TLDR:
- Impact X Capital Partners is seeking to raise $126 million for its second fund, with backing from Bank of America.
- The firm plans to focus on investing in later-stage seed and Series A funding rounds across technology, media, and healthcare sectors.
Diversity-focused venture capital investor Impact X Capital Partners is looking to raise 100 million pounds ($126 million) for its second fund, with the backing of investors including Bank of America. The firm, known for its early support of the fast-growing insurance technology company Marshmallow, aims to invest in later-stage seed and Series A funding rounds across various sectors, such as technology, media, and healthcare.
Impact X Founding Partner and Chief Investment Officer, Paula Groves, emphasized the importance of supporting underrepresented entrepreneurs in gaining economic parity in terms of access to capital. She highlighted the existing disparity where less than 4% of venture capital goes to women and less than 1% to Black entrepreneurs, expressing the firm’s commitment to making a significant impact in changing these statistics.
Bank of America, along with other investors like the Visa Foundation, Guy’s and St Thomas’ Foundation, and Atomico, have joined in supporting Impact X’s efforts. The first investment from the new fund, Impact X Global I, will go to British property technology company iKnowa. Bernard Mensah, President of International at Bank of America, commented on the investment, emphasizing the commitment to advancing economic opportunities for diverse communities.
The initial investors in the new fund have contributed approximately 12 million pounds, demonstrating strong support for Impact X’s mission to empower diverse-led businesses and make a lasting impact.
Overall, the aim is to address the longstanding disparity in venture capital funding and provide greater support for underrepresented entrepreneurs, ultimately driving positive change in the investment landscape.
