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Impact X eyes 100 million sterling for second fund, lands Bank of America backing

Diversity focused venture capital investor Impact X Capital Partners said on Monday it was looking to raise 100 million pounds ($126 million) for its second fund and already has backing from investors including Bank of America.

The firm, an early backer of fast-growing insurance technology company Marshmallow, said it would seek to invest in later-stage seed and Series A funding rounds across sectors including technology, media and healthcare.

“Until underrepresented entrepreneurs reach economic parity in terms of the access to and allocation of capital, this work will continue to be very important,” said Impact X Founding Partner and Chief Investment Officer Paula Groves.

“The persistent statistics over the last 25 years have been that less than 4% of venture capital goes to women and less than 1% goes to Black entrepreneurs. With our other partners, Impact X plans to make a powerful increase in these stats.”

Other investors alongside Bank of America, which will invest in the IX Global I fund from its own balance sheet, include the Visa Foundation, Guy’s and St Thomas’ Foundation and technology venture capital investor Atomico, the firm said.

As well as several individual investors from Impact X Capital’s first fund, the initial investors in the new fund have contributed around 12 million pounds, Impact X Chief Executive and Founding Partner Eric Collins said.

“This historic capital allocation not only validates our track record but also equips us with the resources to make a lasting impact on diverse-led businesses,” he said.

Bernard Mensah, President of International, Bank of America said the investment “underscores our ongoing commitment to advance economic opportunity for diverse people and communities”.

The first investment to be made from Impact X Global I is in British property technology company iKnowa.

Don’t miss out! Catch Eric Collins as a featured guest on the upcoming episode of The Plug Podcast, hosted by The TVC. Tune in now to gain valuable insights and stay ahead of the game!

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