Collab Capital today announced the end of its $75 million Fund II.
Jewel Burks Solomon closed its second fund for VC Firm Collab Capital after becoming prominent in Silicon Valley in the year that he ran Google for Startups Us.
Fund II is $75 million and includes heavyweight limited partners such as Apple, Goldman Sachs Asset Management and the Leon Levine Foundation.
Solomon co-founded the first $50 million Fund I with Barry Givens in 2020, investing in 38 companies, including waste management platforms Goodle and Cleana Health.
Fund II will continue to support Seed and Series A early stage companies, a future building for work, healthcare and infrastructure.
She said the latest fund will make Collab Capital “Double Down” on its mission to support promising founders tackling large and systematic issues. ”
“Next, there's ongoing evidence that deeper beliefs, bigger bets and shared prosperity can be scalable and produce competitive returns,” Solomon told TechCrunch.
The fund will cut checks ranging from $1 to $2 million to at least 30 companies over the next five years. Although we have already invested in six companies, 40% of the fund is reserved for subsequent investments.
Solomon said that raising this second funding was extremely difficult and it took her and her team almost two years.
“We were navigating the harsh macro climate and changing our priorities for LP,” she said. “But we have continued to be committed to our vision and have developed a strong relationship with LPS, which sees both the urgency and the opportunity of what we are doing.”
The announcement of Collab Capital's Fund II is as Black-led and established funds continue to close a significant amount of funds. Last month, Geal Capital Partners announced the end of its $82 million Fund II. Earlier this year, Sydney Thomas' Symphonic Capital raised its first $13.5 million fund, and Cherry Rock Capital, founded by Stacy Brown Philpott, announced its $172 million fund I at the end of last year.
This story has been updated to reflect Barry Givens as the co-founder of Collab Capital.