MassMutual earmarks $50M investment fund targeting Black-owned businesses
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Downtown Worcester
MassMutual, a Springfield-based life insurance company, announced on Thursday the launch of its new MM Catalyst Fund, a $50-million investment commitment aimed at promoting business growth among diverse entrepreneurs throughout Massachusetts.
The $50 million will be divided into two pools: a $25-million community growth sleeve, which will target equity and debt investments in Black-owned, founded or managed businesses across the state, and a $25-million technology sleeve which will target equity investments in local tech companies based outside of Boston.
The MM Catalyst Fund will build a portfolio of early and mid-stage companies with investments ranging from $250,000 to $2.5 million, according to the announcement. Investment decisions will place an emphasis on racial diversity, aimed at increasing access to capital for the Black community.
Fund managers will set goals to track diversity outcomes and identify underrepresented groups missing in its pipeline, deal selection and portfolio across both sleeves. The application page is live and online.
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