Harlem Capital, a New York based venture capital firm aiming to bring more diversity to the VC world, announced its latest fund just closed at $40 million.
The fund, named Harlem Capital Partners Venture Fund I, LP, was oversubscribed from its initial target of $25 million and above its initial cap of $40 million.
“We are grateful for the incredible support from our LPs and broader network that enabled a successful closing. Harlem Capital is now well-positioned to back women and minority entrepreneurs with meaningful investments and follow-on capital,” said Jarrid Tingle, Managing Partner of Harlem Capital, in a statement.
Harlem Capital was launched December 2015 in the living room of Managing Partners Henri Pierre-Jacques and Jarrid Tingle, who both worked together with ICV Partners with venture partner Brandon Bryant. John Henry joined Harlem Capital as Venture Partner in early 2017.
Fund I has 55 limited partners, including TPG, State of Michigan Retirement Systems, W.K. Kellogg Foundation, Consumer Technology Association, and Dorm Room Fund. 15 of Harlem Capital’s LPs are general partners of other funds and 50% of Harlem Capital’s individual LPs are women or people of color, which aligns with the firm’s mission of investing in women and minority startups.
The new fund has made eight investments so far, including Jobble, a marketplace for the gig economy; Wagmo, a pet wellness platform; and Aunt Flow, a B2B feminine hygiene products company. The fund plans to invest in 30 additional startups.
Forbes, Inc., Ebony and other business media have recognized Harlem Capital for its commitment to entrepreneurial diversity. The firm has also developed partnerships with KKR and Techstars to help redefine the narrative around what investors and entrepreneurs look like.