MassMutual invests $100M into diverse and overlooked startups
New England Council member, MassMutual, announced it will be committing $100 million to funding diverse and frequently overlooked companies.
The funding will be added onto a two-year-old initiative referred to as the “MM Catalyst Fund,” which was a $50 million fund that debuted in 2021. Initially, the fund was meant to be evenly split between Black-led businesses and companies with a presence outside of Boston, meaning they were overlooked by traditional investors. However, with this additional funding, referred to as “Catalyst II,” MassMutual will maintain its commitment to out-of-Boston businesses, but is adding an emphasis on Black, Latinx, and Indigenous founders based across the U.S. and Canada.
“We wanted to continue to put capital toward these efforts,” said Jason Allen, portfolio manager of impact investments at MassMutual. “We’re a couple of years removed from George Floyd, we’re a few years removed from some of the commitments from institutions after that summer, but we want to make sure that we have that sustained commitment to this community and into these businesses because it’s a great business opportunity but also, there’s an opportunity for higher impact.”
The New England Council commends MassMutual for its support of increased equity in Massachusetts.
Read more from the Boston Business Journal.