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MassMutual Launches $50M Catalyst Fund to Invest in Black Businesses and Tech Firms

Insurance company MassMutual is making a $50 million commitment to invest in entrepreneurship that supports both early and mid-stage Black-owned businesses as well as tech and sustainability-focused companies based in Massachusetts. According to the company’s website, the MM Catalyst Fund (MMCF) is targeting a dual approach to creating impact on Massachusetts’ entrepreneurial environment. This approach includes driving growth and capital for these businesses to expand successfully. The fund will invest in two evenly-split sleeves that will allocate $25 million toward tech and sustainability and another $25 million toward the development of Black businesses. According to a press release, the fund will distribute investments of $250,000 to $2.5 million for each company in its business portfolio. Moreover, these investment decisions will place emphasis on increasing racial diversity and consider strong leadership teams to be included in the fund. The motivation behind this fund is to...

Njera Perkins

Mar 11, 2021