Collab Capital introduced at present the shut of a $75 million Fund II.
Jewel Burks Solomon, who rose to prominence in Silicon Valley throughout her years working Google for Startups US, has simply closed her second fund for her VC agency Collab Capital.
Fund II is $75 million and contains heavyweight restricted companions like Apple, Goldman Sachs Asset Administration, and Leon Levine Basis.
Solomon co-founded the agency in 2020 with an inaugural $50 million Fund I and invested in 38 firms, together with the waste administration platform Goodr and Culina Well being.
Fund II will proceed to again early-stage firms — seed and Collection A — constructing in the way forward for work, healthcare, and infrastructure.
She mentioned this newest fund will let Collab Capital “double down” on its mission of supporting promising founders tackling huge, systemic issues.”
“What’s subsequent is deeper conviction, greater bets, and continued proof that shared prosperity is scalable and may generate aggressive returns,” Solomon advised TechCrunch.
The Fund will minimize checks ranging between $1 and $2 million to not less than 30 firms throughout the subsequent 5 years. It has already invested in six firms, whereas 40 p.c of the fund is reserved for follow-on investments.
Solomon mentioned elevating this second fund was extremely laborious and it took her and her workforce almost two years.
”We had been navigating a troublesome macro local weather and shifting LP priorities,” she mentioned. “However we stayed dedicated to our imaginative and prescient and constructed robust relationships with LPs who see each the urgency and the chance in what we’re doing.”
The announcement of Collab Capital’s Fund II comes as Black-led and based funds proceed closing sizable funds. Simply final month, Zeal Capital Companions introduced the shut of an $82 million Fund II. Earlier this yr noticed Sydney Thomas’ Symphonic Capital raised a $13.5 million inaugural fund, whereas Cherryrock Capital, based by Stacy Brown-Philpot, introduced a $172 million Fund I. Late final yr, Slauson & Co. introduced a $100 million Fund II.