically backing companies that are culture-first and providing successful outcomes.”
