The $50m will be split between a fund backing growth-stage companies with black executives and Massachusetts technology developers outside Boston.
US-headquartered insurance firm Massachusetts Mutual Life Insurance Company has established a $50m investment vehicle called MM Catalyst Fund that will fund companies with diverse founders in its home state of Massachusetts.
The capital allocation partly consists of a $25m fund dubbed MMCF Growth which will provide equity and debt financing for Massachusetts-based businesses with black founders, owners or managers.
The other half of the funding will go to MMCF Tech, a fund which will provide equity funding for technology developers…
