Dealflow | April 8, 2021

MassMutual backs Reinventure Capital fund for diverse founders

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, April 8 — A Reinventure Capital impact venture fund, led by Edward Dugger III, received a “catalytic commitment” of $5 million from MassMutual. The Boston-based fund could receive an additional $5 million if other limited partners match the life insurance company’s allocation.

The Black- and women-led firm has raised about $16 million toward a planned $50 million fund to invest in U.S.-based companies led and owned by women and Black, Indigenous and other founders of color.

Returns on inclusion

Reinventure has backed New York-based Canela Media, a Latina-owned digital media company; and Black-led OpConnect, a Seattle-based EV charging-management platform. Says Dugger, “We see tremendous entrepreneurial talent and abundant investment opportunity which the mainstream venture community simply overlooks.”