US-based financial services firm Citi has used its $200m Citi Impact Fund to invest undisclosed amounts in five companies addressing societal issues.
The companies include Greenwood, the creator of a digital platform for African American and Latinx banking customers, and MoCaFi, which has developed a mobile-first banking platform focused on underserved communities in the US.
The fund has also backed Moving Analytics, the provider of a cardiac rehab management platform for patients with heart conditions, in addition to distributed energy technology developer OhmConnect.
Sweeten, the operator of a digital platform which connects construction projects with local contractors, rounded off the list of new investees.
Citi launched the Impact Fund in January 2020 with the aim of backing companies that have a positive impact on society in areas such as workforce development, sustainability, financial inclusion and physical and social infrastructure.
The vehicle was initially allocated $150m of capital before Citi supplied an additional $50m to in September 2020 specifically for businesses founded by black entrepreneurs. It has invested in 16 companies through the fund since its launch, more than half of which are minority-owned and women-owned.
The company had previously revealed investments in seven companies through the scheme in January 2021.
Ed Skyler, Citi’s head of global public affairs, said: “The companies we have invested in through the Citi Impact Fund are implementing innovative solutions to help tackle these pressing environmental, social and economic challenges. Equity investing is a powerful tool and we are proud to be able to use Citi’s balance sheet to make our communities stronger.”