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has raised an inaugural seed fund of $110 million. The Los Angeles- and Palo Alto-based firm will invest in 40 seed-stage companies across the globe, targeting $1 million for each initial investment.

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The founding partners include , previously at and Cross Culture Ventures; , the former mayor of Washington, D.C.; and and , previously at . The team has experience across entertainment, government and venture capital.

Fenty, a co-founder based in D.C., said the firm is looking for companies 鈥渢hat have the potential to scale quickly, change an industry, and bring something net-new to society.鈥�

Nichols noted that the firm is not only focused on investing in more Black and Brown founders but also intends to 鈥減ower companies that are closing the opportunity gap for large groups of people and create more diversity across a wide range of verticals.”

The firm came together as a result of a merger between Cross Culture Ventures and M Ventures. This is the first fund raised by the new entity, which was formed in 2019.

The firm has already invested in 25 companies, including Palo Alto-based , which is focused on digital logistics for Africa; Miami-based , which connects recurring revenue companies with capital; and institutional trading company headquartered in New York.

Of MaC鈥檚 investments made to date, 76 percent include a Black, Latinx or a female founder, according to the firm.

Crunchbase data shows at least four other early-stage investment firms founded by Black investors who have raised more than $100 million since the beginning of 2020. These include two San Francisco-based firms: , which is focused on automation of the real economy, and edtech investor . It also includes Boston-based , which invests in materials that make an impact, and New York-based , which invests at seed and Series A.

Feature image of founders, from left, Marlon Nichols, Michael Palank, Charles D. King and聽Adrian Fenty, courtesy of MaC Venture Capital.

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Editor鈥檚 note: The story was edited to reflect that the firm’s聽raised amount increased to $110 million.