Collide Capital, a Black-owned venture capital firm, has closed its debut fund at $66 million.
The fund’s limited partners include Amazon, Alphabet, Twitter, the University of California Endowment, Bank of America, Citi, Northwestern Mutual, Bain Capital, Insight Partners and Lightspeed Venture Partners.
To date, Collide has backed over 40 companies, of which more than 80 percent are led by Black, Latinx or female founders.
The firm, based in Cambridge, Massachusetts, was founded by managing partners Aaron Samuels and Brian Hollins.
“Aaron and Brian are building a powerful ecosystem that connects us to the founders who are working to solve the next generation of global challenges, and we are excited to bring the resources of Alphabet to their diverse portfolio of founders,” Jeremiah Gordon, general counsel and chief compliance officer at CapitalG, Alphabet’s growth equity fund, said in a statement. “Fund I is just the beginning for Collide Capital, and we’re excited to see what the future holds for them.”
Jagdeep Singh Bachher, chief investment officer of the UC Regents, said, “Brian and Aaron are building an innovative venture capital fund that represents the future of the VC industry. Our investment in Collide Capital supports their vision, and we hope that students in the University of California system and beyond are inspired by this work. It’s truly remarkable.”