Mac VC Raises $150 Million in New Fund III Investment
Posted: 1:00 PM PDT · October 31, 2024
MaC Venture Capital, a minority-owned investment firm, has recently closed its third fund with a whopping $150 million in capital. This impressive achievement solidifies MaC VC’s position as one of the largest closes for a minority-owned firm this year.
Background on MaC VC
Founded in 2019, MaC VC has quickly established itself as a prominent player in the venture capital landscape. With a current asset under management of $600 million, the firm has demonstrated its ability to attract and retain top-tier investments. Notable portfolio companies include Chef Robotics and Stoke Space, both of which have shown significant growth and promise.
Impact on Black Founders and Fund Managers
The closing of MaC VC’s Fund III is particularly noteworthy given the current climate for black founders and fund managers. Despite their growing importance in the startup ecosystem, these individuals continue to face significant challenges in raising capital. The decrease in allocated capital to black people has made it increasingly difficult for them to secure funding.
Key Features of MaC VC’s Fund III
- Increased Check Sizes: With $150 million at its disposal, MaC VC will be investing between $2 million and $3 million into seed-stage companies. This significant increase in check sizes reflects the firm’s confidence in its ability to identify and support high-growth startups.
- Diversified Investment Strategy: MaC VC’s investment portfolio already spans multiple sectors and geographies, including Africa. The firm’s commitment to investing in diverse industries and regions underscores its dedication to promoting innovation and economic growth.
Significance of the Fund III Closing
The closing of MaC VC’s Fund III marks a significant milestone for the firm and the broader venture capital community. As one of the largest closes for a minority-owned firm this year, it serves as a testament to the firm’s ability to attract top-tier investors and secure significant funding.
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