MassMutual Launches $50 Million Commitment That Includes Investment To Assist Black Businesses
(iStock.com/Cecilie Arcurs)
A major player in the life insurance business, MassMutual has launched a $50 million pledge to help spark job creation and business growth for diverse entrepreneurs.
The fund will be evenly split between two sleeves of capital: One is “MMCF Growth,” a $25 million community growth sleeve to target equity and debt investments in Black-owned, founded, or managed businesses in Massachusetts, including in Boston. Another is “MMCF Tech,” a $25 million technology sleeve to target equity investments in Massachusetts tech firms based outside of Boston.
The MMCF will compile a portfolio of early and mid-stage firms with investments of $250,000 to $2.5 million each. And officials report investment decisions will consider strong leadership teams and place emphasis on racial diversity for those in the growth sleeve to boost access to capital for the Black communit