Majority Black-owned MaC Venture Capital raises $203 million in second fund

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(Reuters) – MaC Venture Capital said on Monday it had raised $203 million in its second fund, nearly doubling the capital the majority Black-owned venture firm raised for its inaugural fund last year.

MaC Venture has invested in 50 companies, including financial services firm Pipe and rocket company Stoke.

Of its portfolio companies, 36% are led by women founders and 69% have Black, Indigenous, People of Color (BIPOC) founders, said MaC Venture, which has around $412 million worth of assets under management.

The company, born out of a merger between Cross Culture Ventures and M Ventures, had raised $110 million for its seed fund in March last year.

While corporate America’s acknowledgment of its diversity problem has grown, the pace of change has remained slow. Data from Crunchbase compiled for Reuters showed startups with a Black or Hispanic founder got 3.5% of the record $311 billion U.S. venture funding last year, up from an average 2.5% in the previous five years.

(Reporting by Niket Nishant in Bengaluru; Editing by Maju Samuel)