The NAACP has announced the launch of NAACP Capital, a $200 million fund of funds aimed at empowering fund managers and startups focused on closing gaps facing communities of color.
Developed in collaboration with Kapor Capital, Kapor Center, and nine venture fund managers, the initiative is aiming to reshape the landscape of innovation and investment.
Driving Impact Through Inclusive Investing
The initiative is part of the #KeepAdvancing campaign, a modernized approach to civic engagement aimed at building a more inclusive economy.
“Investment is the backbone of impact, and impact investing will shape socioeconomics for generations to come,” said NAACP President & CEO Derrick Johnson in a press release.
NAACP Capital will operate as a fund of funds, investing in a wide portfolio venture funds at invest in technology and innovation that benefit underserved communitie, rather than single funds or companies.
This model, combined with a co-investing strategy, allows NAACP Capital to provide capital, resources, and mentorship to both fund managers and the founders they support.
Focusing on critical areas such as education, healthcare, and financial access, the fund aims to tackle key issues for communities of color while generating returns on investment.
Tech Innovation with Generational Impact
Leading NAACP Capital is Managing Director Jay Lundy, an experienced venture capital investor and management consultant.
“Our investment strategy will target the intersection of generational impact and tech innovation. We believe that this holistic approach will drive both impact at scale and generate top returns,” Lundy stated.
The fund both aims to provide financial backing and also offers additional resources to close racial equity gaps in the tech ecosystem.
This includes increasing the representation of people of color across the industry and ensuring that capital allocation reflects a broader spectrum of society.
Feature Image Credit: Robin L Marshall / Getty
