Nubank, a Brazil-based bank, has launched a corporate venture capital fund targeting black entrepreneurs
Nubank’s R$1m ($) Semente Preta fund will invest in Brazilian afro-descendente founders’ seed rounds. project website.
Separately, MaC Venture Capital, a US-based seed-stage venture capital firm majority-owned by black investors, has raised $103m for its debut fund including corporate commitments.
The fund’s limited partners include retailer Foot Locker, investment bank Goldman Sachs, Bank of America, VC firm Greenspring Associates, Howard University, MacArthur Foundation, the University of Michigan, the State of Michigan Retirement System, and Mitch and Freada Kapor.
The four founding general partners, Marlon Nichols, Adrian Fenty, Michael Palank and Charles King, came together through a 2019 merger between Cross Culture Ventures (co-founded by Nichols) and M Ventures (co-founded by Fenty, Palank and King).
MaC Venture Capital has invested in 25 companies so far, including Pipe, Stoke, Goodfair, Finesse, PureStream, and Sote.
