Insurance company Massmutual has raised a $100M fund to invest in African-American-led businesses.

 

Insurance company Massmutual has raised a $100M fund to invest in African-American-led businesses.   The impact of its investment commitments stands at $300M. The fund will be officially named the MM Catalyst Fund. This fundraise is double the value of the company's first Catalyst Fund, which stood at $50M. Since 2021, the MM Catalyst Fund has invested in 16 businesses across Massachusetts, focusing on Black-led companies and rural areas. Some of its portfolio companies are Hourwork and Cleancrop Technologies. The company aims to expand to new markets in the U.S. and Canada soon.