ImpactAlpha, June 21 — Black women-owned venture capital investor Impact America Fund has raised $112 million for its third fund. The fund more than doubles Impact America’s Fund II, which raised $55 million in 2020 in what was then one of the largest raises by a solo Black woman general partner.
The new fund will invest in 30 early-stage companies. Impact America targets founders that “are working to build massively profitable and purposeful companies that can uplift Black and Brown workers, families and small businesses,” Impact America’s Kesha Cash wrote in a post. Cash declined to further comment.
“As the venture market contracts and the needs of low and moderate income communities across the country grow, we’re prioritizing portfolio support,” Cash wrote.
Limited partners in the new fund include MassMutual, Health Forward, Cambridge Associates, Goldman Sachs Asset Management and Deutsche Bank. Foundations, including Ford, MacArthur, California Wellness, Marguerite Casey and W.K. Kellogg, also committed to the fund.
The third fund brings Impact America’s total assets under management to $177 million.