MaC Venture Capital (VC) has successfully closed its third fund (Fund III), raising $150 million to enhance its investments in seed-stage technology companies. Founded in 2019, MaC VC now manages $600 million in assets and plans to issue checks ranging from $2 million to $3 million to seed-stage companies. The firm has made notable investments in companies such as Chef Robotics, Stoke Spaceand Pipe, reflecting a broad interest in diverse technological advancements, and is also recognized for its investments across Africa.
This fund closure is one of the largest for a minority-owned firm this year. Black founders and fund managers have faced challenges in raising funds, as the capital allocated to Black entrepreneurs continues to decline. MaC VC was founded by industry veterans Marlon Nichols, Adrian Fenty, and Mike Palank. The firm has made a significant impact in the venture capital space, particularly for its focus on cultural shifts and behavioral trends.
This change underscores the firm’s commitment to supporting innovative startups with early-stage funding. MaC VC has demonstrated its ability to achieve impressive returns through successful exits. A prime example is the acquisition of Wonder Dynamics, an AI-driven visual effects company, by Autodesk in 2023, which generated a remarkable 5.4 times return on investment for MaC.
The founders of MaC VC bring a wealth of experience from various sectors, including politics, entertainment, and technology. Adrian Fenty, the former mayor of Washington D.C., highlighted the firm’s strategic approach, stating, “Our growth has been about backing the right founders and making impactful investments.”
This multifaceted perspective enables MaC VC to provide not only financial support but also strategic guidance tailored to the unique needs of each startup. In addition to its domestic focus, MaC VC is expanding its investment reach internationally, with recent moves into the African market, including investments in Nigeria-based Shekel Mobility.
Marlon Nichols emphasized the importance of seeking talent beyond traditional boundaries, stating, “You have to be deliberate about finding talent outside of your hometown or state.” MaC VC will continue its mission of identifying and supporting innovative startups across the globe. With a vision of creating a sustainable, multi-generational venture firm, the team is focused on delivering exceptional value to its portfolio companies and driving technological advancements.
