BOSTON — Reinventure Capital (Reinventure) announced today that Massachusetts Mutual Life Insurance Company (MassMutual) has completed its $10 million catalytic investment in the Boston-based venture capital fund led by pioneer impact investor Edward Dugger III. Following MassMutual’s initial $5 million investment announced earlier this year, Reinventure exceeded the $5 million matching challenge to other limited partners (LPs).
Reinventure is among a growing number of funds pursuing racial and gender equity strategies. The Black- and women-led firm invests exclusively in US-based companies led and controlled by BIPOC (Black, Indigenous, people of color) and/or female founders, at breakeven and poised to grow profitably.
“Today our investment playbook is more relevant than ever, given the vastly expanded investment grade opportunities represented by BIPOC and women founders compared to even a decade ago,” said Dugger. “As an institutional leader intentionally catalyzing the next renaissance of BOPIC businesses of scale, MassMutual is an exemplar for other institutional investors seeking to remove barriers that have historically prevented meaningful capital allocations to diverse and first fund managers essential to building an equitable, prosperous, and resilient financial system.”
MassMutual’s investment in Reinventure is made through an initiative that invests in underrepresented first-time fund managers who are investing in BIPOC led companies.
“MassMutual is proud to support Reinventure and its leadership team as they help move the needle in financing the growth of BIPOC businesses that are generating financial returns while making positive impacts on society,” said Liz Roberts, Head of Direct Impact Investments at MassMutual. “We look forward to continuing to work with Reinventure on its mission to reconstruct venture capital by investing in revenue-generating businesses led by diverse founders who are often overlooked by mainstream investors.”
Dugger added, “We look forward to other institutional investors joining MassMutual in partnering with Reinventure and many of our peers to advance the equitable and profitable allocation of capital, in their own self interest and in the interest of a healthier economy.”
About Reinventure Capital
Reinventure Capital is advancing the Third Reconstruction by investing in a more perfect multicultural, equitable and prosperous union. Reinventure invests exclusively in US-based companies led and controlled by BIPOC and/or female founders, at breakeven and poised to grow profitably. Our high impact + high return strategy and investment process has been proven to deliver nonconcessionary financial returns along with intentional, measurable, and meaningful racial/social justice impact. For more information, see reinventurecapital.com.
About MassMutual
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit www.massmutual.com.