CEO and co-founder Eric Collins of Impact X Capital Partners announced the final close of its latest fund. Illumen Capital, a BIPOC-led investment firm based in Oakland, California, and Basecamp Fund, a fund of funds investing in upcoming managers from London’s Phoenix Court, supported the fund, as stated by the Voice.
This fund will help Impact X fulfill its commitment to tackling systemic barriers in venture capital by assisting underrepresented entrepreneurs in high-growth industries such as technology, healthcare, and targeted creative sectors.
“This fund close is about more than capital—it’s about building a coalition of partners who share our vision for immediately transforming venture capital allocating now and into the future,” Collins told the Voice.
Reducing racial and gender bias in investing
Led by managing partner Daryn Dodson, Illuman Capital takes an uncommon approach to investing by combining diversity, equity, and inclusion into its plan. The firm works intimately with portfolio managers to actively limit racial and gender bias in investment decision-making.
“We are honored to partner with Impact X as a way to advance our shared mission beyond North America, bridge equity gaps, and foster innovation in the UK and Europe. We are thrilled to collaborate with a like-minded partner to deliver measurable, sustained impact on a global scale” Dodson said.
Impact X’s investment in Marshmallow
Marshmallow is the UK’s second Black-led unicorn, transforming the insurance industry with a customer-first, tech-driven approach. It achieved a 75% turnover growth to £184M in 2023 while continuing its workforce at over-indexes for both women and people of colour.
“Companies like Marshmallow are proof of how underrepresented entrepreneurs can create extraordinary value for the global economy who can’t – and shouldn’t – leave money on the table,” Impact X Capital’s Chief Investments Officer Paula Groves said.
Eric D Collin’s impact in tech
As a queer man Eric D. Collins has made a profound impact in the tech world. He is an investor, entrepreneur, author, and host of Channel 4’s The Money Maker. He launched Impact X Capital Partners LLP to support diverse, underrepresented, and unfamiliar entrepreneurs, specifically individuals of African-Caribbean descent. The company’s mission is to produce the extraordinary and influence the world.
Image: Impact X
