The 22 Fund Secures $5 Million Catalytic Investment from MassMutual
MassMutual's Catalytic capital to support diverse entrepreneurs, clean manufacturing jobs in underserved communities across the U.S.
LOS ANGELES, April 7, 2022 /PRNewswire/ -- The 22 Fund, a Los Angeles-based impact, early-growth fund, announced today that it has secured a $5 million catalytic investment from Massachusetts Mutual Life Insurance Company (MassMutual).
The 22 Fund provides capital into promising technology-based, export-oriented manufacturing firms led by women and Black, Indigenous and People of Color (BIPOC) entrepreneurs that are often left out of tech capital opportunities. Its mission is to help create clean, high-wage jobs and economic prosperity to low- and moderate-income communities through its strategic investments into growing women- and BIPOC-founded companies. Its focus on U.S. high-tech manufacturing companies that have the potential for fast growth and high profitability through international sales (exports) is a first of its kind strategy that offers portfolio diversification to investors looking for real impact without concessions within the high-performing private equity asset class.
"The 22 Fund and MassMutual share the urgency to address the access to the growth capital gap for women- and BIPOC-led businesses," said Tracy Gray, Founder and Managing Partner of the 22 Fund. "This catalytic capital will not only strengthen the U.S. manufacturing sector and create quality sustainable jobs in low- and moderate-income communities, but also accelerates financing the growth of businesses that are generating financial returns while making positive impacts on society."
MassMutual's investment in The 22 Fund is made through a $50 million commitment that MassMutual calls the "First Fund Initiative," an effort to invest catalytic capital in Black, Latinx and Indigenous emerging managers of private equity funds to advance racial equity. Through this impact investing initiative, MassMutual's focus is on funds led by Black, Latinx and Indigenous first-time fund managers with a differentiated investment thesis to generate positive social impact and financial returns.
"Based in Springfield, Mass., a region with a rich manufacturing history, MassMutual recognizes the importance of creating high-wage jobs and economic opportunities for diverse business owners and manufacturing communities, which The 22 Fund is well positioned to do through financing the growth of women- and BIPOC-founded businesses," said Liz Roberts, Head of Impact Investing at MassMutual. "We look forward to working with Tracy and her team on their mission to help close the racial and gender capital gap and advance quality job creation in the U.S."
About The 22 Fund
The 22 Fund is a holistic impact investor that funds tech-based, US manufacturing companies to increase international sales (exports) and create the clean, quality jobs of the future in underserved and low- and moderate-income (LMI) communities. The 22 intentionally invests in women- and BIPOC-led firms to deliver both high ROI and high social/economic impact without concession or trade-offs. For more information, visit www.the22fund.com.
About MassMutual
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit www.massmutual.com.
Media Contact:
Vanessa Gray
[email protected]
SOURCE The 22 Fund
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