Collab Capital Closes $75M Fund

Collab Capital Secures $75 Million in Second Fund

Collab Capital has officially announced the final closing of its $75 million Fund II.

Fund Leadership and Notable Investors

Jewel Burks Solomon, a recognized leader who gained prominence while leading Google for Startups US, spearheaded the closing of this second fund for her venture capital firm.

Fund II boasts significant investment from prominent limited partners, including Apple, Goldman Sachs Asset Management, and The Leon Levine Foundation.

Firm History and Initial Investments

Solomon and Barry Givens established the firm in 2020, launching with an initial $50 million Fund I.

Through Fund I, Collab Capital invested in 38 companies, notably including Goodr, a waste management platform, and Culina Health.

Investment Focus for Fund II

The focus of Fund II will remain on early-stage companies – specifically those in the seed and Series A funding rounds.

Investments will be directed towards businesses innovating within the future of work, the healthcare sector, and essential infrastructure.

Solomon’s Vision for the Future

Solomon stated that this new fund will enable Collab Capital to intensify its commitment to supporting founders who are addressing substantial, systemic challenges.

“Our goal is to demonstrate that shared prosperity is not only achievable but also capable of delivering competitive financial returns,” Solomon explained to TechCrunch.

Fund Deployment Strategy

The fund intends to allocate investments ranging from $1 million to $2 million to a minimum of 30 companies over the next five years.

Currently, investments have been made in six companies, with 40% of the fund specifically reserved for subsequent follow-on investments.

Challenges in Fundraising

Solomon acknowledged that securing Fund II was a demanding process, requiring nearly two years of dedicated effort.

“We faced a challenging macroeconomic environment and evolving priorities among limited partners,” she noted. “However, we remained steadfast in our vision and cultivated strong relationships with LPs who recognize the importance and potential of our work.”

Broader Trends in Black-Led Funds

The announcement of Collab Capital’s Fund II aligns with a growing trend of Black-led and founded funds successfully closing substantial funds.

Recent examples include Zeal Capital Partners’ $82 million Fund II, Symphonic Capital’s $13.5 million inaugural fund, Cherryrock Capital’s $172 million Fund I, and Slauson & Co.’s $100 million Fund II.

This article has been updated to accurately reflect Barry Givens’ role as a co-founder of Collab Capital.