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Today: May 27, 2024
May 3, 2024
1 min read

NYCEDC Greenlights NYC Catalyst Fund Investments: Boosting Harlem and Maycomb

TLDR:

  • NYCEDC Executive Committee approved the first two investments from the NYC Catalyst Fund: Harlem Capital and Maycomb.
  • The NYCCF aims to support diverse entrepreneurs and impact areas such as community development and high-wage, high-growth sectors.

New York City Economic Development Corporation (NYCEDC) recently announced that its Executive Committee has approved the first two investments from the NYC Catalyst Fund (NYCCF). The committee authorized commitments of up to $4 million to Harlem Capital and up to $7 million to Maycomb Capital, both headquartered in New York City. These fund managers align with NYCCF’s impact and financial objectives, focusing on promoting diversity and community development.

Deputy Mayor for Housing, Economic Development, and Workforce Maria Torres-Springer commended NYCEDC for this milestone, emphasizing the importance of supporting high-impact entrepreneurs in New York City. NYCEDC President & CEO Andrew Kimball highlighted the mission of the NYC Catalyst Fund in creating a vibrant, inclusive economy for all New Yorkers.

The NYCCF, capitalized at $40 million, aims to invest in diverse entrepreneurs and impact areas such as inclusive entrepreneurship, community development, and high-wage, high-growth sectors like technology and green economy. The program seeks to generate positive social and environmental impact, along with financial returns. Harlem Capital and Maycomb Capital were chosen for their leadership, experience, and commitment to supporting diverse founders and impact-oriented strategies.

Harlem Capital, a diversity-focused venture capital firm, aims to invest in 1,000 diverse founders over 20 years. Maycomb Capital, a women-owned investment firm, focuses on impact debt strategies to increase economic opportunity in low-income communities. The NYCCF’s investments come at a crucial time of industry inequity, as highlighted in NYCEDC’s report on diversity in venture capital.

The NYC Catalyst Fund continues to solicit responses from fund managers whose objectives align with NYCEDC’s priorities, with a focus on creating a globally competitive economy and fostering economic mobility. With negotiations underway, NYCEDC is committed to finalizing agreements with the selected fund managers to formalize the commitments and advance its impact investing initiatives.

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