Kapor Capital, a venture capital firm that focuses on funding both social justice initiatives and initiatives featuring founders of color, has announced that it’s raising a new $125 million fund — Kapor Capital, Fund III.
According to TechCrunch, what makes this new fund so unique is that it will be the first time that Kapor Capital will be accepting financing from outside investors. In the past, all the funding for the various ventures came from founders Mitch Kapor and Freada Kapor Klein.
TechCrunch is further reporting that the new $125 million fund will be led by partners Brian Dixon and Ulili Onovakpuri, who will also serve as the co-managing partners for the fund, as well.
“What we have found is that more needs to be done in order to keep [people from diverse backgrounds] in and happy, so that’s what I’ve invested in,” Onovakpuri said in the announcement.
Dixon, meanwhile, is one of the first Black investors to be promoted to a partner at a venture capital firm, a feat he accomplished back in 2015. He’s also one of the first and youngest Black partners at a Silicon Valley VC firm, according to Kapor Capital’s website.
When promoted, Dixon told TechCrunch that his goal at the time was to focus on increasing the number of founders who identify as women and/or an underrepresented person of color in the Kapor Capital portfolio to above 50%.
Now, 59% of the companies in Kapor Capital’s portfolio have a founder who identifies as a woman and/or an underrepresented person of color.
Kapor Capital has invested in companies like BlocPower, Bitwise, Promise, and Aclima.
Editorial Note: According to TechCrunch, KaporCapital declined to make a statement in regards to the news.