Black-Owned MaC Venture Capital Secures $150M For Third Fund In Just 4 Years

MaC Venture Capital, a venture capital firm known for its focus on seed-stage investments, has successfully raised $150 million for its third fund, as first reported by Fortune.

This latest fundraising round brings the firm’s total assets under management to $600 million, a remarkable achievement for the five-year-old firm founded by Marlon Nichols, Adrian Fenty, and Mike Palank. 

Strategic Growth and Investment Focus

The infusion of $150 million allows MaC to increase its initial investment size to $2-3 million per startup, up from its previous average of $1.5 million in 2023. 

Since launching its first fund in 2021, MaC has focused on nurturing high-potential startups at the seed stage, building a reputation for spotting emerging talent early. 

Nichols, a former Intel Capital executive, co-founded the firm alongside Fenty, the former mayor of Washington, D.C., and Palank, who previously worked with actor Will Smith at Overbrook Entertainment.

“Our growth has been about backing the right founders and making impactful investments,” said Fenty. 

Major Exits and Expanding Reach

MaC’s investment approach has already paid off with high-profile exits. In 2023, the AI-driven visual effects platform Wonder Dynamics was acquired by Autodesk, generating a 5.4x return on MaC’s investment. 

Other notable investments include Pipe, Chef Robotics, and Stoke Space, which has since attracted funding from Bill Gates’ Breakthrough Energy Ventures. 

With this third fund, MaC plans to continue expanding globally and is actively investing beyond the U.S., with recent investments in Nigeria-based Shekel Mobility as an example.

According to Nichols, MaC’s long-term vision is to create a “multi-generational” venture firm that endures.

This ambition has driven the team’s commitment to sourcing the best deals and providing comprehensive support to founders, from funding to strategic guidance.