ImpactAlpha, April 17 – MassMutual launched its first Catalyst Fund in 2021 with $50 million to invest in diverse-led and rurally-based startups in Massachusetts. With the first fund almost fully deployed, MassMutual is reupping its commitment with a second, $100 million Catalyst Fund.
A portion of the fund will co-invest with first-time Black, Indigenous and Latino-led funds, which MassMutual supports through its $100 million First Fund Initiative.
MassMutual manages about $316 billion in assets. The new Catalyst fund will bring its total impact investments to $300 million.
The insurance company’s first fund has invested in companies like Black woman-led MeetCaregivers, an online marketplace that matches seniors with caregivers for home care, and CareAcademy, which provides online training for home caregivers. Nth Cycle is salvaging valuable minerals from EV batteries and other electronics. RLP has developed 3D printing technology to make affordable prosthetic devices.