DIVERSITY: MaC Venture Capital Closes $101M Fund Aimed at Diverse Founders
In partnership with dot.LA, inter-TECH-ion is publishing this article, written by Ben Bergman…
MaC Venture Capital, one of the few majority Black-owned venture firms to focus on increasing the woefully slim number of non-white founders, closed its first $110 million fund.
The two-year-old firm came into being when Cross Culture Ventures, co-founded by Marlon Nichols and Troy Carter, merged with M Ventures. That united Nichols with former Washington, D.C. Mayor Adrian Fenty; former William Morris Agency talent agent Michael Palank and MACRO founder and CEO Charles D. King, who was the first Black partner at a major Hollywood talent agency.
Their two previous firms had funds in the $20 million range and wrote smaller checks. Now with a bigger vehicle, and more star power, MaC aims to start investing in seed-stage upstarts at the million-dollar level – going up to two million in some cases – in return for a 10% stake….
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